1. 1 U.S. Expansion and Upgrade Growth investment at 9 of 12 domestic refineries Bayway Lake Charles Sweeny Wood River Ponca City Borger Billings LAR Rodeo Ferndale Trainer Alliance Investment Drivers: Advantaged crude growth Growing clean products Enhancing E&P integration Increasing capacity $4 – $5 B Investment Program (2006 – 2011)

2. 2 Heavy Sour Sweet CurrentFuture Heavy Sour Sour Grow U.S. Refining Capabilities Integration with E&P Enhanced refining profitability Attractive economics Increased capabilities Capacity Distribution $4 – $5 B Investment Program (2006 – 2011)

3. 3 Commercial Scope -2.5 B BBL/yr crude oil and refined products -4.2 TCF/yr gas marketing business -Global trading operation Objectives -Optimize value chain to maximize earnings -Trade around asset base & market knowledge for additional value Financial contribution -Improves total company ROCE -Included in E&P / R&M realizations

4. 4 LUKOIL’s sole equity partner 14.8% equity ownership 1, moving to 20% JV partner in Timan-Pechora Jointly pursuing upstream and downstream opportunities globally 2005 earnings 2 estimated at $700 MM LUKOIL Update 1 Equity ownership as of the end of third-quarter 2005. 2 2005 equity earnings to COP are based on annualized YTD Q3 actuals.

5. 5 Technology Enable E&P / R&M initiatives – Heavy oil, Arctic, LNG – Clean fuels / hydroprocessing, coking, alkylation – Capacity expansion and flexibility – Project management / execution Emerging energy opportunities – Disciplined, phased approach – Extending core competencies – Renewable fuels – E-Gas TM Gasification Technology

6. 6 Rising to the Challenge Deliver strong operating and financial performance –Continued focus on Operating Excellence –Manage cost inflation and project execution Well-defined, sustainable growth plan –Portfolio of strong E&P / R&M growth projects –Increased production and refining capacity / capability Financial strategy to complement value creation Setting Objectives 2003 Delivering Performance 2004 Raising Expectations 2005 Continuous improvement  Shareholder value creation Investing for Growth 2006+

7. 7 North America Selective investment in existing core Alaska – West Sak Operator, WI 52.2% 12 MBOED (net) in 2006 Canada - Surmont Operator, WI 50.0% First oil 2006 Increase to 54 MBOED (net) 1 Includes equity affiliates and Syncrude. Statements of production and project timing are estimates and should be regarded as forward-looking. Alaska Canada Lower 48 Lower 48 – San Juan Basin Conventional and CBM gas assets 90-100 MBOED (net) in 2005 – 2008 Alaska – Alpine Satellites Operator, WI 78.0% First oil 2006; 20 MBOED (net) in 2007 20042005E2006E 800 1,000 Production (MBOED) 1 AlaskaL48Canada

8. 8 ANS Mackenzie Delta Alaska - ANS Gas WI 4.9-36.1% COP agreement in principle with State Largest leaseholder Estimated net resources of 8 TCF Estimated net production of ~1-1.3 BCFD Federal enabling legislation in 2004 Canada - Northern Gas Mackenzie Delta – Estimated net resources of 1.8 TCF Initial net production of 230 MMCFD Ongoing negotiations Startup 2011 Additional upside potential North America Arctic gas Statements of production and project timing are estimates and should be regarded as forward-looking.

9. 9 North Sea Selective investment in existing core Norway - Ekofisk Growth Operator, WI 35.1% First oil October 2005 25 MBOED (net) in 2009 1 Combined Satellite WI - Callanish WI 83.5%, Brodgar WI 75%. Statements of production and project timing are estimates and should be regarded as forward-looking. Greater Ekofisk Greater Britannia Alvheim U.K. - Britannia Satellites First oil 2007; Operator, WI 79.0% Development drilling is complete 50 MBOED (net) in 2007 1 Norway - Alvheim First oil 2007, WI 20.0% FPSO and subsea completions 15 MBOED (net) in 2007

10. 10 China Australia / Timor-Leste Vietnam Indonesia Venezuela 1 Rest of World LUKOIL Production (MBOED) New Legacy Growth Areas Increasing access and growing production 1 Includes equity affiliates and Syncrude. Statements of production and project timing are estimates and should be regarded as forward-looking.