v2.4.0.6

Debt | 12 Months Ended
--- | ---
Dec. 31, 2011
Debt | Note 12—Debt Long-term debt at December 31 was:
|  | Millions of Dollars |
|  | 2011 |  |  | 2010 |
9.375% Notes due 2011 |  | $ | — |  |  |  | 328 |
9.125% Debentures due 2021 |  |  | 150 |  |  |  | 150 |
8.20% Debentures due 2025 |  |  | 150 |  |  |  | 150 |
8.125% Notes due 2030 |  |  | 600 |  |  |  | 600 |
7.9% Debentures due 2047 |  |  | 100 |  |  |  | 100 |
7.8% Debentures due 2027 |  |  | 300 |  |  |  | 300 |
7.68% Notes due 2012 |  |  | 7 |  |  |  | 15 |
7.65% Debentures due 2023 |  |  | 88 |  |  |  | 88 |
7.625% Debentures due 2013 |  |  | 100 |  |  |  | 100 |
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 |
6.65% Debentures due 2018 |  |  | 297 |  |  |  | 297 |
6.50% Notes due 2011 |  |  | — |  |  |  | 500 |
6.50% Notes due 2039 |  |  | 2,250 |  |  |  | 2,250 |
6.50% Notes due 2039 |  |  | 500 |  |  |  | 500 |
6.00% Notes due 2020 |  |  | 1,000 |  |  |  | 1,000 |
5.951% Notes due 2037 |  |  | 645 |  |  |  | 645 |
5.95% Notes due 2036 |  |  | 500 |  |  |  | 500 |
5.90% Notes due 2032 |  |  | 505 |  |  |  | 505 |
5.90% Notes due 2038 |  |  | 600 |  |  |  | 600 |
5.75% Notes due 2019 |  |  | 2,250 |  |  |  | 2,250 |
5.625% Notes due 2016 |  |  | 1,250 |  |  |  | 1,250 |
5.50% Notes due 2013 |  |  | 750 |  |  |  | 750 |
5.20% Notes due 2018 |  |  | 500 |  |  |  | 500 |
4.75% Notes due 2012 |  |  | 897 |  |  |  | 897 |
4.75% Notes due 2014 |  |  | 1,500 |  |  |  | 1,500 |
4.60% Notes due 2015 |  |  | 1,500 |  |  |  | 1,500 |
4.40% Notes due 2013 |  |  | 400 |  |  |  | 400 |
Commercial paper at 0.34% – 0.341% at year-end 2011 and 0.14% – 0.34% at year-end 2010 |  |  | 1,128 |  |  |  | 1,182 |
Industrial Development Bonds due 2012 through 2038 at 0.08% – 5.75% at year-end 2011 and 0.33% – 5.75% at year-end 2010 |  |  | 252 |  |  |  | 252 |
Guarantee of savings plan bank loan payable due 2015 at 2.29% at year-end 2011 and 2.06% at year-end 2010 |  |  | 15 |  |  |  | 64 |
Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) |  |  | 133 |  |  |  | 144 |
Marine Terminal Revenue Refunding Bonds due 2031 at 0.08% – 0.15% at year-end 2011 and 0.33% – 0.48% at year-end 2010 |  |  | 265 |  |  |  | 265 |
Other |  |  | 28 |  |  |  | 31 |
Debt at face value |  |  | 22,143 |  |  |  | 23,096 |
Capitalized leases |  |  | 31 |  |  |  | 39 |
Net unamortized premiums and discounts |  |  | 449 |  |  |  | 457 |
Total debt |  |  | 22,623 |  |  |  | 23,592 |
Short-term debt |  |  | (1,013 | ) |  |  | (936 | )
Long-term debt |  | $ | 21,610 |  |  |  | 22,656 |
Maturities of long-term borrowings, inclusive of net unamortized premiums and discounts, in 2012 through 2016 are: $1,013 million, $1,275 million, $1,527 million, $1,571 million and $2,364 million, respectively. At December 31, 2011, we classified $1,058 million of short-term debt as long-term debt, based on our ability and intent to refinance the obligation on a long-term basis under our revolving credit facilities. During 2011, the following debt instruments were repaid at their maturity:
| • |  | The $328 million 9.375% Debentures due 2011.
| • |  | The $500 million 6.50% Notes due 2011.
In August 2011, we increased our revolving credit facilities from $7.85 billion to $8.0 billion by replacing our $7.35 billion revolving credit facility with a $7.5 billion facility expiring in August 2016. We also have a $500 million facility expiring in July 2012. Our revolving credit facilities may be used as direct bank borrowings, as support for issuances of letters of credit totaling up to $750 million, or as support for our commercial paper programs. The revolving credit facilities are broadly syndicated among financial institutions and do not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or ratings. The facility agreements contain 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 by 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 United States. The agreements call for commitment fees on available, but unused, amounts. The agreements also contain early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors. We have two commercial paper programs: the ConocoPhillips $6.35 billion program, primarily a funding source for short-term working capital needs, and the ConocoPhillips Qatar Funding Ltd. $1.5 billion commercial paper program, which is used to fund commitments relating to the Qatargas 3 Project. Commercial paper maturities are generally limited to 90 days. At both December 31, 2011 and 2010, we had no direct outstanding borrowings under the revolving credit facilities, but $40 million in letters of credit had been issued. In addition, under the two commercial paper programs, there was $1,128 million of commercial paper outstanding at December 31, 2011, compared with $1,182 million at December 31, 2010. Since we had $1,128 million of commercial paper outstanding and had issued $40 million of letters of credit, we had access to $6.8 billion in borrowing capacity under our revolving credit facilities at December 31, 2011.

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration