v3.20.2
Debt
 9 Months Ended
Sep. 30, 2020
Debt [Abstract]  
Debt
Note 9—Debt
 
 
 
Our debt balance as of September 30, 2020 was $
15,387
 
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 issued $
300
 
million of commercial paper in the third
 
quarter of 2020, which is included in short-term
 
debt
on our consolidated balance sheet.
 
With $
300
 
million of commercial paper outstanding and
no
 
direct
borrowings or letters of credit, we had $
5.7
 
billion in available capacity under the revolving
 
credit facility at
September 30, 2020.
 
We had
no
 
direct outstanding borrowings, letters of credit,
 
nor outstanding commercial
paper as of December 31, 2019.
 
 
In October 2020, S&P affirmed its “A” rating on our senior long-term debt and revised its outlook to “stable”
from “negative,”
Fitch affirmed its rating of “A” with a “stable” outlook
and Moody’s affirmed its rating of
“A3” with a “stable” outlook.
 
At September 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.