UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended DECEMBER 31, 2005
OR
[ ] TRANSITION REPORT PURSUANT TO 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission file number 001-32395
CONOCOPHILLIPS STORE SAVINGS PLAN
(Full title of the Plan)
CONOCOPHILLIPS
(Name of issuer of securities)
600 NORTH DAIRY ASHFORD
HOUSTON, TEXAS 77079
(Address of principal executive office) (Zip code)
FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
Financial statements of the ConocoPhillips Store Savings Plan, filed as a part
of this annual report, are listed in the accompanying index.
(b) Exhibits
Exhibit 23 Consent of Independent Registered Public Accounting Firm
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
ConocoPhillips Store Savings Plan Committee has duly caused this annual report
to be signed on its behalf by the undersigned hereunto duly authorized.
CONOCOPHILLIPS
STORE SAVINGS PLAN
/s/ J. W. Sheets
----------------------------------------
J. W. Sheets
Plan Financial Administrator
June 19, 2006
1
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INDEX TO FINANCIAL STATEMENTS CONOCOPHILLIPS
AND SCHEDULE STORE SAVINGS PLAN
Page
----
Report of Independent Registered Public Accounting Firm ................. 3
Financial Statements
Statements of Net Assets Available for Benefits
at December 31, 2005 and 2004 ..................................... 4
Statement of Changes in Net Assets Available for Benefits
for the Year Ended December 31, 2005 .............................. 5
Notes to Financial Statements ........................................ 6
Supplemental Schedule
Schedule of Assets (Held at End of Year)
as of December 31, 2005, Schedule H, Line 4i ...................... 16
Exhibit Index ........................................................... 17
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2
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The ConocoPhillips Store Savings Plan Committee
ConocoPhillips Store Savings Plan
We have audited the accompanying statements of net assets available for benefits
of ConocoPhillips Store Savings Plan as of December 31, 2005 and 2004, and the
related statement of changes in net assets available for benefits for the year
ended December 31, 2005. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an
audit of the Plan's internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plan's
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 2005 and 2004, and the changes in its net assets available for
benefits for the year ended December 31, 2005, in conformity with U.S. generally
accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2005, is presented for purposes of
additional analysis and is not a required part of the financial statements but
is supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan's management. The supplemental schedule has been subjected to the auditing
procedures applied in our audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Tulsa, Oklahoma
June 19, 2006
3
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STATEMENTS OF NET ASSETS CONOCOPHILLIPS
AVAILABLE FOR BENEFITS STORE SAVINGS PLAN
Thousands of Dollars
--------------------
At December 31 2005 2004
------- ------
ASSETS
Investments
Vanguard Funds:
500 Index Fund $ 614 749
Balanced Index Fund 3,935 4,172
Extended Market Index Fund 655 723
Growth Index Fund 208 191
Prime Money Market Fund 7,919 9,459
Total Bond Market Index Fund 180 218
Total International Stock Index Fund 2,650 2,560
Value Index Fund 4,663 4,781
Plan interest in Master Trusts
Stable Value Fund 1,688 1,878
ConocoPhillips Stock Fund 3,393 2,335
DuPont Stock Fund 71 104
Loans to Plan participants 212 423
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Total Assets 26,188 27,593
--------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR BENEFITS $26,188 27,593
================================================================================
See Notes to Financial Statements.
4
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STATEMENT OF CHANGES IN NET CONOCOPHILLIPS
ASSETS AVAILABLE FOR BENEFITS STORE SAVINGS PLAN
Thousands
Year Ended December 31, 2005 of Dollars
---------------------------- ----------
ADDITIONS
Contributions
Active Employee Deposits $ 414
Rollovers 27
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441
--------------------------------------------------------------------------------
Investment Income (Loss)
Interest and dividend income 560
Interest on participant loans 14
Plan interest in Master Trusts
Stable Value Fund 85
ConocoPhillips Stock Fund 858
DuPont Stock Fund (11)
Net appreciation in fair value
of investments - mutual funds 603
--------------------------------------------------------------------------------
2,109
--------------------------------------------------------------------------------
Other additions 8
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Total 2,558
--------------------------------------------------------------------------------
DEDUCTIONS
Distributions to participants
or their beneficiaries 3,944
Administrative expenses 2
Other deductions 17
--------------------------------------------------------------------------------
Total 3,963
--------------------------------------------------------------------------------
NET DECREASE (1,405)
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of Year 27,593
--------------------------------------------------------------------------------
End of Year $26,188
================================================================================
See Notes to Financial Statements.
5
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NOTES TO FINANCIAL STATEMENTS CONOCOPHILLIPS
STORE SAVINGS PLAN
NOTE 1--PLAN DESCRIPTION
The following description of the ConocoPhillips Store Savings Plan (Plan)
provides only general information. Participants should refer to the Plan
document for a more complete description of the Plan's provisions.
GENERAL
The Plan is a defined contribution, 401(k) profit sharing plan. The Plan was
established in 1985 as the Circle K Kash Plus Plan and has been amended and
restated at various times since its formation. Effective January 1, 1998, the
Plan was amended to change its name to the Tosco Corporation Store Savings Plan.
Effective January 1, 2003, the Plan sponsor, Tosco Corporation, was merged into
the ConocoPhillips Company (formerly Phillips Petroleum Company), and the Plan
was amended to change its name to the ConocoPhillips Store Savings Plan and
ConocoPhillips Company (Sponsor) became the Plan sponsor. On October 3, 2003,
the Thrift Plan for Retail Employees of Conoco Inc. (Conoco Retail Thrift Plan)
merged into the Plan.
The Plan is subject to the provisions of the Employee Retirement Income Security
Act of 1974, as amended (ERISA).
ELIGIBILITY
An active employee of Kayo Oil Company (Company), a subsidiary of the Sponsor,
is eligible to participate if age 21; however, for employees hired prior to
January 1, 2004, the eligibility age is 18. All active employees must complete a
year of eligibility service as defined in the Plan document.
INVESTMENT FUNDS
Plan assets are invested in a variety of investment funds; however, the DuPont
Stock fund is closed to new investment elections. Investments in the Plan are
participant-directed.
ACTIVE EMPLOYEE DEPOSITS
Active employees can deposit between 1% and 30% of their eligible pay, as
defined in the Plan document (Pay), to the Plan on a before-tax basis.
Investments are participant-directed in 1% increments.
Active employees are eligible to make catch-up deposits to the Plan beginning in
the year they attain age 50. The active employee is allowed to elect catch-up
deposits to be deducted as a dollar amount from each paycheck up to the
applicable dollar limit, as defined by the Plan, for such Plan year. Elections
to
6
make catch-up deposits remain in effect until changed or revoked by an active
employee.
COMPANY CONTRIBUTIONS
The Company makes a matching contribution to the account of each retail store
manager (this includes a manager or manager in training but not an assistant
manager) (Retail Store Manager) who is making a deposit of 2% or more of Pay to
the Plan. If a Retail Store Manager deposits 2% or more of Pay, the 2% deposit
is deemed a "matched before-tax deposit" and the Retail Store Manager's account
receives a Company matching contribution equal to 2% of Pay. Deposits by a
Retail Store Manager in excess of the 2% matched before-tax deposit and deposits
of up to 30% of Pay by other active employees are deemed "regular before-tax
deposits", and are not subject to Company matching contributions. Company
contributions for 2005 totaling $88,787 were funded through the forfeiture
account.
PARTICIPANT ACCOUNTS
Each participant's account is credited with the active employee deposits,
Company contributions, if applicable, and Plan earnings, and charged with an
allocation of investment administrative expenses. Allocations are based on
participant earnings or account balances, as defined. The benefit to which a
participant is entitled is the benefit that could be provided from the
participant's vested account. The Vanguard Group, Inc. serves as recordkeeper.
VESTING
Participants are fully vested in the regular before-tax deposits and matched
before-tax deposits in their accounts. The participating Retail Store Managers
vest in the Company's matching contribution if 3 years of vesting service is
satisfied by completing 1,000 hours of service each year either by actually
earning 1,000 hours of service in the year or receiving 190 hours of service for
each month served as an employee. Retail Store Managers can also vest in the
Company's matching contribution if employment continues until the normal
retirement date, which is the 1st day of the month coincident with or
immediately following a 65th birthday, even if the Retail Store Manager has less
than 3 years of service.
FORFEITURES
The Company matching contribution attributable to the regular before-tax
deposits of a participating, non-vested Retail Store Manager is forfeited if the
Retail Store Manager terminates employment prior to satisfying the vesting
requirements; provided, however, that if the non-vested Retail Store Manager is
rehired by the Company within five years, the prior service will be counted
toward the Plan's vesting schedule. Forfeited amounts are applied against future
Company contributions.
7
VOTING RIGHTS
As a beneficial owner of ConocoPhillips common stock (Company Stock), Plan
participants and beneficiaries are entitled to direct the trustee to vote the
Company Stock attributable to their accounts. An active employee participant on
the voting valuation date may direct the trustee to vote the non-directed
shares. Vanguard Fiduciary Trust Company (Vanguard) serves as trustee.
DIVERSIFICATION
Generally, participants may make unlimited exchanges out of any investment fund
in any dollar amount, whole percentages or shares of their account to another
investment fund subject to the exchange rules in the Plan document. In addition,
using selected investment percentages, a participant may request a reallocation
of both the existing account and future contribution allocations or a
rebalancing of the participant's existing account.
SHARE ACCOUNTING METHOD FOR COMPANY STOCK
Any shares purchased or sold for the Plan on any business day are valued at the
Participant Transaction Price, which is calculated using the weighted-average
price of the Company Stock traded on that business day and any carryover impact
as described in the Plan document.
DISTRIBUTIONS
Total distributions from participant accounts can be made upon the occurrence of
specified events, including the attainment of age 59 1/2, death, disability, or
termination of employment. Partial distributions are permitted in cases of
specified financial hardship.
Installment distribution options offered under the Conoco Retail Thrift Plan and
exercised by a participant were grandfathered into the Plan.
LOANS
Active employee participants can request a loan from their account in the Plan.
The minimum loan is $500. Generally, the maximum loan is the lesser of $50,000
or one-half of the value of the account. For those eligible for loans, one
outstanding loan is available at any one time for a term of up to 58 months.
TRUST AGREEMENTS
The trust agreement with Vanguard provides for the administration of certain
assets in the Plan.
Additionally, there are three master trust agreements:
The ConocoPhillips Stock Fund Master Trust Agreement provides for the
administration of the ConocoPhillips Stock Fund. The trustee
8
is Vanguard.
The Stable Value Fund is managed under the Stable Value Fund Master Trust
Agreement. The assets in this fund include investment contracts, money market
instruments, and units of a common collective trust. The trustee for the Stable
Value Fund is State Street Bank and Trust Company.
The DuPont Stock Fund Master Trust Agreement provides for the administration of
the DuPont Stock fund. The trustee is Vanguard.
ADMINISTRATION
The Plan is administered by the ConocoPhillips Store Savings Plan Committee
(Committee), a Plan Financial Administrator, a Plan Benefits Administrator, and
the Chief Financial Officer of the Sponsor. The members of the Committee are
appointed by the Board of Directors of the Sponsor or its delegate. The Plan
Financial Administrator and Plan Benefits Administrator are the persons who
occupy, respectively, the Sponsor positions of Vice President and Treasurer, and
Manager Global Compensation and Benefits. Members of the Committee and the Plan
Administrators serve without compensation, but are reimbursed by the Sponsor for
necessary expenditures incurred in the discharge of their duties. Administrative
expenses of the Plan are paid from assets of the Plan to the extent allowable by
law, unless paid by the Sponsor.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The Plan's financial statements are presented on the accrual basis of
accounting. Distributions to participants or their beneficiaries are recorded
when paid.
On April 7, 2005, ConocoPhillips declared a two-for-one common stock split
effected in the form of a 100% stock dividend, payable June 1, 2005, to
stockholders of record as of May 16, 2005. All references to Company Stock in
the financial statements and accompanying notes are presented on an after-split
basis for all periods presented.
USE OF ESTIMATES
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates that affect
the amounts reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.
9
NOTE 3--INVESTMENTS
VALUATION
Common stock and mutual fund securities are valued at fair value. Common stock
values are based on their quoted market prices. Mutual funds are valued using
quoted market prices which represent the net asset values of shares held by the
Plan at year-end. The Stable Value Fund is managed under the Stable Value Fund
Master Trust Agreement. The assets in this fund include investment contracts,
some of which are backed by units of common collective trusts, and money market
instruments. The investment contracts are fully benefit-responsive, and are
valued at contract value which represents contributions, plus interest credited,
less distributions and expenses. The money market instruments are valued at
amortized cost, which approximates fair value. The common collective trust is
valued at fair value as determined by the issuer based on the current values of
the underlying assets of such trust. Participant loans are valued at carrying
value, which approximates fair value. Purchases and sales of investments are
recorded on a trade date basis. Dividends are recorded on the ex-dividend date.
Interest income is recorded on the accrual basis.
Investment securities are exposed to various risks, such as interest rate,
market, and credit risk. Due to the level of risk associated with certain
investment securities, it is at least reasonably possible that changes in values
of investments will occur in the near term and that such changes could
materially affect participants' account balances and the amounts reported in the
Statements of Net Assets Available for Benefits.
NOTE 4--TAX STATUS
The Plan has received a determination letter from the Internal Revenue Service
dated March 23, 2004, stating that the Plan, as amended and restated as of
October 3, 2003, is qualified under Section 401(a) of the Internal Revenue Code
(the Code) and, therefore, the related trust is exempt from taxation. Subsequent
to this determination by the Internal Revenue Service, the Plan was amended.
Once qualified, the Plan is required to operate in conformity with the Code to
maintain its qualification. The Committee believes the Plan is being operated in
compliance with the applicable requirements of the Code and, therefore, believes
the Plan, as amended, is qualified and the related trust is tax exempt.
NOTE 5--PARTY-IN-INTEREST TRANSACTIONS
A portion of the Plan's assets is invested in Company Stock. Because
ConocoPhillips is the parent of the Sponsor, transactions involving Company
Stock qualify as party-in-interest transactions. In addition, certain
investments of the Plan are in shares of
10
mutual funds managed by Vanguard. Because Vanguard is the Plan's trustee, these
transactions qualify as party-in-interest transactions. All of these types of
transactions are exempt from the prohibited transaction rules.
NOTE 6--PLAN TERMINATION
Although it has not expressed any intent to do so, the Sponsor has the right
under the Plan to discontinue its contributions and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100% vested in their accounts.
NOTE 7--MASTER TRUSTS
Three investment options of the Plan are held in master trusts and administered
under master trust agreements. These investment options include the Stable Value
Fund, ConocoPhillips Stock Fund, and DuPont Stock Fund.
STABLE VALUE FUND
The Stable Value Fund option provided by the Plan is also available to
participants in the ConocoPhillips Savings Plan. Each plan's beneficial interest
in the master trust funds is based on that plan's proportionate share,
determined by participant-directed balances, of the value of the total net
assets in the master trust. Investment income for each plan is calculated using
this same basis. The Plan's proportionate share of master trust net assets was
approximately 0.1% as of December 31, 2005, and December 31, 2004.
The Stable Value Fund consists of guaranteed investment contracts (GICs),
separate account guaranteed investment contracts (SAGICs), synthetic contracts
(SYNs), a common collective trust (CCT), and short-term investments and cash.
The crediting interest rates for the Stable Value Fund's investment contracts
ranged from 3.46% to 7.12% as of December 31, 2005, and from 3.39% to 7.68% as
of December 31, 2004. The fund's blended rate of return was 4.73% for 2005 and
4.60% for 2004.
There are no reserves against contract value for credit risk of the contract
issuers or otherwise. The crediting rates for GICs are set at the time of
purchase and are fixed for the specified contract period. The crediting rates
for most SAGIC and SYN contracts are reset quarterly and are based on the market
value of the underlying portfolio of assets backing these contracts. Inputs used
to determine the crediting rate included each contract's portfolio market value,
current yield-to-maturity, duration (i.e., the present value of the weighted
average life), and market value relative to contract value. All contracts had a
guaranteed rate of 0.0% or higher.
11
The Stable Value Fund values as of December 31, 2005, and December 31, 2004,
were as follows:
Thousands of Dollars
----------------------
2005 2004
---------- ---------
Stable Value Fund
At December 31
GICs $ 114,584 129,095
SAGICs 111,601 175,350
SYNs 1,668,294 1,604,147
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Assets at Contract Value 1,894,479 1,908,592
--------------------------------------------------------------------------------
CCT 70,350 67,612
Short-term investments and cash 13,918 24,349
--------------------------------------------------------------------------------
Assets at Fair Value 84,268 91,961
--------------------------------------------------------------------------------
End of Year $1,978,747 2,000,553
================================================================================
The estimated fair value of the GICs at December 31, 2005 and 2004, was
$115,449,323 and $133,962,202 respectively. The estimated fair value of the
SAGICs at December 31, 2005 and 2004, was $112,725,513 and $182,159,789
respectively. The fair values of the GICs and SAGICs are determined using a
discounted cash flow method. The estimated cash flow of each contract is
discounted using a yield curve interpolated from swap rates and is adjusted for
liquidity and credit quality.
The estimated fair value of the underlying assets of the synthetic guaranteed
investment contracts at December 31, 2005 and 2004, was $1,652,045,988 and
$1,627,937,906, respectively. The contract values of synthetic guaranteed
investment contracts were net of ($16,248,466) at December 31, 2005, and
($23,790,533) at December 31, 2004, related to wrapper contracts, which
guarantee the contract value of the synthetic guaranteed investment contracts
for participant initiated withdrawal events.
The significant components of the changes in net assets relating to the Stable
Value Fund are as follows:
Thousands
of Dollars
----------
Stable Value Fund
Year Ended December 31, 2005
Contributions $ 47,324
Interest and Dividend Income (net) 92,758
Asset Transfers In 367,873
Distributions (178,892)
Participant Loans (3,973)
Other Deductions (20)
Asset Transfers Out (346,876)
--------------------------------------------------------------------------------
Net Decrease (21,806)
Beginning of Year 2,000,553
--------------------------------------------------------------------------------
End of Year $1,978,747
================================================================================
12
CONOCOPHILLIPS STOCK FUND
The ConocoPhillips Stock Fund is comprised of Company Stock held in a master
trust, the ConocoPhillips Stock Fund Master Trust. This investment option
provided by the Plan is also available to participants in the ConocoPhillips
Savings Plan. Each plan's beneficial interest in the master trust funds is based
on that plan's proportionate share, determined by participant-directed balances,
of the value of the total net assets in the master trust. Investment income for
each plan is calculated using this same basis. The Plan's proportionate share of
master trust net assets was approximately 0.1% as of December 31, 2005, and
December 31, 2004.
The ConocoPhillips Stock Fund values as of December 31, 2005, and December 31,
2004, were as follows:
Thousands of Dollars
----------------------
2005 2004
---------- ---------
At December 31
ConocoPhillips Stock Fund $2,380,454 1,662,488
--------------------------------------------------------------------------------
End of Year $2,380,454 1,662,488
================================================================================
The significant components of the changes in net assets relating to the
ConocoPhillips Stock Fund are as follows:
Thousands
of Dollars
----------
ConocoPhillips Stock Fund
Year Ended December 31, 2005
Contributions $ 99,877
Dividend Income 46,694
Net Appreciation in Fair Value of Company Stock 580,743
Asset Transfers In 651,202
Other Additions 15
Distributions (120,641)
Participant Loans (20,993)
Other Deductions (929)
Asset Transfers Out (518,002)
--------------------------------------------------------------------------------
Net Increase 717,966
Beginning of Year 1,662,488
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End of Year $2,380,454
================================================================================
DUPONT STOCK FUND
The DuPont Stock Fund is comprised of DuPont stock held in a master trust, the
DuPont Stock Fund Master Trust. This investment option provided by the Plan is
also available to participants in the ConocoPhillips Savings Plan; however, this
option is closed to new investment elections. Each plan's beneficial interest in
the master trust funds is based on that plan's proportionate share, determined
by participant-directed balances, of the value of the total net assets in the
master trust. Investment income for each plan is calculated using this same
basis. The Plan's proportionate
13
share of master trust net assets was approximately 0.1% as of December 31, 2005,
and December 31, 2004.
The DuPont Stock Fund values as of December 31, 2005, and December 31, 2004,
were as follows:
Thousands of Dollars
--------------------
2005 2004
-------- -------
At December 31
DuPont Stock Fund $147,012 217,907
--------------------------------------------------------------------------------
End of Year $147,012 217,907
================================================================================
The significant components of the changes in net assets relating to the DuPont
Stock Fund are as follows:
Thousands
of Dollars
----------
DuPont Stock Fund
Year Ended December 31, 2005
Dividend Income $ 5,752
Other Additions 2
Distributions (12,644)
Net Depreciation in Fair Value of Stock (26,155)
Participant Loans (331)
Other Deductions (75)
Asset Transfers Out (37,444)
--------------------------------------------------------------------------------
Net Decrease (70,895)
Beginning of Year 217,907
--------------------------------------------------------------------------------
End of Year $147,012
================================================================================
NOTE 8--RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits as of
December 31, 2005 and 2004, as reflected in these financial statements, to the
amounts reflected in the Plan's Form 5500:
Thousands of Dollars
--------------------
2005 2004
------- ------
Net assets available for benefits as
reported in the financial statements $26,188 27,593
Less: Defaulted loans identified
as deemed distributions for tax reporting -- (33)
--------------------------------------------------------------------------------
Net assets available for benefits
as reported in the Form 5500 $26,188 27,560
================================================================================
14
The following is a reconciliation of distributions to participants or their
beneficiaries for the year ended December 31, 2005, as reflected in these
financial statements, to the amounts reflected in the Plan's Form 5500:
Thousands
of Dollars
----------
Year Ended December 31, 2005
Distributions to participants or their
beneficiaries reported in the
financial statements $3,944
Less: Amounts previously recognized as
deemed distributions for 5500 reporting (33)
--------------------------------------------------------------------------------
Total distributions as reported
in the Form 5500 $3,911
================================================================================
NOTE 9--SUBSEQUENT EVENTS
HURRICANE RELIEF CHANGES
Recent Federal legislation and regulatory guidance have eased the rules on Plan
distributions and loans to participants impacted by Hurricanes Katrina, Rita
and/or Wilma.
Participants may request Qualified Hurricane Distributions (QHDs), the aggregate
amount of which may not exceed $100,000. Participants can delay paying income
taxes on QHDs by requesting zero tax withholding and repaying the QHDs within
three years to have the money treated as a tax-free rollover.
A participant eligible for hurricane relief may request a Plan loan (or Plan
loans) in the amount of the lesser of $100,000 or 100% of the vested account
balance. Participants with a Plan loan(s) on or after the appropriate hurricane
effective dates can postpone or suspend any payments scheduled to be made on the
loan(s) through December 31, 2006. The original loan payoff date will be
extended by the period of the suspended loan repayments. When the payments
resume, they will be re-amortized to include the interest accrued during the
period they were suspended, and a new loan repayment amount and loan payoff date
will be calculated.
15
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SCHEDULE OF ASSETS (HELD AT END OF YEAR) CONOCOPHILLIPS
SCHEDULE H, LINE 4I STORE SAVINGS PLAN
At December 31, 2005
(a)(b) Identity of (c) Description of investment Thousands of Dollars
issue, borrower, including maturity date, ----------------------------
lessor, or similar rate of interest, collateral, (d) Historical (e) Current
party par or maturity value Cost Value
------------------ ----------------------------- -------------- -----------
Vanguard* 5,340 units, Vanguard
500 Index Fund ** $ 614
198,614 units, Vanguard
Balanced Index Fund ** 3,935
19,120 units, Vanguard
Extended Market Index Fund ** 655
7,559 units, Vanguard
Growth Index Fund ** 208
7,918,910 units, Vanguard
Prime Money Market Fund ** 7,919
17,919 units, Vanguard
Total Bond Market Index Fund ** 180
185,678 units, Vanguard
Total International Stock
Index Fund ** 2,650
209,215 units, Vanguard
Value Index Fund ** 4,663
Participants* Loans to Plan participants,
Interest rates ranging
from 4.00% to 10.0% -- 212
--------------------------------------------------------------------------------
$21,036
================================================================================
* Party-in-interest
** Historical cost information is not required for participant-directed
investments.
16
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EXHIBIT INDEX CONOCOPHILLIPS
STORE SAVINGS PLAN
EXHIBIT
NUMBER DESCRIPTION
------- -----------
23 Consent of Independent Registered Public Accounting Firm
17