ConocoPhillips Announces Offering of Permian Basin Royalty Trust Units

Business Wire, August 14, 2006

HOUSTON -- ConocoPhillips (NYSE:COP) today announced an offering to the public of 8,365,862 of its units of beneficial interest in the Permian Basin Royalty Trust (NYSE:PBT), pursuant to an effective registration statement on Form S-3 filed with the Securities Exchange Commission on June 20, 2006.

ConocoPhillips is the sole selling unitholder, and no units will be sold by the Trust. Additionally, ConocoPhillips has granted the underwriters a 30-day option to purchase up to 1,254,879 additional units to cover over-allotments, if any. The Trust will not receive any proceeds from this offering.

Lehman Brothers Inc. and Wachovia Capital Markets, LLC are acting as joint book-running managers of this offering. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from the underwriters c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Ave., Edgewood, New York 11717, e-mail monica_castillo@adp.com, fax 631-254-7268 or Wachovia Capital Markets, LLC at 375 Park Avenue, New York, NY 10152, e-mail equity.syndicate@wachovia.com.

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

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.