Investments, Loans and Long-Term Receivables	3 Months Ended
Mar. 31, 2017
Investments, Loans and Long-Term Receivables [Abstract]
Investments, Loans and Long-Term Receivables	Note 5—Investments, Loans and Long-Term Receivables APLNG APLNG’s $8.5 billion project finance facility consists of financing agreements executed by APLNG with the Export-Import Bank of the United States for approximately $2.9 billion, the Export-Import Bank of China for approximately $2.7 billion, and a syndicate of Australian and international commercial banks for approximately $2.9 billion. All amounts have been drawn from the facility. APLNG made its first principal and interest repayment in March 2017 and will continue to make bi-annual payments until March 2029. At March 31, 2017, a balance of $8.2 billion was outstanding on the facility. In connection with the execution of the project financing, we provided a completion guarantee for our pro-rata share of the project finance facility until the project achieves financial completion. In October 2016, we reached financial completion for Train 1, which reduced our associated guarantee by 60 percent. See Note 10—Guarantees, for additional information. APLNG is considered a VIE, as it has entered into certain contractual arrangements that provide it with additional forms of subordinated financial support. See Note 2—Variable Interest Entities (VIEs), for additional information. During the first quarter of 2017, the outlook for crude oil prices weakened, and as a result, the estimated fair value of our investment in APLNG declined to an amount below carrying value. Based on a review of the facts and circumstances surrounding this decline in fair value, we concluded the impairment was not other than temporary under the guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 323, “Investments – Equity Method and Joint Ventures.” In reaching this conclusion, we primarily considered: (1) the volatility and uncertainty in commodity markets; (2) the intent and ability of ConocoPhillips to retain our investment in APLNG; and (3) the short length of time carrying value has been less than market value (fair value exceeded carrying value as of December 31, 2016). Fair value has been estimated based on an internal discounted cash flow model using estimated future production, an outlook of future prices from a combination of exchanges (short-term) and pricing service companies (long-term), costs, a market outlook of foreign exchange rates provided by a third party, and a discount rate believed to be consistent with those used by principal market participants. At March 31, 2017, the fair value of our investment in APLNG was estimated to be $8,629 million, resulting in an unrecognized impairment of $1,430 million. We will continue to monitor the relationship between the carrying value and the fair value of APLNG. Should we determine in the future there has been a loss in the value of our investment that is other than temporary, we would record a noncash impairment of our equity investment, calculated as the total difference between carrying value and fair value as of the end of the reporting period. At March 31, 2017, the carrying value of our equity method investment in APLNG was $10,059 million. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. FCCL At March 31, 2017, the carrying value of our equity method investment in FCCL Partnership was $9,006 million, net of a $1,604 million reduction due to cumulative foreign currency translation effects. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. On March 29, 2017, we signed a definitive agreement with Cenovus Energy to sell our 50 percent nonoperated interest in the FCCL Partnership, as well as the majority of our western Canada gas assets, for total consideration of approximately $13.3 billion, based on Cenovus’ share price at the date of signing, before customary adjustments to the cash portion. The transaction is subject to specific conditions precedent being satisfied, including regulatory approvals, and is expected to close in the second quarter of 2017. See Note 4—Assets Held for Sale and Other Planned Dispositions, for additional information. Loans and Long-Term Receivables As part of our normal ongoing business operations, and consistent with industry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans made to certain affiliated and non-affiliated companies. At March 31, 2017, significant loans to affiliated companies included $639 million in project financing to Qatar Liquefied Gas Company Limited (3) (QG3). The long-term portion of these loans is included in the “Loans and advances—related parties” line on our consolidated balance sheet, while the short-term portion is in “Accounts and notes receivable—related parties.”

Note 5—Investments, Loans and Long-Term Receivables

APLNG

APLNG’s $8.5 billion project finance facility consists of financing agreements executed by APLNG with the Export-Import Bank of the United States for approximately $2.9 billion, the Export-Import Bank of China for approximately $2.7 billion, and a syndicate of Australian and international commercial banks for approximately $2.9 billion. All amounts have been drawn from the facility. APLNG made its first principal and interest repayment in March 2017 and will continue to make bi-annual payments until March 2029. At March 31, 2017, a balance of $8.2 billion was outstanding on the facility. In connection with the execution of the project financing, we provided a completion guarantee for our pro-rata share of the project finance facility until the project achieves financial completion. In October 2016, we reached financial completion for Train 1, which reduced our associated guarantee by 60 percent. See Note 10—Guarantees, for additional information.

APLNG is considered a VIE, as it has entered into certain contractual arrangements that provide it with additional forms of subordinated financial support. See Note 2—Variable Interest Entities (VIEs), for additional information.

During the first quarter of 2017, the outlook for crude oil prices weakened, and as a result, the estimated fair value of our investment in APLNG declined to an amount below carrying value. Based on a review of the facts and circumstances surrounding this decline in fair value, we concluded the impairment was not other than temporary under the guidance of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 323, “Investments – Equity Method and Joint Ventures.” In reaching this conclusion, we primarily considered: (1) the volatility and uncertainty in commodity markets; (2) the intent and ability of ConocoPhillips to retain our investment in APLNG; and (3) the short length of time carrying value has been less than market value (fair value exceeded carrying value as of December 31, 2016). Fair value has been estimated based on an internal discounted cash flow model using estimated future production, an outlook of future prices from a combination of exchanges (short-term) and pricing service companies (long-term), costs, a market outlook of foreign exchange rates provided by a third party, and a discount rate believed to be consistent with those used by principal market participants.

At March 31, 2017, the fair value of our investment in APLNG was estimated to be $8,629 million, resulting in an unrecognized impairment of $1,430 million. We will continue to monitor the relationship between the carrying value and the fair value of APLNG. Should we determine in the future there has been a loss in the value of our investment that is other than temporary, we would record a noncash impairment of our equity investment, calculated as the total difference between carrying value and fair value as of the end of the reporting period.

At March 31, 2017, the carrying value of our equity method investment in APLNG was $10,059 million. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet.

FCCL

At March 31, 2017, the carrying value of our equity method investment in FCCL Partnership was $9,006 million, net of a $1,604 million reduction due to cumulative foreign currency translation effects. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet. On March 29, 2017, we signed a definitive agreement with Cenovus Energy to sell our 50 percent nonoperated interest in the FCCL Partnership, as well as the majority of our western Canada gas assets, for total consideration of approximately $13.3 billion, based on Cenovus’ share price at the date of signing, before customary adjustments to the cash portion. The transaction is subject to specific conditions precedent being satisfied, including regulatory approvals, and is expected to close in the second quarter of 2017. See Note 4—Assets Held for Sale and Other Planned Dispositions, for additional information.

Loans and Long-Term Receivables

As part of our normal ongoing business operations, and consistent with industry practice, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans made to certain affiliated and non-affiliated companies. At March 31, 2017, significant loans to affiliated companies included $639 million in project financing to Qatar Liquefied Gas Company Limited (3) (QG3).

The long-term portion of these loans is included in the “Loans and advances—related parties” line on our consolidated balance sheet, while the short-term portion is in “Accounts and notes receivable—related parties.”