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.