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ConocoPhillips "ConocoPhillips is an international, integrated energy company. It is the third largest integrated energy company in the United States, based on market capitalization, oil and gas proved reserves and production; and the largest refiner in the United States. Worldwide, of non-government controlled companies, ConocoPhillips has the eighth largest total of proved reserves and is the fourth largest refiner in the world. ConocoPhillips is world renowned for its technological expertise in deepwater exploration and production, …

…hold treasury stocks. Compensation and Benefits Trust (CBT) holds the company's treasury stock of 25,085,314. "The CBT is an irrevocable grantor trust, administered by an independent trustee and designated to acquire, hold, and distribute shares of our common stock to fund future compensation and benefit obligations of the company" (ConocoPhillips, 2004). For the year ending December 31, 2003, the combined company had 682,800,000 common shares outstanding. In 2003, ConocoPhillips issued $75.9 million of tax-exempt bonds. References http://www.conocophillips.com Retrieved June 10, 2004.