EXHIBIT 99.1


      CONOCO SUSPENDS DIRECT STOCK PURCHASE AND DIVIDEND REINVESTMENT PLAN

Contact: Sondra Fowler, (281) 293-4595

HOUSTON (Aug. 15, 2002) -- Conoco (NYSE:COC) today said that its direct stock
purchase and dividend reinvestment plan, CONOCO CONNECTION, will be suspended on
Friday, Aug. 16, as a result of the merger between Conoco and Phillips, which is
expected to be completed later this quarter.

As a result, the third quarter dividend, payable September 3, will be paid in
cash rather than reinvested under the plan. The last purchase of Conoco common
stock with cash payments under the plan will be made Friday, Aug. 16. Cash
payments and automatic deductions received by EquiServe on or prior to Thursday,
Aug. 15, will be invested in Conoco common stock. Automatic deductions will be
suspended, and cash payments received after that date will be returned without
interest.

Once the merger is completed, more information about the merger and exchanging
Conoco common stock for ConocoPhillips common stock will be sent to all Conoco
stockholders. Additionally, all CONOCO CONNECTION participants will receive
information about the ConocoPhillips Direct Stock Purchase and Dividend
Reinvestment Plan.

"We apologize for any inconvenience these suspensions may cause," said Bob
Goldman, Conoco's chief financial officer. "We are mailing letters to everyone
with CONOCO CONNECTION accounts. However, if there are further questions, please
contact our transfer agent, EquiServe, at 1-800-317-4445."

Conoco is a major, integrated energy company active in more than 40 countries.

08/15/02

http://www.conoco.com