2nd Quarter Earnings Conference Call

7/30/2003


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Table of Contents

2nd Quarter Earnings Conference Call

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Performance Highlights

Total Company Income from Continuing Operations 1Q03 vs. 2Q03

Total Company Cash Flow 2Q03

Total Company Cash Flow 1H03

Debt Ratio Improvement

Exploration and Production 1Q03 vs. 2Q03

Exploration & Production MBOED 1Q03 vs. 2Q03

E&P Income from Continuing Operations 1Q03 vs. 2Q03

Refining and Marketing 1Q03 vs. 2Q03

R&M Income from Continuing Operations 1Q03 vs. 2Q03

Midstream, Chemicals and Emerging Businesses 1Q03 vs. 2Q03

Corporate 1Q03 vs. 2Q03

Corporate Income from Continuing Operations 2Q03

Synergy Capture

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PPT Slide

1H03 Synergy Capture

Improve ROCE

Wrap-up

Tables & Backup information

Table 1 1H03 Other Cost Adjustments Detail

Table 2 1H03 Other Income Adjustments Detail

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Baseline Establishment

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Table 4 1H02 Cost Baseline Detail

1H02 Income Baseline

Table 5 1H 2002 Income Baseline Detail

Author: reedcj