ConocoPhillips At A Glance
Our Purpose: Use Our Pioneering Spirit to Responsibly Deliver Energy to the World

Who We Are
ConocoPhillips is an international, integrated energy company. It is the third-largest integrated energy company in the United States, based on market capitalization, oil and gas proved reserves and production; and the largest refiner in the country. Worldwide, it is the sixth-largest publicly owned energy company, based on oil and gas reserves, and the fifth-largest refiner.

ConocoPhillips is known worldwide for its technological expertise in deepwater exploration and production, reservoir management and exploitation, 3-D seismic technology, high-grade petroleum coke upgrading and sulfur removal.

Headquartered in Houston, Texas, ConocoPhillips operates in more than 40 countries. The company has approximately 57,000 employees worldwide and assets of $77 billion. ConocoPhillips stock is listed on the New York Stock Exchange under the symbol “COP.”

Our Businesses
The company has four core activities worldwide:

	Petroleum exploration and production.
	Petroleum refining, marketing, supply and transportation.
	Natural gas gathering, processing and marketing, including a 30.3 percent interest in Duke Energy Field Services, LLC.
	Chemicals and plastics production and distribution through a 50 percent interest in Chevron Phillips Chemical Company LLC.

In addition, the company is investing in several emerging businesses — fuels technology, gas-to-liquids, power generation and emerging technologies — that provide current and potential future growth opportunities.

Exploration and Production (E&P)
Profile: Explores for and produces crude oil, natural gas and natural gas liquids on a worldwide basis. Also mines oil sands to produce Syncrude. A key strategy is to accelerate growth by developing legacy assets — very large oil and gas developments that can provide strong financial returns over long periods of time — through exploration, exploitation, redevelopments and acquisitions; and by focusing exploration on larger, lower-risk areas.

Operations: At year-end 2002, ConocoPhillips held a combined 102 million net developed and undeveloped acres in 29 countries, and produced hydrocarbons in 14. Crude oil production in 2002 averaged 682,000 barrels per day (BPD), gas production averaged 2.05 billion cubic feet per day and natural gas liquids production averaged 46,000 BPD. Key regional focus areas include the North Slope of Alaska; Canada; offshore China; the Lower 48 United States, including the Gulf of Mexico; Kazakhstan; Nigeria; the North Sea; Southeast Asia; the Timor Sea; and Venezuela.

Strengths: Seismic imaging technology; deepwater exploration; reservoir management and exploitation; enhanced oil recovery; managing large offshore developments; operations in the North Sea, Arctic and other environmentally sensitive areas.

Competitors: Major integrated petroleum companies, including ExxonMobil, ChevronTexaco, BP, Shell and TotalFinaElf; independent exploration and production companies, including Apache, Burlington Resources and Devon Energy; and national oil companies.

Customers: Third-party refiners and processors, large industrial users and ConocoPhillips’ refining operations.

Refining and Marketing (R&M)
Profile: Refines crude oil and markets and transports petroleum products. ConocoPhillips is the largest refiner in the United States and the fifth-largest refiner in the world.

Operations: Refining — At year-end 2002, ConocoPhillips owned 12 U.S. refineries (excluding two refineries held for sale), owned or had an interest in five European refineries and had an interest in one refinery in Malaysia, totaling a combined net crude oil refining capacity of 2.6 million barrels of oil per day. Marketing — At year-end 2002, ConocoPhillips’ gasoline and distillates were sold through approximately 17,000 branded outlets in the United States, Europe and Southeast Asia. In the United States, products were primarily marketed under the Phillips 66, 76 and Conoco brands. In Europe and Southeast Asia, the company marketed primarily under the Jet and ProJET brands. ConocoPhillips also marketed lubricants, commercial fuels, aviation fuels and liquid petroleum gas. ConocoPhillips’ refined products sales were 2.3 million barrels per day in 2002. The company also participated in joint ventures that support the specialty products business. Transportation — R&M owned or had an interest in about 31,500 miles of pipeline systems in the United States at year-end 2002.

Strengths: Branded wholesale marketing; refining technologies; aviation gasoline sales; and refining capabilities.

Competitors: Major refiners and marketers in North America, Europe and Asia Pacific including ChevronTexaco, ExxonMobil, Shell, TotalFinaElf and BP; independent refiners/marketers, including Valero, Tesoro and Sunoco; and hypermarts such as
Wal-Mart.

Customers: Independent marketers and the consuming public.

Midstream
Profile: Midstream consists of ConocoPhillips’ 30.3 percent interest in Duke Energy Field Services, LLC (DEFS), as well as certain ConocoPhillips assets in the United States, Canada and Trinidad. Midstream gathers natural gas, extracts and sells the natural gas liquids (NGL) and sells the remaining (residue) gas. Headquartered in Denver, Colo., DEFS is one of the largest natural gas gatherers, NGL producers and NGL marketers in the United States.

Operations: At year-end 2002, DEFS’ gathering and transmission systems included some 60,000 miles of pipelines, mainly in seven of the major U.S. gas regions, plus western Canada. DEFS also owned and operated, or owned an equity interest in 71 NGL extraction plants. Raw natural gas throughput averaged 7.4 billion cubic feet per day, and NGL extraction averaged 392,000 BPD in 2002. In addition to its interest in DEFS, ConocoPhillips owned or had an interest in an additional 13 NGL extraction plants at year-end 2002.

Strengths: Assets in major gas-producing regions; efficient, reliable low-cost operations; and critical mass for growth transactions.

Competitors: Williams, El Paso, BP, ExxonMobil, ChevronTexaco, ONEOK and Koch.

Customers: Primarily major and independent natural gas producers, local gas distribution companies, electrical utilities, industrial users and marketing companies. Among DEFS’ customers for NGL are Chevron Phillips Chemical Company and ConocoPhillips’ R&M operations.

Chemicals
Profile: ConocoPhillips participates in the chemicals sector through its 50 percent ownership of Chevron Phillips Chemical Company LLC (CPChem), a joint-venture company formed with Chevron (now ChevronTexaco) on July 1, 2000. Headquartered in The Woodlands, Texas, its major product lines include: olefins and polyolefins, including ethylene, polyethylene, normal alpha olefins and plastic pipe; aromatics and styrenics, including styrene, polystyrene, benzene, cyclohexane, paraxylene and K-Resin® styrene-butadiene copolymer; and specialty chemicals and plastics.

Operations: CPChem’s major facilities in the United States are at Baytown, Borger, Conroe, La Porte, Orange, Pasadena, Port Arthur and Old Ocean, Texas; St. James, La.; Pascagoula, Miss.; and Marietta, Ohio. The company also has nine plastic pipe plants and one pipefittings plant in eight states, and a petrochemical complex in Puerto Rico. Major international facilities are in Belgium, China, Saudi Arabia, Singapore, South Korea and Qatar. CPChem also has a plastic pipe plant in Mexico.

Strengths: One of the world’s largest producers of ethylene, polyethylene, styrene, alpha olefins, and one of the largest marketers of cyclohexane.

Competitors: Dow Chemical, ExxonMobil, BP, Equistar and Shell.

Customers: Primarily companies that produce industrial products and consumer goods.

Emerging Businesses
ConocoPhillips has four emerging businesses under development: fuels technology, natural gas-to-liquids technology, power generation and emerging technologies. These businesses are closely tied to the company’s core operations and offer growth potential.

Fuels Technology: S Zorb™ is ConocoPhillips’ proprietary technology for removing sulfur from gasoline and diesel streams during refining. The technology is proven to reduce sulfur content in fuels to levels well below allowable limits proposed by regulators in the United States and Europe. The technology has been licensed to five refiners worldwide, and ConocoPhillips plans to install the technology at several of its U.S. refineries.

Gas-to-Liquids: Commissioning of a gas-to-liquids demonstration plant will begin in 2003 at the Ponca City, Okla., refinery. Once the technology is proven, ConocoPhillips will be capable of building a commercial-scale plant. The company’s new gas-to-liquids technology has the potential to convert stranded natural gas reserves in remote locations to liquids that can be economically transported to market.

Power Generation: ConocoPhillips is using creativity and innovation to access new high-growth markets for natural gas and electricity. By integrating power generation with ConocoPhillips’ upstream and downstream businesses, the company is able to structure power projects — such as cogeneration — to provide maximum value for both ConocoPhillips and its customers.

Emerging Technologies: The emerging technologies portfolio includes a variety of business ventures and technical programs that are pioneering the future energy landscape, including renewable energy, advanced hydrocarbon processes, energy conversion technologies and hydrocarbon upgrading opportunities.