<SEC-DOCUMENT>0001104659-23-057851.txt : 20230510
<SEC-HEADER>0001104659-23-057851.hdr.sgml : 20230510
<ACCEPTANCE-DATETIME>20230509182600
ACCESSION NUMBER:		0001104659-23-057851
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230510
DATE AS OF CHANGE:		20230509

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONOCOPHILLIPS
		CENTRAL INDEX KEY:			0001163165
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				010562944
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-240978
		FILM NUMBER:		23903729

	BUSINESS ADDRESS:	
		STREET 1:		925 N. ELDRIDGE PARKWAY
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079
		BUSINESS PHONE:		281-293-1000

	MAIL ADDRESS:	
		STREET 1:		SHIPPING & RECEIVING CENTER
		STREET 2:		16930 PARK ROW DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77084

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORVETTEPORSCHE CORP
		DATE OF NAME CHANGE:	20011204

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONOCOPHILLIPS
		CENTRAL INDEX KEY:			0001163165
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				010562944
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		925 N. ELDRIDGE PARKWAY
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77079
		BUSINESS PHONE:		281-293-1000

	MAIL ADDRESS:	
		STREET 1:		SHIPPING & RECEIVING CENTER
		STREET 2:		16930 PARK ROW DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77084

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CORVETTEPORSCHE CORP
		DATE OF NAME CHANGE:	20011204
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433<BR>
Registration Statement Nos. 333-240978, 333-240978-01<BR>
May 9, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-bottom: 10pt"><B>Issuer:</B></TD>
    <TD STYLE="width: 75%; padding-bottom: 10pt">ConocoPhillips Company</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Guarantor:</B></TD>
    <TD STYLE="padding-bottom: 10pt">ConocoPhillips</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Ratings*:</B></TD>
    <TD STYLE="padding-bottom: 10pt">A2 (Moody&#8217;s); A- (S&amp;P); A (Fitch)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Issue of Securities:</B></TD>
    <TD STYLE="padding-bottom: 10pt">5.300% Notes due 2053</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Principal Amount:</B></TD>
    <TD STYLE="padding-bottom: 10pt">$1,100,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Coupon:</B></TD>
    <TD STYLE="padding-bottom: 10pt">5.300%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="padding-bottom: 10pt">Semi-annually on May 15 and November 15, commencing on November 15, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Maturity Date:</B></TD>
    <TD STYLE="padding-bottom: 10pt">May 15, 2053</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Treasury Benchmark:</B></TD>
    <TD STYLE="padding-bottom: 10pt">4.000% due November 15, 2052</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>U.S. Treasury Yield:</B></TD>
    <TD STYLE="padding-bottom: 10pt">3.842%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Spread to Treasury:</B></TD>
    <TD STYLE="padding-bottom: 10pt">+150 bps</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Re-offer Yield:</B></TD>
    <TD STYLE="padding-bottom: 10pt">5.342%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Initial Price to Public:</B></TD>
    <TD STYLE="padding-bottom: 10pt">99.377%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding-bottom: 10pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to November 15, 2052 (the date that is six months prior to the
    maturity date of the notes), the notes will be redeemable at the issuer&#8217;s option, in whole or in part, at any time and from time
    to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater
    of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">1.&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">    </FONT>(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption
    date (assuming the notes matured on November 15, 2052) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
    at the treasury rate plus  25 basis points, less (b) interest accrued to the date of redemption, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">2.&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">    </FONT>100% of the principal amount of the notes to be redeemed,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">plus, in each case, accrued and unpaid interest thereon to the redemption
    date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On or after November 15, 2052, the issuer may redeem the notes
at an amount equal to 100% of the principal amount of the notes, plus accrued but unpaid interest thereon to the redemption date.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Use of Proceeds:</B></TD>
    <TD STYLE="padding-bottom: 10pt">Purchase all notes validly tendered and not withdrawn in ConocoPhillips' and ConocoPhillips Company's upsized $1,100,000,000 cash tender
offer.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Settlement Date**:</B></TD>
    <TD STYLE="padding-bottom: 10pt">May 23, 2023</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="padding-bottom: 10pt">20826F BE5 / US20826FBE51</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt"><B>Denomination:</B></TD>
    <TD STYLE="padding-bottom: 10pt">$2,000 and increments of $1,000 in excess thereof</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-bottom: 10pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding-bottom: 10pt; width: 75%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>Senior Co-Managers:</B></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BBVA Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DNB Markets, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Standard Chartered Bank</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Bancorp Investments, Inc.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* <I>Note: A securities rating is not a recommendation to buy, sell
or hold securities and may be subject to revision or withdrawal at any time.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>** It is expected that delivery of the notes will be made against
payment therefor on or about May 23, 2023, which will be the tenth business day after the date hereof. Under Rule 15c6-1 of the SEC under
the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the
parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on the date of pricing or any of the seven
business days after such date will be required, by virtue of the fact that the notes will settle in ten business days, to specify an alternative
settlement cycle at the time of any such trade to prevent a failed settlement. Such purchasers should consult their own advisors in this
regard.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any
dealer participating in the offering will arrange to send you the prospectus if you request it by calling TD Securities (USA) LLC toll-free
at 855-495-9846, J.P. Morgan Securities LLC collect at 212-834-4533, SMBC Nikko Securities America, Inc. toll-free at 888-868-6856 or
Wells Fargo Securities, LLC toll-free at 800-645-3751.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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