This is news concerning ConocoPhillips but issued by a ConocoPhillips business unit, ConocoPhillips LNG, and is posted here for informational purposes.

HOUSTON, July 11, 2004 --- ConocoPhillips [NYSE:COP] today announced a license agreement with Equatorial Guinea LNG Holdings Limited (EG LNG) for the application and use of ConocoPhillips' proprietary natural gas liquefaction technology.

The Phillips Optimized Cascade LNG Process will be used at the EG LNG liquefaction plant, a liquefied natural gas (LNG) facility to be located on Bioko Island, near Malabo, Equatorial Guinea. The license agreement authorizes use of the technology in the first train of the EG LNG facility and includes options to license two additional trains.

"The EG LNG project marks another milestone in ConocoPhillips' LNG licensing efforts," said Rick Hernandez, ConocoPhillips LNG licensing manager. "This is our eighth LNG license and the company's first for a plant to be located in Central Africa."

Train one is designed to produce 3.4 million tons per year with first production scheduled for late 2007. Participants in the first train are wholly owned subsidiaries of Marathon Oil Corporation [NYSE: MRO] and Compañía Nacional de Petroleos de Guinea Ecuatorial (GEPetrol), the national oil company of Equatorial Guinea.

The Phillips Optimized Cascade LNG Process was developed in the 1960s and first used at the company's LNG facility in Kenai, Alaska. The Kenai facility has proven the technology through more than 35 years of successful operation. In 1993, ConocoPhillips, in collaboration with Bechtel Corporation, undertook an aggressive effort to update and license to others the Phillips Optimized Cascade LNG Process technology. The first license was signed with Atlantic LNG Company of Trinidad & Tobago in June 1996. Second and third trains have been added to Atlantic LNG and a fourth train is under construction. In 2002, the ConocoPhillips LNG process was licensed for use at Egyptian LNG, in Idku, Egypt, and in 2003, the process was licensed for use at Darwin LNG, in Darwin, Australia.

ConocoPhillips is an integrated oil company with interests around the world. Headquartered in Houston, the company had approximately 37,200 employees and $84 billion of assets as of March 31, 2004. For more information, go to www.conocophillips.com.

CONTACTS: Linsi Crain, Clayton Reasor