Debt	9 Months Ended
Sep. 30, 2018
Debt [Abstract]
Debt	Note 10—Debt In May 2018, we refinanced our revolving credit facility from a total aggregate principal amount of $6.75 billion to $6.0 billion with a new expiration date of 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. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains 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 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 agreement calls for commitment fees on available, but unused, amounts. The agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of our Board of Directors. The revolving credit facility supports the ConocoPhillips Company $6.0 billion commercial paper program which is 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 in programs in place at September 30, 2018 or December 31, 2017. We had no direct outstanding borrowings or letters of credit under the revolving credit facility at September 30, 2018 and December 31, 2017. 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 September 30, 2018. In the first quarter of 2018, we redeemed or repurchased a total of $2,650 million of debt as described below: 4.20% Notes due 2021 with remaining principal of $1.0 billion. 2.875% Notes due 2021 with principal of $750 million. 2.2% Notes due 2020 with principal of $500 million. 8.125% Notes due 2030 with principal of $600 million (partial repurchase of $210 million). 7.8% Notes due 2027 with principal of $300 million (partial repurchase of $97 million). 7.9% Notes due 2047 with principal of $100 million (partial repurchase of $40 million). 9.125% Notes due 2021 with principal of $150 million (partial repurchase of $27 million). 8.20% Notes due 2025 with principal of $150 million (partial repurchase of $16 million). 7.65% Notes due 2023 with principal of $88 million (partial repurchase of $10 million). In the second quarter of 2018, we repurchased a total of $1,800 million of debt as described below: 2.4% Notes due 2022 with principal of $1.0 billion (partial repurchase of $671 million). 3.35% Notes due 2024 with principal of $1.0 billion (partial repurchase of $574 million). 3.35% Notes due 2025 with principal of $500 million (partial repurchase of $301 million). 4.15% Notes due 2034 with principal of $500 million (partial repurchase of $254 million). During the first six months of 2018, we incurred net premiums above book value to redeem or repurchase these debt instruments of $208 million. In the second quarter of 2018, we also repaid the $250 million floating rate note due in 2018 at its natural maturity. At September 30, 2018, 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. The VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

Note 10—Debt

In May 2018, we refinanced our revolving credit facility from a total aggregate principal amount of $6.75 billion to $6.0 billion with a new expiration date of 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. The revolving credit facility is broadly syndicated among financial institutions and does not contain any material adverse change provisions or any covenants requiring maintenance of specified financial ratios or credit ratings. The facility agreement contains 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 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 agreement calls for commitment fees on available, but unused, amounts. The agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of our Board of Directors.

The revolving credit facility supports the ConocoPhillips Company $6.0 billion commercial paper program which is 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 in programs in place at September 30, 2018 or December 31, 2017. We had no direct outstanding borrowings or letters of credit under the revolving credit facility at September 30, 2018 and December 31, 2017. 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 September 30, 2018.

In the first quarter of 2018, we redeemed or repurchased a total of $2,650 million of debt as described below:

4.20% Notes due 2021 with remaining principal of $1.0 billion.
2.875% Notes due 2021 with principal of $750 million.
2.2% Notes due 2020 with principal of $500 million.
8.125% Notes due 2030 with principal of $600 million (partial repurchase of $210 million).
7.8% Notes due 2027 with principal of $300 million (partial repurchase of $97 million).
7.9% Notes due 2047 with principal of $100 million (partial repurchase of $40 million).
9.125% Notes due 2021 with principal of $150 million (partial repurchase of $27 million).
8.20% Notes due 2025 with principal of $150 million (partial repurchase of $16 million).
7.65% Notes due 2023 with principal of $88 million (partial repurchase of $10 million).

In the second quarter of 2018, we repurchased a total of $1,800 million of debt as described below:

2.4% Notes due 2022 with principal of $1.0 billion (partial repurchase of $671 million).
3.35% Notes due 2024 with principal of $1.0 billion (partial repurchase of $574 million).
3.35% Notes due 2025 with principal of $500 million (partial repurchase of $301 million).
4.15% Notes due 2034 with principal of $500 million (partial repurchase of $254 million).

During the first six months of 2018, we incurred net premiums above book value to redeem or repurchase these debt instruments of $208 million.

In the second quarter of 2018, we also repaid the $250 million floating rate note due in 2018 at its natural maturity.

At September 30, 2018, 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. The VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.