Debt	6 Months Ended
Jun. 30, 2020
Debt [Abstract]
Debt	Note 9—Debt Our debt balance as of June 30, 2020 was $ 14,998 million compared with $ 14,895 million at December 31, 2019. Our revolving credit facility provides a total commitment of $ 6.0 billion and expires in 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. Our commercial paper program consists of the ConocoPhillips Company $ 6.0 billion program, 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 at June 30, 2020 or December 31, 2019. We had no direct outstanding borrowings or letters of credit under the revolving credit facility at June 30, 2020 or December 31, 2019. 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 June 30, 2020. In March 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “negative” from “stable”. In April 2020, Moody’s affirmed their rating of “A3” with a “stable” outlook. Our current rating from Fitch is “A” with a “stable” outlook. At June 30, 2020, we had $ 283 million of certain variable rate demand bonds (VRDBs) outstanding with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis, therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

Note 9—Debt

Our debt balance as of June 30, 2020 was $

14,998

million compared with $

14,895

million at December 31,

2019.

Our revolving credit facility provides a total commitment

of $

6.0

billion and expires in

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.

Our commercial paper program consists of

the

ConocoPhillips Company $

6.0

billion program, primarily a funding source for

short-term working capital

needs.

Commercial paper maturities are generally limited

90 days

We had no commercial paper outstanding at June 30, 2020 or December 31, 2019.

We had no direct

outstanding borrowings or letters of credit

under the revolving credit facility at June 30, 2020 or

December 31,

2019.

Since we had

commercial paper outstanding and had issued

letters of credit, we had access to $

6.0

billion in borrowing capacity under our revolving

credit facility at June 30, 2020.

In March 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “negative”

from “stable”.

In April 2020, Moody’s affirmed their rating of “A3” with a “stable” outlook.

Our current

rating from Fitch is “A” with a “stable” outlook.

At June 30, 2020, we had $

283

million of certain variable rate demand bonds (VRDBs)

outstanding with

maturities ranging through 2035.

The VRDBs are redeemable at the option of the bondholders

on any business

day.

If they are ever redeemed, we have the ability

and intent to refinance on a long-term basis,

therefore, the

VRDBs are included in the “Long-term debt” line

on our consolidated balance sheet.