HOUSTON, Sept. 22, 2004 --- The board of directors of ConocoPhillips [NYSE:COP] today approved a 16 percent increase in the dividend rate for the company's common stock.

The new quarterly dividend rate will be 50 cents per share, or $2.00 annually, up from 43 cents per share or $1.72 annually. The dividend is payable Dec. 1, 2004, to stockholders of record at the close of business Oct. 29, 2004.

This action reflects the company’s commitment to a competitive, disciplined dividend policy, as well as its improving financial condition and business outlook.

ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.

CONTACTS:
Laura Hopkins
Clayton Reasor