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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________________ to ___________________
Commission file number: 001-32395
cop-20220630_g1.jpg
ConocoPhillips
(Exact name of registrant as specified in its charter)
Delaware01-0562944
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
925 N. Eldridge Parkway, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
281-293-1000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbols
Name of each exchange on which registered
Common Stock, $.01 Par Value
COP
New York Stock Exchange
7% Debentures due 2029
CUSIP—718507BK1
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer        Accelerated filer        Non-accelerated filer        Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The registrant had 1,273,033,365 shares of common stock, $.01 par value, outstanding at June 30, 2022.



Table of Contents


Commonly Used Abbreviations
Commonly Used Abbreviations
The following industry-specific, accounting and other terms, and abbreviations may be commonly used in this report.
Currencies
Accounting
$ or USD
U.S. dollar
ARO
asset retirement obligation
CAD
Canadian dollar
ASC
accounting standards codification
EUR
Euro
ASU
accounting standards update
GBP
British pound
DD&A
depreciation, depletion and amortization
Units of Measurement
FASB
Financial Accounting Standards
Board
BBL
barrel
BCF
billion cubic feet
FIFO
first-in, first-out
BOE
barrels of oil equivalent
G&A
general and administrative
MBD
thousands of barrels per day
GAAP
generally accepted accounting principles
MCF
thousand cubic feet
MBOD
thousand barrels of oil per day
LIFO
last-in, first-out
MM
million
NPNS
normal purchase normal sale
MMBOE
million barrels of oil equivalent
PP&E
properties, plants and equipment
MMBOD
million barrels of oil per day
VIE
variable interest entity
MBOED
thousands of barrels of oil equivalent per day
MMBOED
millions of barrels of oil equivalent per day
Miscellaneous
MMBTU
million British thermal units
DE&I
diversity, equity and inclusion
MMCFD
million cubic feet per day
EPA
Environmental Protection Agency
ESG
Environmental, Social and Corporate Governance
Industry
EU
European Union
BLM
Bureau of Land Management
FERC
Federal Energy Regulatory Commission
CBM
coalbed methane
CCUS
carbon capture utilization and
GHG
greenhouse gas
storage
HSE
health, safety and environment
E&P
exploration and production
ICC
International Chamber of Commerce
FEED
front-end engineering and design
ICSID
World Bank’s International
FPS
floating production system
Centre for Settlement of
FPSOfloating production, storage and Investment Disputes

offloading
IRS
Internal Revenue Service
G&G
geological and geophysical
OTC
over-the-counter
JOA
joint operating agreement
NYSE
New York Stock Exchange
LNG
liquefied natural gas
SEC
U.S. Securities and Exchange
NGLs
natural gas liquids
Commission
OPEC
Organization of Petroleum
TSR
total shareholder return
Exporting Countries
U.K.
United Kingdom
PSC
production sharing contract
U.S.
United States of America
PUDs
proved undeveloped reserves
VROCvariable return of cash
SAGD
steam-assisted gravity drainage
WCS
Western Canada Select
WTI
West Texas Intermediate
1
ConocoPhillips      2022 Q2 10-Q

Financial Statements
PART I. Financial Information
Item 1.    Financial Statements
Consolidated Income Statement
ConocoPhillips

Millions of Dollars

Three Months Ended
June 30
Six Months Ended
June 30
2022202120222021
Revenues and Other Income
Sales and other operating revenues
$21,161 9,556 38,923 19,382 
Equity in earnings of affiliates
524 139 950 261 
Gain on dispositions
262 59 1,079 292 
Other income
42 457 328 835 
Total Revenues and Other Income
21,989 10,211 41,280 20,770 
Costs and Expenses


Purchased commodities
9,234 2,998 15,985 7,481 
Production and operating expenses
1,741 1,379 3,322 2,762 
Selling, general and administrative expenses
96 117 283 428 
Exploration expenses
143 57 212 141 
Depreciation, depletion and amortization
1,810 1,867 3,633 3,753 
Impairments
2 2 4 (1)
Taxes other than income taxes
1,020 381 1,834 751 
Accretion on discounted liabilities
61 63 122 125 
Interest and debt expense
211 220 428 446 
Foreign currency transaction (gain) loss
(70)10 (46)29 
Other expenses
86 37 (50)61 
Total Costs and Expenses
14,334 7,131 25,727 15,976 
Income before income taxes
7,655 3,080 15,553 4,794 
Income tax provision
2,510 989 4,649 1,721 
Net Income
$5,145 2,091 10,904 3,073 
Net Income Per Share of Common Stock (dollars)
Basic$3.98 1.55 8.39 2.32 
Diluted3.96 1.55 8.36 2.31 
Average Common Shares Outstanding (in thousands)
Basic1,289,791 1,348,637 1,295,827 1,324,639 
Diluted1,295,844 1,353,201 1,301,126 1,329,507 
See Notes to Consolidated Financial Statements.
ConocoPhillips      2022 Q2 10-Q
2

Financial Statements
Consolidated Statement of Comprehensive Income
ConocoPhillips
Millions of Dollars
Three Months Ended
June 30
Six Months Ended
June 30
2022202120222021
Net Income
$5,145 2,091 10,904 3,073 
Other comprehensive income
Defined benefit plans
Reclassification adjustment for amortization of prior service credit included in net income
(10)(10)(20)(19)
Net change(10)(10)(20)(19)
Net actuarial gain (loss) arising during the period
(82)30 (82)105 
Reclassification adjustment for amortization of net actuarial losses included in net income
25 63 41 88 
Net change(57)93 (41)193 
Income taxes on defined benefit plans
14 (19)12 (40)
Defined benefit plans, net of tax
(53)64 (49)134 
Unrealized holding loss on securities
(5) (9)(1)
Income taxes on unrealized holding loss on securities
1  2  
Unrealized holding loss on securities, net of tax
(4) (7)(1)
Foreign currency translation adjustments
(448)96 (307)165 
Foreign currency translation adjustments, net of tax
(448)96 (307)165 
Other Comprehensive Income (Loss), Net of Tax
(505)160 (363)298 
Comprehensive Income
$4,640 2,251 10,541 3,371 
See Notes to Consolidated Financial Statements.
3
ConocoPhillips      2022 Q2 10-Q

Financial Statements
Consolidated Balance Sheet
ConocoPhillips
Millions of Dollars

June 30
2022
December 31 2021
Assets


Cash and cash equivalents
$6,909 5,028 
Short-term investments
1,272 446 
Accounts and notes receivable (net of allowance of $2 and $2, respectively)
8,081 6,543 
Accounts and notes receivable—related parties
72 127 
Investment in Cenovus Energy
 1,117 
Inventories
1,234 1,208 
Prepaid expenses and other current assets
1,292 1,581 
Total Current Assets
18,860 16,050 
Investments and long-term receivables
8,203 7,113 
Net properties, plants and equipment (net of accumulated DD&A of $65,212 and $64,735, respectively)
64,008 64,911 
Other assets
2,622 2,587 
Total Assets
$93,693 90,661 
Liabilities

Accounts payable
$5,845 5,002 
Accounts payable—related parties
28 23 
Short-term debt
676 1,200 
Accrued income and other taxes
2,759 2,862 
Employee benefit obligations
529 755 
Other accruals
2,379 2,179 
Total Current Liabilities
12,216 12,021 
Long-term debt
16,295 18,734 
Asset retirement obligations and accrued environmental costs
5,737 5,754 
Deferred income taxes
6,694 6,179 
Employee benefit obligations
1,080 1,153 
Other liabilities and deferred credits
1,469 1,414 
Total Liabilities
43,491 45,255 
Equity

Common stock (2,500,000,000 shares authorized at $0.01 par value)
Issued (2022—2,100,027,414 shares; 2021—2,091,562,747 shares)
Par value
21 21 
Capital in excess of par
61,045 60,581 
Treasury stock (at cost: 2022—826,994,049 shares; 2021—789,319,875 shares)
(54,644)(50,920)
Accumulated other comprehensive loss
(5,313)(4,950)
Retained earnings
49,093 40,674 
Total Equity
50,202 45,406 
Total Liabilities and Equity
$93,693 90,661 
See Notes to Consolidated Financial Statements.
ConocoPhillips      2022 Q2 10-Q
4

Financial Statements
Consolidated Statement of Cash Flows
ConocoPhillips

Millions of Dollars

Six Months Ended
June 30

20222021
Cash Flows From Operating Activities
Net income
$10,904 3,073 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, depletion and amortization
3,633 3,753 
Impairments
4 (1)
Dry hole costs and leasehold impairments
104 7 
Accretion on discounted liabilities
122 125 
Deferred taxes
868 567 
Undistributed equity earnings
591 317 
Gain on dispositions
(1,079)(292)
Gain on investment in Cenovus Energy
(251)(726)
Other
(37)(688)
Working capital adjustments

Increase in accounts and notes receivable
(1,861)(794)
Increase in inventories
(53)(89)
Increase in prepaid expenses and other current assets
(283)(388)
Increase in accounts payable
635 323 
Increase (decrease) in taxes and other accruals
(315)1,144 
Net Cash Provided by Operating Activities
12,982 6,331 
Cash Flows From Investing Activities

Capital expenditures and investments
(5,129)(2,465)
Working capital changes associated with investing activities
496 2 
Acquisition of businesses, net of cash acquired
37 382 
Proceeds from asset dispositions
2,951 160 
Net (purchase) sale of investments
(1,104)1,302 
Collection of advances/loans—related parties
55 52 
Other
(8)86 
Net Cash Used in Investing Activities
(2,702)(481)
Cash Flows From Financing Activities
Issuance of debt
2,897  
Repayment of debt
(5,829)(44)
Issuance of company common stock
350 (25)
Repurchase of company common stock
(3,725)(981)
Dividends paid
(1,852)(1,171)
Other
(56)3 
Net Cash Used in Financing Activities
(8,215)(2,218)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
(237)9 
Net Change in Cash, Cash Equivalents and Restricted Cash
1,828 3,641 
Cash, cash equivalents and restricted cash at beginning of period
5,398 3,315 
Cash, Cash Equivalents and Restricted Cash at End of Period
$7,226 6,956 
Restricted cash of $317 million is included in the "Other assets" line of our Consolidated Balance Sheet as of June 30, 2022.
Restricted cash of $152 million and $218 million are included in the "Prepaid expenses and other current assets" and "Other assets" lines, respectively, of our Consolidated Balance Sheet as of December 31, 2021.
See Notes to Consolidated Financial Statements.
5
ConocoPhillips      2022 Q2 10-Q

Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements

Note 1—Basis of Presentation
The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report. Therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2021 Annual Report on Form 10-K.

Note 2—Inventories
Millions of Dollars
June 30
2022
December 31 2021
Crude oil and natural gas
$653 647 
Materials and supplies
581 561 
Total Inventories
$1,234 1,208 
Inventories valued on the LIFO basis
$326 395 

Note 3—Acquisitions and Dispositions
Acquisition of Shell Enterprise LLC's (Shell) Permian Assets
In December 2021, we completed our acquisition of Shell's assets in the Permian based Delaware Basin in an all-cash transaction for $8.6 billion after customary adjustments. Assets acquired include approximately 225,000 net acres and producing properties located entirely in Texas. The acquisition was accounted for as a business combination under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Fair value measurements were made for acquired assets and liabilities, and adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date as we identify new information about facts and circumstances that existed as of the acquisition date to consider.

Oil and gas properties were valued using a discounted cash flow approach incorporating market participant and internally generated price assumptions, production profiles, and operating and development cost assumptions. The fair values determined for accounts receivable, accounts payable, and most other current assets and current liabilities were equivalent to the carrying value due to their short-term nature. The total consideration of $8.6 billion was allocated to the identifiable assets and liabilities based on their fair values at the acquisition date.

ConocoPhillips      2022 Q2 10-Q
6

Notes to Consolidated Financial Statements
Assets AcquiredMillions of Dollars
Accounts receivable, net$337 
Inventories20 
Net properties, plants and equipment8,582 
Other assets50 
Total assets acquired$8,989 
Liabilities Assumed
Accounts payable$206 
Accrued income and other taxes6 
Other accruals20 
Asset retirement obligations and accrued environmental costs86 
Other liabilities and deferred credits36 
Total liabilities assumed$354 
Net assets acquired$8,635 

With the completion of the Shell Permian transaction, we acquired proved and unproved properties of approximately $4.2 billion and $4.3 billion, respectively.

Supplemental Pro Forma (unaudited)
The following table summarizes the unaudited supplemental pro forma financial information for the three- and six-month periods ended June 30, 2021, as if we had completed the acquisition of Shell's Permian assets on January 1, 2020:

Millions of Dollars
Three Months Ended
June 30, 2021
Six Months Ended
June 30, 2021
Supplemental Pro Forma (unaudited)As ReportedPro forma ShellPro forma CombinedAs ReportedPro forma ShellPro forma Combined
Total Revenues and Other Income10,211 799 11,010 20,770 1,395 22,165 
Income before income taxes3,080 297 3,377 4,794 416 5,210 
Net Income2,091 227 2,318 3,073 318 3,391 
Earnings per share ($ per share):
Basic net income$1.55 1.71 2.32 2.56 
Diluted net income1.55 1.71 2.31 2.55 

The unaudited supplemental pro forma financial information is presented for illustration and comparative purposes only and is not necessarily indicative of the operating results that would have occurred had the transaction been completed on January 1, 2020, nor is it necessarily indicative of future operating results of the combined entity. The unaudited pro forma financial information for the three- and six-month periods ended June 30, 2021, is a result of combining the consolidated income statement of ConocoPhillips with the results of the assets acquired from Shell. The pro forma results do not include transaction-related costs, nor any cost savings anticipated as a result of the transaction. The pro forma results include adjustments made primarily to DD&A, which is based on the unit-of-production method, resulting from the purchase price allocated to properties, plants and equipment. We believe the estimates and assumptions are reasonable, and the relative effects of the transaction are properly reflected.

7
ConocoPhillips      2022 Q2 10-Q

Notes to Consolidated Financial Statements
Acquisition of Concho Resources Inc. (Concho)
In January 2021, we completed our acquisition of Concho, an independent oil and gas exploration and production company in an all-stock transaction. In conjunction with this acquisition, we commenced, and completed in 2021, a company-wide restructuring program, the scope of which included combining the operations of the two companies as well as other global restructuring activities for which we recognized non-recurring restructuring and transaction costs. Further information regarding the Concho acquisition can be found in the following footnotes: Note 7Changes in Equity; Note 9Contingencies and Commitments; Note 10Derivative and Financial Instruments; and Note 13Cash Flow Information and should be read in conjunction with the notes included in our Annual Report on Form 10-K.

Acquisition of Additional Shareholding Interest in Australia Pacific LNG Pty Ltd (APLNG)
In February 2022, we completed the acquisition of an additional 10 percent interest in APLNG from Origin Energy for approximately $1.4 billion, after customary adjustments, in an all-cash transaction resulting from the exercise of our preemption right. This increases our ownership in APLNG to 47.5 percent, with Origin Energy and Sinopec owning
27.5 percent and 25 percent, respectively. APLNG is reported as an equity investment in our Asia Pacific segment.

Assets Sold
In April 2022, we sold our interests in certain noncore assets in the Lower 48 segment for net proceeds of $370 million and recognized a $80 million before-tax and $63 million after-tax gain. At the time of disposition, our interests in these assets had a net carrying value of $290 million, consisting primarily of $401 million of PP&E and $111 million of liabilities, primarily related to AROs.

In March 2022, we completed the divestiture of our subsidiaries that held our Indonesia assets and operations, and based on an effective date of January 1, 2021, we received net proceeds of $731 million after customary adjustments and recognized a $534 million before-tax and $462 million after-tax gain related to this transaction. Together, the subsidiaries sold indirectly held our 54 percent interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and
35 percent shareholding in the Transasia Pipeline Company. At the time of the disposition, the net carrying value was approximately $0.2 billion, excluding $0.2 billion of cash and restricted cash. The net book value consisted primarily of $0.3 billion of PP&E and $0.1 billion of ARO. The before-tax earnings associated with the subsidiaries sold, excluding the gain on disposition noted above, were $138 million and $264 million for the six-month period ended June 30, 2022 and 2021, respectively. Results of operations for the Indonesia interests sold were reported in our Asia Pacific segment.
For the three- and six-months ended June 30, 2022, we recorded contingent payments of $174 million and $424 million, respectively, relating to the previous dispositions of our interest in the Foster Creek Christina Lake Partnership and western Canada gas assets as well as our San Juan assets. The contingent payments are recorded as gain on disposition in our consolidated income statement and are reflected within our Canada and Lower 48 segments. For the three- and six-months ended June 30, 2021, we recorded contingent payments of $68 million and $94 million, respectively.

Planned Dispositions
In July 2022, we entered into agreements to sell our interests in certain noncore assets in the Lower 48 segment for $265 million, before customary adjustments. These transactions are expected to close in the third quarter of 2022.
ConocoPhillips      2022 Q2 10-Q
8

Notes to Consolidated Financial Statements
Note 4—Investments, Loans and Long-Term Receivables
APLNG
APLNG executed project agreements for an $8.5 billion project finance facility in 2012 which became non-recourse following financial completion in 2017. Following restructuring efforts, the facility is currently composed of a financing agreement with the Export-Import Bank of the United States, a commercial bank facility and two United States Private Placement note facilities. APLNG principal and interest payments commenced in March 2017 and are scheduled to occur bi-annually until September 2030. At June 30, 2022, a balance of $5.5 billion was outstanding on these facilities.

In February 2022, we completed the acquisition of an additional 10 percent interest in APLNG from Origin Energy for approximately $1.4 billion resulting from the exercise of our preemption right. This increases our ownership in APLNG to 47.5 percent, with Origin Energy and Sinopec owning 27.5 percent and 25 percent, respectively.
At June 30, 2022, the carrying value of our equity method investment in APLNG was $6.4 billion. The balance is included in the “Investments and long-term receivables” line on our consolidated balance sheet.
Loans
As part of our normal ongoing business operations, we enter into numerous agreements with other parties to pursue business opportunities. Included in such activity are loans made to certain affiliated and non-affiliated companies. At June 30, 2022, significant loans to affiliated companies included $59 million in project financing to Qatar Liquefied Gas Company Limited (3), which is included within the “Accounts and notes receivable—related parties” line on our consolidated balance sheet.

Note 5—Investment in Cenovus Energy
At December 31, 2021, we held 91 million common shares of Cenovus Energy (CVE), which approximated 4.5% of their issued and outstanding common shares. Those shares were carried on our balance sheet at fair value of $1.1 billion based on NYSE closing price of $12.28 per share on the last day of trading for the period. During the first quarter of 2022, we sold our remaining 91 million shares, recognizing proceeds of $1.4 billion.

All gains and losses were recognized within "Other income” on our consolidated income statement. Proceeds related to the sale of our CVE shares were included within “Cash Flows from Investing Activities” on our consolidated statement of cash flows. See Note 11.
Millions of Dollars
Three Months Ended
June 30
Six Months Ended
June 30
2022202120222021
Total Net gain on equity securities
$ 418 251 726 
Less: Net gain on equity securities sold during the period
 31 251 60 
Unrealized gain on equity securities still held at the reporting date
$ 387 $ 666 
9
ConocoPhillips      2022 Q2 10-Q

Notes to Consolidated Financial Statements
Note 6—Debt
Millions of Dollars
June 30
2022
December 31 2021
2.4% Notes due 2022
$329 329 
7.65% Debentures due 2023
78 78 
3.35% Notes due 2024
426 426 
2.125% Notes due 2024
900  
8.2% Notes due 2025
134 134 
3.35% Debentures due 2025
199 199 
2.4% Notes due 2025
900  
6.875% Debentures due 2026
67 67 
4.95% Notes due 2026
 1,250 
7.8% Debentures due 2027
203 203 
3.75% Notes due 2027
196 1,000 
4.3% Notes due 2028
223 1,000 
7.375% Debentures due 2029
92 92 
7% Debentures due 2029
112 200 
6.95% Notes due 2029
1,195 1,549 
8.125% Notes due 2030
390 390 
7.4% Notes due 2031
382 500 
7.25% Notes due 2031
400 500 
7.2% Notes due 2031
447 575 
2.4% Notes due 2031
227 500 
5.9% Notes due 2032
505 505 
4.15% Notes due 2034
246 246 
5.95% Notes due 2036
326 500 
5.951% Notes due 2037
645 645 
5.9% Notes due 2038
350 600 
6.5% Notes due 2039
1,588 2,750 
3.758% Notes due 2042
785  
4.3% Notes due 2044
750 750 
5.95% Notes due 2046
329 500 
7.9% Debentures due 2047
60 60 
4.875% Notes due 2047
319 800 
4.85% Notes due 2048
219 600 
3.8% Notes due 2052
1,100  
4.025% Notes due 2062
1,770  
Floating rate notes due 2022 at 1.06% – 1.41% during 2022 and 1.02% –1.12% during 2021
 500 
Marine Terminal Revenue Refunding Bonds due 2031 at 0.07% – 1.09% during 2022 and 0.04% – 0.15% during 2021
265 265 
Industrial Development Bonds due 2035 at 0.07% – 1.09% during 2022 and 0.04% – 0.12% during 2021
18 18 
Other33 35 
Debt at face value16,208 17,766 
Finance leases1,284 1,261 
Net unamortized premiums, discounts and debt issuance costs(521)907 
Total debt16,971 19,934 
Short-term debt(676)(1,200)
Long-term debt$16,295 18,734 

ConocoPhillips      2022 Q2 10-Q
10

Notes to Consolidated Financial Statements
In May 2022, we redeemed $1,250 million principal amount of our 4.95 percent Notes due 2026. We paid premiums above face value of $79 million to redeem the debt and recognized a loss on debt extinguishment of $83 million which is included in the "Other expenses" line on our consolidated income statement. We also paid $500 million to retire the outstanding principal amount of the floating rate notes due 2022 at maturity.

In the first quarter of 2022, we completed a debt refinancing consisting of three concurrent transactions: a tender offer to repurchase existing debt for cash; exchange offers to retire certain debt in exchange for new debt and cash; and a new debt issuance to partially fund the cash paid in the tender and exchange offers.

Tender Offer
In March 2022, we repurchased a total of $2,716 million aggregate principal amount of debt as listed below. We paid premiums above face value of $333 million to repurchase these debt instruments and recognized a gain on debt extinguishment of $155 million which is included in the "Other expenses" line on our consolidated income statement.

3.75% Notes due 2027 with principal of $1,000 million (partial repurchase of $804 million)
4.3% Notes due 2028 with principal of $1,000 million (partial repurchase of $777 million)
2.4% Notes due 2031 with principal of $500 million (partial repurchase of $273 million)
4.875% Notes due 2047 with principal of $800 million (partial repurchase of $481 million)
4.85% Notes due 2048 with principal of $600 million (partial repurchase of $381 million)

Exchange Offers
Also in March 2022, we completed two concurrent debt exchange offers through which $2,544 million of aggregate principal of existing notes was tendered and accepted in exchange for a combination of new notes and cash. The debt exchange offers were treated as debt modifications for accounting purposes resulting in a portion of the unamortized debt discount, premiums and debt issuance costs of the existing notes being allocated to the new notes on the settlement dates of the exchange offers. We paid premiums above face value of $883 million, comprised of $872 million of cash as well as new notes, which were capitalized as additional debt discount. We incurred expenses of $28 million in the exchanges which are included in the "Other expenses" line on our consolidated income statement.

The notes tendered and accepted in the exchange offers were:
7% Debentures due 2029 with principal amount of $200 million (partial exchange of $88 million)
6.95% Notes due 2029 with principal amount of $1,549 million (partial exchange of $354 million)
7.4% Notes due 2031 with principal amount of $500 million (partial exchange of $118 million)
7.25% Notes due 2031 with principal amount of $500 million (partial exchange of $100 million)
7.2% Notes due 2031 with principal amount of $575 million (partial exchange of $128 million)
5.95% Notes due 2036 with principal amount of $500 million (partial exchange of $174 million)
5.9% Notes due 2038 with principal amount of $600 million (partial exchange of $250 million)
6.5% Notes due 2039 with principal amount of $2,750 million (partial exchange of $1,162 million)
5.95% Notes due 2046 with principal amount of $500 million (partial exchange of $171 million)

The notes tendered and accepted were exchanged for the following new notes:
3.758% Notes due 2042 with principal amount of $785 million
4.025% Notes due 2062 with principal amount of $1,770 million

New Debt Issuance
On March 8, 2022, we issued the following new notes consisting of:
2.125% Notes due 2024 with principal of $900 million
2.4% Notes due 2025 with principal of $900 million
3.8% Notes due 2052 with principal of $1,100 million

In February 2022, we refinanced our revolving credit facility from a total borrowing capacity of $6.0 billion to $5.5 billion with an expiration date of February 2027. 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. The amount of the facility is not subject to redetermination prior to its expiration date.
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ConocoPhillips      2022 Q2 10-Q

Notes to Consolidated Financial Statements
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 U.S. The facility agreement calls for commitment fees on available, but unused, amounts. The facility agreement also contains early termination rights if our current directors or their approved successors cease to be a majority of the Board of Directors.
The revolving credit facility supports our ability to issue up to $5.5 billion of commercial paper. Commercial paper is generally limited to maturities of 90 days and is included in short-term debt on our consolidated balance sheet. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at June 30, 2022. At December 31, 2021, we had no commercial paper outstanding and no direct borrowings or letters of credit issued.
The current credit ratings on our long-term debt are:
Fitch: “A” with a “stable” outlook
S&P: “A-” with a “stable” outlook
Moody’s: “A3” with a “positive” outlook

We do not have any ratings triggers on any of our corporate debt that would cause an automatic default, and thereby impact our access to liquidity upon downgrade of our credit ratings. If our credit ratings are downgraded from their current levels, it could increase the cost of corporate debt available to us and restrict our access to the commercial paper markets. If our credit ratings were to deteriorate to a level prohibiting us from accessing the commercial paper market, we would still be able to access funds under our revolving credit facility.
At June 30, 2022, 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. If they are ever redeemed, we have the ability and intent to refinance on a long-term basis, therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.
ConocoPhillips      2022 Q2 10-Q
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Notes to Consolidated Financial Statements
Note 7—Changes in Equity
Millions of Dollars
Common Stock
Par
Value
Capital in
Excess of
Par
Treasury
Stock
Accum. Other
Comprehensive
Income (Loss)
Retained
Earnings
Total
For the three months ended June 30, 2022
Balances at March 31, 2022$21 60,907 (52,344)(4,808)45,442 49,218 
Net income5,145 5,145 
Other comprehensive income(505)(505)
Dividends declared
Ordinary ($0.46 per common share)
(598)(598)
Variable return of cash ($0.70 per common share)