1st Quarter Earnings Conference Call

4/30/2003


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Table of Contents

1st Quarter Earnings Conference Call

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Elevate Expectations

Total Company Costs 4Q 2002 vs. 1Q 2003 (P&O, Exploration and SG&A)

Total Company Net Income 4Q 2002 vs. 1Q 2003

Total Company Cash Flow 1Q 2003

Debt Ratio Improvement

Exploration and Production

Exploration & Production MBOED 4Q 2002 vs. 1Q 2003

E&P Net Income 4Q 2002 vs. 1Q 2003

Refining and Marketing

R&M Net Income 4Q 2002 vs. 1Q 2003

Midstream, Chemicals and Emerging Businesses

Corporate

Corporate

1Q 2003 Synergy Capture

Baseline Establishment

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1H 2002 Income Baseline

1Q 2003 Income Comparison to Baseline

Wrap-up

Tables

Table 1 1H 2002 Cost Baseline Detail (Page 18)

Table 2 1H 2002 Income Baseline Detail (Page 20)

Table 3 1Q 2003 Income Baseline Detail (Page 21)

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Author: reedcj