Debt	12 Months Ended
Dec. 31, 2019
Debt [Abstract]
Debt	Note 11—Debt Long-term debt at December 31 was: Millions of Dollars 2019 2018 9.125% Debentures due 2021 $ 123 123 8.20% Debentures due 2025 134 134 8.125% Notes due 2030 390 390 7.9% Debentures due 2047 60 60 7.8% Debentures due 2027 203 203 7.65% Debentures due 2023 78 78 7.40% Notes due 2031 500 500 7.375% Debentures due 2029 92 92 7.25% Notes due 2031 500 500 7.20% Notes due 2031 575 575 7% Debentures due 2029 200 200 6.95% Notes due 2029 1,549 1,549 6.875% Debentures due 2026 67 67 6.50% Notes due 2039 2,750 2,750 5.951% Notes due 2037 645 645 5.95% Notes due 2036 500 500 5.95% Notes due 2046 500 500 5.90% Notes due 2032 505 505 5.90% Notes due 2038 600 600 4.95% Notes due 2026 1,250 1,250 4.30% Notes due 2044 750 750 4.15% Notes due 2034 246 246 3.35% Notes due 2024 426 426 3.35% Notes due 2025 199 199 2.4% Notes due 2022 329 329 Floating rate notes due 2022 at 2.81 % – 3.58 % during 2019 and 2.32 % – 3.52 % during 2018 500 500 Industrial Development Bonds due 2035 at 1.08 % – 2.45 % during 2019 and 0.95 % – 1.86 % during 2018 18 18 Marine Terminal Revenue Refunding Bonds due 2031 at 1.08 % – 2.45 % during 2019 and 0.88 % – 1.95 % during 2018 265 265 Other 17 17 Debt at face value 13,971 13,971 Finance leases 720 777 Net unamortized premiums, discounts and debt issuance costs 204 220 Total debt 14,895 14,968 Short-term debt (105) (112) Long-term debt $ 14,790 14,856 Maturities of long-term borrowings, inclusive of net unamortized premiums and discounts, in 2020 through 2024 are: $ 105 million, $ 235 million, $ 940 million, $ 198 million and $ 548 million, respectively. We have a revolving credit facility totaling $ 6.0 billion with an expiration date of May 2023. Our revolving credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $ 500 million, or as support for our commercial paper program. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains a cross- default provision relating to the failure to pay principal or interest on other debt obligations of $ 200 million or more by ConocoPhillips, or any of its consolidated subsidiaries. Credit facility borrowings may bear interest at a margin above rates offered by certain designated banks in the London interbank market or at a margin above the overnight federal funds rate or prime rates offered by certain designated banks in the U.S. The agreement calls for commitment fees on available, but unused, amounts. The agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors. We have a $ 6.0 billion commercial paper program, which is primarily a funding source for short-term working capital needs. Commercial paper maturities are generally limited to 90 days . We had no commercial paper outstanding in programs in place at December 31, 2019 or December 31, 2018. We had no direct outstanding borrowings or letters of credit under the revolving credit facility at December 31, 2019 or December 31, 2018. Since we had no commercial paper outstanding and had issued no letters of credit, we had access to $ 6.0 billion in borrowing capacity under our revolving credit facility at December 31, 2019. At both December 31, 2019 and 2018, we had $ 283 million of certain variable rate demand bonds (VRDBs) outstanding which mature in 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we intend to refinance on a long-term basis, therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet. For additional information on Finance Leases, see Note 17 — Non-Mineral Leases.

Note 11—Debt

Long-term debt at December 31 was:

Millions of Dollars

2019

2018

9.125% Debentures due 2021

123

8.20% Debentures due 2025

134

8.125% Notes due 2030

390

7.9% Debentures due 2047

7.8% Debentures due 2027

203

7.65% Debentures due 2023

7.40% Notes due 2031

500

7.375% Debentures due 2029

7.25% Notes due 2031

500

7.20% Notes due 2031

575

7% Debentures due 2029

200

6.95% Notes due 2029

1,549

6.875% Debentures due 2026

6.50% Notes due 2039

2,750

5.951% Notes due 2037

645

5.95% Notes due 2036

500

5.95% Notes due 2046

500

5.90% Notes due 2032

505

5.90% Notes due 2038

600

4.95% Notes due 2026

1,250

4.30% Notes due 2044

750

4.15% Notes due 2034

246

3.35% Notes due 2024

426

3.35% Notes due 2025

199

2.4% Notes due 2022

329

Floating rate notes due 2022 at

2.81

% –

3.58

% during 2019 and

2.32

% –

3.52

% during 2018

500

Industrial Development Bonds due 2035 at

1.08

% –

2.45

% during 2019 and

0.95

% –

1.86

% during 2018

Marine Terminal Revenue Refunding Bonds due 2031 at

1.08

% –

2.45

% during

2019 and

0.88

% –

1.95

% during 2018

265

Other

Debt at face value

13,971

Finance leases

720

777

Net unamortized premiums, discounts and

debt issuance costs

204

220

Total debt

14,895

14,968

Short-term debt

(105)

(112)

Long-term debt

14,790

14,856

Maturities of long-term borrowings, inclusive

of net unamortized premiums and discounts,

in 2020 through

2024 are: $

105

million, $

235

million, $

940

million, $

198

million and $

548

million, respectively.

We have a revolving credit facility totaling $

6.0

billion with an expiration date of May 2023.

Our revolving

credit facility may be used for direct bank borrowings,

the issuance of letters of credit totaling

up to $

500

million, or as support for our commercial paper

program.

The revolving credit facility is broadly syndicated

among financial institutions and does not contain

any material adverse change provisions or any covenants

requiring maintenance of specified financial

ratios or credit ratings.

The facility agreement contains a cross-

default provision relating to the failure to pay principal

or interest on other debt obligations of $

200

million or

more by ConocoPhillips, or any of its consolidated

subsidiaries.

Credit facility borrowings may bear interest at

a margin above rates offered by certain designated banks in the

London interbank market or at a margin above the overnight

federal funds rate or prime rates offered by

certain designated banks in the U.S.

The agreement calls for commitment fees

on available, but unused,

amounts.

The agreement also contains early termination

rights if our current directors or their approved

successors cease to be a majority of the Board

of Directors.

We have a $

6.0

billion commercial paper program, which

is primarily a funding source for short-term

working

capital needs.

Commercial paper maturities are generally

limited to

90 days

We had no commercial paper

outstanding in programs in place at December

31, 2019 or December 31, 2018.

We had

direct outstanding

borrowings or letters of credit under the revolving

credit facility at December 31, 2019 or December

31, 2018.

Since we had

commercial paper outstanding and had issued

no letters of credit, we had access to

6.0

billion in borrowing capacity under our revolving

credit facility at December 31, 2019.

At both December 31, 2019 and 2018, we had

283

million of certain variable rate demand

bonds (VRDBs)

outstanding which mature

in 2035.

The VRDBs are redeemable at the option of the

bondholders on any

business day.

If they are ever redeemed, we intend to refinance

on a long-term basis, therefore, the VRDBs are

included in the “Long-term debt” line on our consolidated

balance sheet.

For additional information on Finance Leases,

see Note 17

—

Non-Mineral Leases.