Exhibit 5.1
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| 910 LOUISIANA | DALLAS | |||||
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HOUSTON, TEXAS | DUBAI | ||||
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October 13, 2006
001349.0347
ConocoPhillips
600 North Dairy Ashford
Houston, Texas 77079
600 North Dairy Ashford
Houston, Texas 77079
Ladies and Gentlemen:
In connection with the issuance by (i) ConocoPhillips Canada Funding Company I, a Nova Scotia
unlimited liability company (Funding I), of $1,250,000,000 aggregate principal amount of its
5.625% Notes due 2016 (the Funding I Notes), guaranteed by ConocoPhillips, a Delaware corporation
(ConocoPhillips), and ConocoPhillips Company, a Delaware corporation (CPCo) (the Funding I
Guarantees), and (ii) ConocoPhillips Canada Funding Company II, a Nova Scotia unlimited liability
company (Funding II and, together with Funding I, the Issuers), of $350,000,000 aggregate
principal amount of its 5.30% Notes due 2012 (the 2012 Notes) and $500,000,000 aggregate
principal amount of its 5.95% Notes due 2036 (collectively with the 2012 Notes, the Funding II
Notes; the Funding I Notes and the Funding II Notes are collectively referred to herein as the
Notes), in each case guaranteed by ConocoPhillips and CPCo (the Funding II Guarantees; the
Funding I Guarantees and the Funding II Guarantees are collectively referred to herein as the
Guarantees), pursuant to (a) the Registration Statement of ConocoPhillips, Funding I, Funding II
and CPCo on Form S-3 (Registration Nos. 333-137890, 333-137890-01, 333-137890-02 and 333-137890-03)
(the Registration Statement), which was filed by ConocoPhillips, Funding I, Funding II and CPCo
with the Securities and Exchange Commission (the Commission) under the Securities Act of 1933, as
amended (the Act), and (b) the related prospectus dated October 6, 2006, as supplemented by the
prospectus supplement relating to the sale of the Notes dated October 10, 2006 (as so supplemented,
the Prospectus), as filed by ConocoPhillips, Funding I, Funding II and CPCo with the Commission
pursuant to Rule 424(b) under the Act, certain legal matters with respect to the Notes and the
Guarantees are being passed upon for you by us. At your request, this opinion is being furnished
to you for filing as Exhibit 5.1 to the Current Report of ConocoPhillips on Form 8-K to be filed
with the Commission on the date hereof (the Form 8-K).
The Funding I Notes and the related Funding I Guarantees are to be issued pursuant to the
Indenture, to be dated as of October 13, 2006, among Funding I, as issuer, ConocoPhillips and CPCo,
as guarantors, and The Bank of New York Trust Company, National Association, as trustee (the
Funding I Indenture); and each series of the Funding II Notes and the related Funding II
Guarantees are to be issued pursuant to an Indenture, to be dated as of October 13, 2006, between
Funding II, as issuer, ConocoPhillips and CPCo, as guarantors, and The Bank of New York Trust
Company, National Association, as trustee (the Funding II Indenture and, together with the
Funding I Indenture, the Indentures). The terms of the Notes
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of each series (including the form
of Note) are to be established pursuant to resolutions adopted by the Board of Directors of the
applicable Issuer (the Board Resolution).
In our capacity as your counsel in the connection referred to above, we have examined
originals, or copies certified or otherwise identified, of (i) ConocoPhillips Restated Certificate
of Incorporation and By-laws and CPCos Restated Certificate of Incorporation and By-laws, each as
amended to date; (ii) the Underwriting Agreement (the Underwriting Agreement) incorporated by
reference into the Terms Agreement, dated as of October 10, 2006 (the Terms Agreement), among
ConocoPhillips, Funding I, Funding II and the several Underwriters named in Schedule A to the Terms
Agreement (the Underwriters), relating to the issuance and sale of the Notes; (iii) the
Registration Statement and the Prospectus; (iv) the form of Funding I Indenture and the form of
Funding II Indenture, together with the forms of the terms of the Notes (the Terms of Notes) of
each series, in each case as filed as exhibits to the Form 8-K; and (v) the corporate records of
ConocoPhillips and CPCo, including minute books of ConocoPhillips and CPCo as furnished to us by
each of them respectively, certificates of public officials and of representatives of
ConocoPhillips, CPCo, Funding I and Funding II, statutes and other instruments and documents as a
basis for the opinions hereinafter expressed. In giving such opinions, we have relied upon
certificates of officers of ConocoPhillips, CPCo, Funding I and Funding II and of public officials
with respect to the accuracy of the material factual matters contained in such certificates. In
giving the opinions below, we have assumed that the signatures on all documents examined by us are
genuine, that all documents submitted to us as originals are accurate and complete, that all
documents submitted to us as copies are true and correct copies of the originals thereof and that
all information submitted to us was accurate and complete. We also have assumed that (1) the
applicable Board Resolution establishing the form and terms of the Notes of each series has been
duly adopted by the Board of Directors of the Issuer thereof in accordance with the provisions of
the related Indenture and (2) the Notes of each series and the related Indenture have been duly
authorized, such Indenture will be validly executed and delivered and the Notes of such series will
be validly executed, issued and delivered, in each case by the applicable Issuer.
On the basis of the foregoing, and subject to the assumptions, limitations and qualifications
hereinafter set forth, we are of the opinion that:
(i) The Funding I Notes and the related Funding I Guarantees will, when duly executed,
issued and delivered by Funding I, executed, endorsed and delivered by ConocoPhillips and
CPCo and authenticated and delivered by the trustee in accordance
with the terms of the Funding I Indenture and the Terms of Notes for the Funding I
Notes and duly purchased and paid for by the Underwriters in accordance with the terms of
the Terms Agreement (including the provisions of the Underwriting Agreement incorporated by
reference in the Terms Agreement), constitute legal, valid and binding obligations of
Funding I, ConocoPhillips and CPCo, respectively, enforceable against Funding I,
ConocoPhillips and CPCo, respectively, in accordance with their terms, except as that
enforcement is subject to any applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer or conveyance or other laws relating to or affecting
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creditors rights
generally, and general principles of equity (regardless of whether that enforceability is
considered in a proceeding in equity or at law).
(ii) The Funding II Notes and the related Funding II Guarantees will, when duly
executed, issued and delivered by Funding II, executed, endorsed and delivered by
ConocoPhillips and CPCo and authenticated and delivered by the trustee in accordance with
the terms of the Funding II Indenture and the Terms of Notes for the Funding II Notes and
duly purchased and paid for by the Underwriters in accordance with the terms of the Terms
Agreement (including the provisions of the Underwriting Agreement incorporated by reference
in the Terms Agreement), constitute legal, valid and binding obligations of Funding II,
ConocoPhillips and CPCo, respectively, enforceable against Funding II, ConocoPhillips and
CPCo, respectively, in accordance with their terms, except as that enforcement is subject to
any applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or
conveyance or other laws relating to or affecting creditors rights generally, and general
principles of equity (regardless of whether that enforceability is considered in a
proceeding in equity or at law).
The opinions set forth above are limited in all respects to matters of the contract law of the
State of New York, the General Corporation Law of the State of Delaware and applicable federal law.
In particular, we understand that you are receiving an opinion from McInnes Cooper as to all
matters the laws of Nova Scotia, and we express no opinion herein with respect to matters of the
laws of Nova Scotia. We hereby consent to the filing of this opinion of counsel as
Exhibit 5.1 to the Form 8-K. We also consent to the reference to our Firm under the heading Legal
Matters in the Prospectus. In giving this consent, we do not hereby admit that we are in the
category of persons whose consent is required under Section 7 of the Act or the rules and
regulations of the Commission thereunder.
Very truly yours,
/s/ Baker Botts L.L.P.
