NEWS RELEASE

BURLINGTON RESOURCES ACHIEVES 10 PERCENT
PRODUCTION GROWTH AS SECOND-QUARTER EARNINGS
INCREASE 36 PERCENT TO $379 MILLION

Houston, Texas, July 21, 2004 — Burlington Resources Inc. (NYSE: BR and TSX: B) today reported estimated earnings of $379 million, or $0.96 per diluted share, during the second quarter of 2004, a 36 percent increase over the $278 million, or $0.69 per diluted share, earned during the second quarter of 2003. The per-share results reflect the 2-for-1 split of the company’s common stock on June 1, 2004. The higher quarterly earnings were attributable to increases in production as well as commodity prices. The company’s total production increased 10 percent to 2,758 million cubic feet of natural gas equivalent per day (MMcfed), from 2,502 MMcfed during the prior year’s quarter.

Net cash provided by operating activities increased to $802 million from $733 million during the prior year’s quarter. Discretionary cash flow(1) increased to $825 million from $596 million during the prior year’s quarter. In addition, at the end of the second quarter Burlington’s balance sheet included more than $1.3 billion in cash and cash equivalents, a $282 million increase during the quarter.

Share repurchases during the quarter totaled 3.1 million shares for $105 million at an average cost of $33.93 per share. This brings the cumulative number of shares acquired since the company resumed share repurchases in late 2000 to approximately 53.6 million shares for $1.25 billion, or an average cost of $23.31 per share. These share amounts reflect the recent stock split.

“As our strong quarterly performance confirms, we are making exceptional financial and operational progress, driven by our ability to increase domestic and international production during a time of extremely favorable commodity prices,” said Bobby S. Shackouls, chairman, president and chief executive officer. “During the months ahead, we look forward to the start-up of the Rivers Fields in the East Irish Sea, to further production growth in a number of areas, and to continuing our emphasis on cost control.”

The company’s natural gas production during the second quarter increased 1 percent to 1,899 million cubic feet per day (MMcfd), from 1,879 MMcfd during the prior year’s quarter. Natural gas liquids (NGLs) production was 59.0 thousand barrels per day (Mbd),

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compared to 63.1 Mbd during the prior year’s quarter. Crude oil production increased 107 percent to 84.2 Mbd, from 40.7 Mbd during the prior year’s quarter.

Natural gas volume increases were achieved in the Madden Field with completion of gathering line repairs, as well as in Canada’s Deep Basin and Whitecourt areas, South Louisiana, the Fort Worth Basin of Texas and the CLAM properties in the North Sea. The increases were partially offset by declines in Canada’s O’Chiese and Viking-Kinsella areas, and in the East Irish Sea. Higher crude oil volumes were achieved during the quarter from the Cedar Creek Anticline in the Williston Basin in the U.S., and from fields in Algeria, offshore China and Ecuador. Canadian natural gas liquids volumes declined due to an unanticipated six-week shutdown of an industry pipeline that serves key producing areas.

During the quarter Burlington also made progress on advancing the evaluation of several future unconventional resource plays in the Brassey Area of Canada’s Deep Basin, the Bossier Trend in East Texas and the Bakken Shale trend in the Montana portion of the Williston Basin.

Burlington’s price realizations for natural gas during the second quarter were $5.40 per Mcf, compared to $4.96 per Mcf during the same quarter in 2003. Price realizations for NGLs were $23.81 per barrel, compared to $18.53 per barrel during the prior year’s quarter. Crude oil price realizations were $34.62 per barrel, compared to $27.53 per barrel during the prior year’s quarter.

2004 Outlook

Production — Burlington expects volume growth for the remainder of 2004 compared to 2003, as a result of anticipated increases in both North American and Other International production. The guidance breakdown by geographic region and product follows:

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North American Natural Gas Hedges — As of June 30, 2004, Burlington had hedged the following volumes of future North American natural gas production using costless price collars or fixed price contracts. All prices are weighted averages adjusted to a NYMEX equivalent price using an estimate of differentials between the NYMEX price and regional prices. Detailed information on hedging subsequent to the first quarter of 2005 is available on Burlington’s Web site at www.br-inc.com/docs/hedge.pdf.

Other 2004 Financial Parameters — Estimated expenses for the third quarter and full year are:

*

Formerly production and processing

In addition, Burlington anticipates an effective income tax rate of 32 to 36 percent for the full year of 2004. The breakdown between current and deferred taxes for the year could vary widely depending on commodity prices and other factors.

An income statement, statistics and non-GAAP reconciliation tables for the second quarter accompany this release.

Burlington will webcast a conference call to discuss its second-quarter 2004 earnings and operations. The call will take place on Thursday, July 22 at 1 p.m. Central time. All materials and information related to the conference call, this press release and a package of financial and statistical information may be accessed from the Burlington Resources

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Web site home page at www.br-inc.com by selecting the link entitled “2nd Qtr 2004 Conference Call Info Page,” and then selecting the resource desired.

Burlington Resources ranks among the world’s largest independent oil and gas companies, and holds one of the industry’s leading positions in North American natural gas reserves and production. Headquartered in Houston, Texas, the company conducts exploration, production and development operations in the U.S., Canada, the United Kingdom, Africa, China and South America. For additional information see the Burlington Resources Web site at www.br-inc.com.

⁽¹⁾ See the accompanying tables for a reconciliation of GAAP and non-GAAP measures utilized in calculating discretionary cash flow.

FORWARD-LOOKING STATEMENTS
This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Any such projections or statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ materially from those projected is included in the company’s periodic reports filed with the Securities and Exchange Commission.

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Burlington Resources Inc.
Reconcilation of GAAP to Non-GAAP Measure (a)
Discretionary Cash Flow
($ in Millions)

Below is a reconciliation of net cash provided by operating activities to discretionary cash flow.

(a)

GAAP — Generally Accepted Accounting Principles

Management believes that the non-GAAP measure of discretionary cash flow is useful information for investors because it is used internally and accepted by the investment community as a means of measuring the company’s ability to fund its capital and dividend programs and to service its debt. Discretionary cash flow is also useful because it is widely used by professional research analysts in valuing, comparing ratings and providing investment recommendations of companies in the oil and gas exploration and production industry. Many investors use this published research in making investment decisions.

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BURLINGTON RESOURCES INC.

     This statement should be read in conjunction with the attached press release.

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BURLINGTON RESOURCES INC.
SALES VOLUMES AND PRICES

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