ConocoPhillips (COP) 10-K 25 Feb 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
In Billions, except Share data	12 Months Ended Dec. 31, 2009	Jan. 31, 2010	Jun. 30, 2009
Document and Company Information [Abstract]
Entity Registrant Name	CONOCOPHILLIPS
Entity Central Index Key	0001163165
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			62.3
Entity Common Stock, Shares Outstanding		1,486,838,088

Consolidated Statement of Opera

Consolidated Statement of Operations (USD $)
In Millions, except Share data in Thousands	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
Revenues and Other Income
Sales and other operating revenues	$149,341	[3]	$240,842	[3]	$187,437	[3]
Equity in earnings of affiliates	2,981		4,250		5,087
Other income	518		1,090		1,971
Total Revenues and Other Income	152,840		246,182		194,495
Costs and Expenses
Purchased crude oil, natural gas and products	102,433		168,663		123,429
Production and operating expenses	10,339		11,818		10,683
Selling, general and administrative expenses	1,830		2,229		2,306
Exploration expenses	1,182		1,337		1,007
Depreciation, depletion and amortization	9,295		9,012		8,298
Impairments - Goodwill	0		25,443		0
Impairments - LUKOIL investment	0		7,410		0
Impairments - Expropriated assets	51	[2]	0	[2]	4,588	[2]
Impairments - Other	484		1,686		442
Taxes other than income taxes	15,529	[3]	20,637	[3]	18,990	[3]
Accretion on discounted liabilities	422		418		341
Interest and debt expense	1,289		935		1,253
Foreign currency transaction (gains) losses	(46)		117		(201)
Total Costs and Expenses	142,808		249,705		171,136
Income (loss) before income taxes	10,032		(3,523)		23,359
Provision for income taxes	5,096		13,405		11,381
Net income (loss)	4,936		(16,928)		11,978
Less: net income attributable to noncontrolling interests	(78)		(70)		(87)
Net Income (Loss) Attributable to ConocoPhillips	$4,858		($16,998)		$11,891
Net Income (Loss) Attributable to ConocoPhillips Per Share of Common Stock (dollars)
Basic	3.26	[1]	-11.16		7.32
Diluted	3.24	[1]	-11.16		7.22
Average Common Shares Outstanding (in thousands)
Basic	1,487,650		1,523,432		1,623,994
Diluted	1,497,608		1,523,432		1,645,919
[1]For the purpose of the earnings per share calculation only, 2009 net income attributable to ConocoPhillips has been reduced by $12 million for the excess of the amount paid for the redemption of a noncontrolling interest over its carrying value, which was charged directly to retained earnings.
[2]Includes allocated goodwill.
[3]Includes excise taxes on petroleum products sales: $13,325 million, $15,418 million, $15,937 million for the years 2009, 2008, 2007 respectively.

Consolidated Balance Sheet

Consolidated Balance Sheet (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Assets
Cash and cash equivalents	$542	$755
Accounts and notes receivable (net of allowance of $76 million in 2009 and $61 million in 2008)	11,861	10,892
Accounts and notes receivable-related parties	1,354	1,103
Inventories	4,940	5,095
Prepaid expenses and other current assets	2,470	2,998
Total Current Assets	21,167	20,843
Investments and long-term receivables	36,192	30,926
Loans and advances-related parties	2,352	1,973
Net properties, plants and equipment	87,708	83,947
Goodwill	3,638	3,778
Intangibles	823	846
Other assets	708	552
Total Assets	152,588	142,865
Liabilities
Accounts payable	14,168	12,852
Accounts payable-related parties	1,317	1,138
Short-term debt	1,728	370
Accrued income and other taxes	3,402	4,273
Employee benefit obligations	846	939
Other accruals	2,234	2,208
Total Current Liabilities	23,695	21,780
Long-term debt	26,925	27,085
Asset retirement obligations and accrued environmental costs	8,713	7,163
Joint venture acquisition obligation-related party	5,009	5,669
Deferred income taxes	17,962	18,167
Employee benefit obligations	4,130	4,127
Other liabilities and deferred credits	3,097	2,609
Total Liabilities	89,531	86,600
Equity
Common stock (2,500,000,000 shares authorized at $.01 par value) Issued (2009-1,733,345,558 shares; 2008-1,729,264,859 shares) Par value	17	17
Capital in excess of par	43,681	43,396
Grantor trusts (at cost: 2009-38,742,261 shares; 2008-40,739,129 shares)	(667)	(702)
Treasury stock (at cost: 2009 and 2008-208,346,815 shares)	(16,211)	(16,211)
Accumulated other comprehensive income (loss)	3,065	(1,875)
Unearned employee compensation	(76)	(102)
Retained earnings	32,658	30,642
Total Common Stockholders' Equity	62,467	55,165
Noncontrolling interests	590	1,100
Total Equity	63,057	56,265
Total Liabilities and Equity	$152,588	$142,865

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) (USD $)
In Millions, except Share data	Dec. 31, 2009	Dec. 31, 2008
Assets
Allowance for Doubtful Accounts	$76	$61
Equity
Common stock, shares authorized	2,500,000,000	2,500,000,000
Common stock, par or stated value per share (dollars)	0.01	0.01
Common stock, shares issued	1,733,345,558	1,729,264,859
Grantor trust, shares (at cost)	38,742,261	40,739,129
Treasury stock, shares (at cost)	208,346,815	208,346,815

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash Flows From Operating Activities
Net income (loss)	$4,936	($16,928)	$11,978
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization	9,295	9,012	8,298
Impairments	535	34,539	5,030
Dry hole costs and leasehold impairments	606	698	463
Accretion on discounted liabilities	422	418	341
Deferred taxes	(1,109)	(428)	(33)
Undistributed equity earnings	(1,704)	(1,609)	(1,823)
Gain on asset dispositions	(160)	(891)	(1,348)
Other	196	(1,134)	89
Working capital adjustments
Decrease (increase) in accounts and notes receivable	(1,106)	4,225	(2,492)
Decrease (increase) in inventories	320	(1,321)	767
Decrease (increase) in prepaid expenses and other current assets	282	(724)	487
Increase (decrease) in accounts payable	1,612	(3,874)	2,772
Increase (decrease) in taxes and other accruals	(1,646)	675	21
Net Cash Provided by Operating Activities	12,479	22,658	24,550
Cash Flows From Investing Activities
Capital expenditures and investments	(10,861)	(19,099)	(11,791)
Proceeds from asset dispositions	1,270	1,640	3,572
Long-term advances/loans-related parties	(525)	(163)	(682)
Collection of advances/loans-related parties	93	34	89
Other	88	(28)	250
Net Cash Used in Investing Activities	(9,935)	(17,616)	(8,562)
Cash Flows From Financing Activities
Issuance of debt	9,087	7,657	935
Repayment of debt	(7,858)	(1,897)	(6,454)
Issuance of company common stock	13	198	285
Repurchase of company common stock	0	(8,249)	(7,001)
Dividends paid on company common stock	(2,832)	(2,854)	(2,661)
Other	(1,265)	(619)	(444)
Net Cash Used in Financing Activities	(2,855)	(5,764)	(15,340)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	98	21	(9)
Net Change in Cash and Cash Equivalents	(213)	(701)	639
Cash and cash equivalents at beginning of year	755	1,456	817
Cash and Cash Equivalents at End of Year	$542	$755	$1,456

Consolidated Statement of Chang

Consolidated Statement of Changes in Common Stockholders Equity (USD $)
In Millions	Common Stock, Par Value	Common Stock, Capital in Excess of Par	Common Stock, Treasury Stock	Common Stock, Grantor Trusts	Accum. Other Comprehensive Income (Loss)	Unearned Employee Compensation	Retained Earnings	Comprehensive Income (Loss)	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2006	$17	$41,926	($964)	($766)	$1,289	($148)	$41,292	$0	$1,202	$83,848
Net income (loss)							11,891	11,891	87	11,978
Other comprehensive income (loss)
Net prior service cost					63			63		63
Net actuarial gain (loss)					213			213		213
Nonsponsored plans					(2)			(2)		(2)
Foreign currency translation adjustments					3,075			3,075		3,075
Hedging activities					(4)			(4)		(4)
Comprehensive income (loss)								15,236	87	15,323
Initial application of SFAS No.158 - equity affiliate					(74)					(74)
Cash dividends paid on company common stock							(2,661)			(2,661)
Repurchase of company common stock			(7,005)	11						(6,994)
Distributions to noncontrolling interests and other									(116)	(116)
Distributed under benefit plans		798		31						829
Recognition of unearned compensation						20				20
Other				(7)			(12)			(19)
Ending Balance at Dec. 31, 2007	17	42,724	(7,969)	(731)	4,560	(128)	50,510	0	1,173	90,156
Net income (loss)							(16,998)	(16,998)	70	(16,928)
Other comprehensive income (loss)
Net prior service cost					22			22		22
Net actuarial gain (loss)					(950)			(950)		(950)
Nonsponsored plans					(41)			(41)		(41)
Foreign currency translation adjustments					(5,464)			(5,464)		(5,464)
Hedging activities					(2)			(2)		(2)
Comprehensive income (loss)								(23,433)	70	(23,363)
Cash dividends paid on company common stock							(2,854)			(2,854)
Repurchase of company common stock			(8,242)	1						(8,241)
Distributions to noncontrolling interests and other									(143)	(143)
Distributed under benefit plans		672		28						700
Recognition of unearned compensation						26				26
Other							(16)			(16)
Ending Balance at Dec. 31, 2008	17	43,396	(16,211)	(702)	(1,875)	(102)	30,642	0	1,100	56,265
Net income (loss)							4,858	4,858	78	4,936
Other comprehensive income (loss)
Net prior service cost					7			7		7
Net actuarial gain (loss)					(99)			(99)		(99)
Nonsponsored plans					22			22		22
Foreign currency translation adjustments					5,007			5,007		5,007
Hedging activities					3			3		3
Comprehensive income (loss)								9,798	78	9,876
Cash dividends paid on company common stock							(2,832)			(2,832)
Distributions to noncontrolling interests and other									(588)	(588)
Distributed under benefit plans		285		35						320
Recognition of unearned compensation						26				26
Other							(10)			(10)
Ending Balance at Dec. 31, 2009	$17	$43,681	($16,211)	($667)	$3,065	($76)	$32,658	$0	$590	$63,057

Accounting Policies

Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Accounting Policies [Abstract]
Note 1 - Accounting Policies	Note 1Accounting Policies Consolidation Principles and InvestmentsOur consolidated financial statements include the accounts of majority-owned, controlled subsidiaries and variable interest entities where we are the primary beneficiary. The equity method is used to account for investments in affiliates in which we have the ability to exert significant influence over the affiliates operating and financial policies. The cost method is used when we do not have the ability to exert significant influence. Undivided interests in oil and gas joint ventures, pipelines, natural gas plants and terminals are consolidated on a proportionate basis. Other securities and investments, excluding marketable securities, are generally carried at cost. Foreign Currency TranslationAdjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive income (loss)in common stockholders equity. Foreign currency transaction gains and losses are included in current earnings. Most of our foreign operations use their local currency as the functional currency. Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates. Revenue RecognitionRevenues associated with sales of crude oil, natural gas, natural gas liquids, petroleum and chemical products, and other items are recognized when title passes to the customer, which is when the risk of ownership passes to the purchaser and physical delivery of goods occurs, either immediately or within a fixed delivery schedule that is reasonable and customary in the industry. Revenues associated with properties producing natural gas and crude oil, in which we have an interest with other producers, are recognized based on the actual volumes we sold during the period. Any differences between volumes sold and entitlement volumes, based on our net working interest, which are deemed to be nonrecoverable through remaining production, are recognized as accounts receivable or accounts payable, as appropriate. Cumulative differences between volumes sold and entitlement volumes are generally not significant. Revenues associated with transactions commonly called buy/sell contracts, in which the purchase and sale of inventory with the same counterparty are entered into in contemplation of one another, are combined and reported net (i.e., on the same income statement line). Shipping and Handling CostsOur Exploration and Production (EP) segment includes shipping and handling costs in production and operating expenses for production activities. Transportation costs related to EP marketing activities are recorded in purchased crude oil, natural gas and products. The Refining and Marketing (RM) segment records shipping and handling costs in purchased crude oil, natural gas and products. Fre

Changes in Accounting Principle

Changes in Accounting Principles
	12 Months Ended Dec. 31, 2009 USD / shares
Changes in Accounting Principles [Abstract]
Note 2 - Changes in Accounting Principles	Note 2Changes in Accounting Principles Reserve Estimation and Disclosures In January2010, the Financial Accounting Standards Board (FASB)issued Accounting Standards Update (ASU)No.2010-03, Oil and Gas Reserve Estimation and Disclosures. This ASU amends the FASBs Accounting Standards Codification (ASC)Topic 932, Extractive ActivitiesOil and Gas to align the accounting requirements of Topic 932 with the Securities and Exchange Commissions final rule, Modernization of the Oil and Gas Reporting Requirements issued on December31, 2008. In summary, the revisions in ASU 2010-3 modernize the disclosure rules to better align with current industry practices and expand the disclosure requirements for equity method investments so that more useful information is provided. More specifically, the main provisions include the following: An expanded definition of oil and gas producing activities to include nontraditional resources such as bitumen extracted from oil sands. The use of an average of the first-day-of-the-month price for the 12-month period, rather than a year-end price for determining whether reserves can be produced economically. Amended definitions of key terms such as reliable technology and reasonable certainty which are used in estimating proved oil and gas reserve quantities. A requirement for disclosing separate information about reserve quantities and financial statement amounts for geographical areas representing 15percent or more of proved reserves. Clarification that an entitys equity investments must be considered in determining whether it has significant oil and gas activities and a requirement to disclose equity method investments in the same level of detail as is required for consolidated investments. This ASU is effective for annual reporting periods ended on or after December31, 2009, and it requires (1)the effect of the adoption to be included within each of the dollar amounts and quantities disclosed, (2)qualitative and quantitative disclosure of the estimated effect of adoption on each of the dollar amounts and quantities disclosed, if significant and practical to estimate and (3)the effect of adoption on the financial statements, if significant and practical to estimate. Adoption of these requirements did not significantly impact our reported reserves or our consolidated financial statements. Codification The FASB issued ASU No.2009-01 in June2009. This Update, also issued as FASB Statement of Financial Accounting Standards (SFAS)No.168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, is effective for financial statements issued after September15, 2009. Update 2009-01 requires that the FASBs ASC become the sole source of authoritative U.S. generally accepted accounting principles recognized by the FASB for nongovernmental entities. We adopted this Update effective July1, 2009. Subsequent Events Effective April1, 2009, we adopted FASB SFAS No.165, Subsequent Events. This Statement was codified into FASB ASC Topic 855, Subsequent Events. Topic 855 establishes the accounting for, and disclosure of, materia

Variable Interest Entities

Variable Interest Entities (VIEs)
	12 Months Ended Dec. 31, 2009 USD / shares
Variable Interest Entities (VIEs) [Abstract]
Note 3 - Variable Interest Entities (VIEs)	Note 3Variable Interest Entities (VIEs) We hold significant variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. Information on these VIEs follows. See Note 26New Accounting Standards, for information affecting the accounting for VIEs effective January1, 2010. We have a 30percent ownership interest with a 50percent governance interest in the OOO Naryanmarneftegaz (NMNG)joint venture to develop resources in the Timan-Pechora province of Russia. The NMNG joint venture is a VIE because we and a related party, OAO LUKOIL, have disproportionate interests. When related parties are involved in a VIE, reasonable judgment should take into account the relevant facts and circumstances for the determination of the primary beneficiary. The activities of NMNG are more closely aligned with LUKOIL because they share Russia as a home country, and LUKOIL conducts extensive exploration activities in the same province. Additionally, there are no financial guarantees given by LUKOIL or us, and LUKOIL owns 70percent, versus our 30percent direct interest. As a result, we have determined we are not the primary beneficiary of NMNG, and we use the equity method of accounting for this investment. The funding of NMNG has been provided with equity contributions, primarily for the development of the Yuzhno Khylchuyu (YK)Field. Initial production from YK was achieved in June2008. At December31, 2009, the book value of our investment in the venture was $1,647million. Production from the NMNG joint venture fields is transported via pipeline to LUKOILs terminal at Varandey Bay on the Barents Sea and then shipped via tanker to international markets. LUKOIL completed an expansion of the terminals gross oil-throughput capacity from 30,000 barrels per day to 240,000 barrels per day, and we participated in the design and financing of the expansion. The terminal entity, Varandey Terminal Company, is a VIE because we and LUKOIL have disproportionate interests. We had an obligation to fund, through loans, 30percent of the terminals expansion costs, but have no governance or direct ownership interest in the terminal. Similar to NMNG, we determined we are not the primary beneficiary for Varandey because of LUKOILs ownership, the activities are in LUKOILs home country, and LUKOIL is the operator of Varandey. We account for our loan to Varandey as a financial asset. Terminal expansion was completed in June2008. Principal repayments began in April2009. The loan balance outstanding as of December31, 2009, at current exchange rates, was $278million. We have an agreement with Freeport LNG Development, L.P. (Freeport LNG) to participate in a liquefied natural gas (LNG)receiving terminal in Quintana, Texas. We have no ownership in Freeport LNG; however, we own a 50percent interest in Freeport LNG GP, Inc. (Freeport GP), which serves as the general partner managing the venture. We entered into a credit agreement with Freeport LNG, whereby we agreed to provide loan financing for the construction of the terminal. We also entered into a long-term agreement with Freeport LNG to use 0.9billion cubic feet per day of regasif

Inventories

Inventories
	12 Months Ended Dec. 31, 2009 USD / shares
Inventories [Abstract]
Note 4 - Inventories	Note 4Inventories Inventories at December31 were: Millions of Dollars 2009 2008 Crude oil and petroleum products $ 3,955 4,232 Materials, supplies and other 985 863 $ 4,940 5,095 Inventories valued on the LIFO basis totaled $3,747million and $3,939million at December31, 2009 and 2008, respectively. The excess of current replacement cost over LIFO cost of inventories amounted to $5,627million and $1,959million at December31, 2009 and 2008, respectively. In 2007, a liquidation of LIFO inventory values increased net income attributable to ConocoPhillips $280million, of which $260million was attributable to our RM segment.

Assets Held for Sale

Assets Held for Sale
	12 Months Ended Dec. 31, 2009 USD / shares
Assets Held for Sale [Abstract]
Note 5 - Assets Held for Sale	Note 5Assets Held for Sale At December31, 2008, we classified $594million of noncurrent assets, primarily properties, plants and equipment, and $92million of noncurrent liabilities, primarily deferred taxes, as held for sale on the consolidated balance sheet. During 2009, we closed on the sale of a large part of our U.S. retail marketing assets, which included seller financing in the form of a $370million five-year note and letters of credit totaling $54million. In addition, we had other dispositions during the year and some assets were classified back into held for use. Also during 2009, we classified additional marketing assets as held for sale. Accordingly, at December31, 2009, we classified $323million of noncurrent assets, primarily investments in equity affiliates, as held for sale and most of this amount is included in Prepaid expenses and other current assets. We also classified $75million of noncurrent deferred tax liabilities as current, based on their held for sale status.

Investments, Loans and Long-Ter

Investments, Loans and Long-Term Receivables
	12 Months Ended Dec. 31, 2009 USD / shares
Investments, Loans and Long-Term Receivables [Abstract]
Note 6 - Investments, Loans and Long-Term Receivables	Note 6Investments, Loans and Long-Term Receivables Components of investments, loans and long-term receivables at December31 were: Millions of Dollars 2009 2008 Equity investments $ 34,730 29,914 Loans and advancesrelated parties 2,352 1,973 Long-term receivables 1,009 597 Other investments 453 415 $ 38,544 32,899 Equity Investments Affiliated companies in which we have a significant equity investment include: Australia Pacific LNG50percent owned joint venture with Origin Energyto develop coalbed methane production from the Bowen and Surat Basins in Queensland, Australia, as well as process and export LNG. FCCL Partnership50percent owned business venture with Cenovus Energy Inc.produces bitumen in the Athabasca oil sands in northeastern Alberta and sells the bitumen blend. WRB Refining LLC50percent owned business venture with Cenovusowns the Wood River and Borger Refineries, which process crude oil into refined products. OAO LUKOIL20percent ownership interestexplores for and produces crude oil, natural gas and natural gas liquids; refines, markets and transports crude oil and petroleum products; and is headquartered in Russia. OOO Naryanmarneftegaz (NMNG)30percent ownership interest and a 50percent governance interesta joint venture with LUKOIL to explore for, develop and produce oil and gas resources in the northern part of Russias Timan-Pechora province. DCP Midstream, LLC50percent owned joint venture with Spectra Energyowns and operates gas plants, gathering systems, storage facilities and fractionation plants. Chevron Phillips Chemical Company LLC (CPChem)50percent owned joint venture with Chevron Corporationmanufactures and markets petrochemicals and plastics. Summarized 100percent financial information for equity method investments in affiliated companies, combined, was as follows (information included for LUKOIL is based on estimates): Millions of Dollars 2009 2008 2007 Revenues $ 128,881 180,070 143,686 Income before income taxes 12,121 22,356 19,807 Net income 9,145 17,976 15,229 Current assets 36,139 34,838 29,451 Noncurrent assets 126,163 114,294 90,939 Current liabilities 22,483 21,150 16,882 Noncurrent liabilities 30,960 29,845 26,656 Our share of income taxes incurred directly by the equity companies is reported in equity in earnings of affiliates, and as such is not included in income taxes in our consolidated financial statements. At December31, 2009, retained earnings included $1,504million related to the undistributed earnings of affiliated companies. Distributions received from affiliates were $2,882million, $3,259million and $3,326million in 2009, 2008 and 2007, respectively. Australia Pacific LNG In October2008, we closed on a transaction with Origin Energy, an integrated Australian energy company, to further enhance our long-term Australasian natural gas busine

Properties, Plants and Equipmen

Properties, Plants and Equipment
	12 Months Ended Dec. 31, 2009 USD / shares
Properties, Plants and Equipment [Abstract]
Note 7 - Properties, Plants and Equipment	Note 7Properties, Plants and Equipment Properties, plants and equipment (PPE) are recorded at cost. Within the EP segment, depreciation is mainly on a unit-of-production basis, so depreciable life will vary by field. In the RM segment, investments in refining manufacturing facilities are generally depreciated on a straight-line basis over a 25-year life, and pipeline assets over a 45-year life. The companys investment in PPE, with accumulated depreciation, depletion and amortization (Accum. DDA), at December31 was: Millions of Dollars 2009 2008 Gross Accum. Net Gross Accum. Net PPE DDA PPE PPE DDA PPE EP $ 115,224 45,577 69,647 102,591 35,375 67,216 Midstream 123 74 49 120 70 50 RM 23,047 6,714 16,333 21,116 5,962 15,154 LUKOIL Investment Chemicals Emerging Businesses 1,198 300 898 1,056 293 763 Corporate and Other 1,650 869 781 1,561 797 764 $ 141,242 53,534 87,708 126,444 42,497 83,947

Suspended Wells

Suspended Wells
	12 Months Ended Dec. 31, 2009 USD / shares
Suspended Wells [Abstract]
Note 8 - Suspended Wells	Note 8Suspended Wells The following table reflects the net changes in suspended exploratory well costs during 2009, 2008 and 2007: Millions of Dollars 2009 2008 2007 Beginning balance at January 1 $ 660 589 537 Additions pending the determination of proved reserves 342 160 157 Reclassifications to proved properties (39 ) (37 ) (58 ) Sales of suspended well investment (21 ) (10 ) (22 ) Charged to dry hole expense (34 ) (42 ) (25 ) Ending balance at December31 $ 908 660 589 * * Includes $7million related to assets held for sale in 2007. The following table provides an aging of suspended well balances at December31, 2009, 2008 and 2007: Millions of Dollars 2009 2008 2007 Exploratory well costs capitalized for a period of one year or less $ 319 182 153 Exploratory well costs capitalized for a period greater than one year 589 478 436 Ending balance $ 908 660 589 Number of projects that have exploratory well costs that have been capitalized for a period greater than one year 34 31 35 The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December31, 2009: Millions of Dollars Suspended Since Project Total 2007-2008 2004-2006 2001-2003 AktoteKazakhstan (2) $ 17 7 10 Alpine satelliteAlaska (2) 23 23 Caldita/BarossaAustralia (1) 77 77 ClairU.K. (2) 48 31 17 Fiord WestAlaska (1) 16 16 HarrisonU.K. (2) 16 16 JasmineU.K. (2) 72 47 25 KairanKazakhstan (2) 26 13 13 KashaganKazakhstan (1) 34 25 9 MalikaiMalaysia (2) 48 48 Petai/PisagonMalaysia (1) 19 10 9 SaleskiCanada (1) 13 13 Sunrise 3Australia (2) 13 13 SurmontCanada (1) 23 15 8 ThornburyCanada (1) 19 19 UbahMalaysia (1) 22 22 UgeNigeria (2) 30 16 14 Seventeen projects of less than $10million each (1)(2) 73 37 30 6 Total of 34 projects $ 589 293 248 48 (1) Additional appraisal wells planned. (2) Appraisal drilling complete; costs being incurred to assess development.

Goodwill and Intangibles

Goodwill and Intangibles
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Intangibles [Abstract]
Note 9 - Goodwill and Intangibles	Note 9Goodwill and Intangibles Goodwill Changes in the carrying amount of goodwill are as follows: Millions of Dollars 2009 2008 EP RM Total EP RM Total Balance as of January 1 Goodwill $ 25,443 3,778 29,221 25,569 3,767 29,336 Accumulated impairment losses (25,443 ) (25,443 ) 3,778 3,778 25,569 3,767 29,336 Goodwill allocated to assets held for sale or sold (135 ) (135 ) (148 ) (148 ) Goodwill impairment (25,443 ) (25,443 ) Tax and other adjustments (5 ) (5 ) 22 11 33 Balance as of December 31 Goodwill 25,443 3,638 29,081 25,443 3,778 29,221 Accumulated impairment losses (25,443 ) (25,443 ) (25,443 ) (25,443 ) $ 3,638 3,638 3,778 3,778 Goodwill Impairment We perform our annual goodwill impairment review in the fourth quarter of each year. During the fourth quarter of 2008, there were severe disruptions in the credit markets and reductions in global economic activity which had significant adverse impacts on stock markets and oil-and-gas-related commodity prices, both of which contributed to a significant decline in our companys stock price and corresponding market capitalization. For most of the fourth quarter, our market capitalization value was significantly below the recorded net book value of our balance sheet, including goodwill. Because quoted market prices for our reporting units are not available, management must apply judgment in determining the estimated fair value of these reporting units for purposes of performing the annual goodwill impairment test. Management uses all available information to make these fair value determinations, including the present values of expected future cash flows using discount rates commensurate with the risks involved in the assets. A key component of these fair value determinations is a reconciliation of the sum of these net present value calculations to our market capitalization. We use an average of our market capitalization over the 30 calendar days preceding the impairment testing date as being more reflective of our stock price trend than a single day, point-in-time market price. Because, in our judgment, Worldwide EP is considered to have a higher valuation volatility than Worldwide RM, the long-term free cash flow growth rate implied from this reconciliation to our recent average market capitalization is applied to the Worldwide EP net present value calculation. The accounting principles regarding goodwill acknowledge that the observed market prices of individual trades of a companys stock (and thus its computed market capitalization) may not be representative of the fair value of the company as a whole. Substantial value may arise from the ability to take advantage of synergies and other benefi

Impairments

Impairments
	12 Months Ended Dec. 31, 2009 USD / shares
Impairments [Abstract]
Note 10 - Impairments	Note 10Impairments Goodwill See the Goodwill Impairment section of Note 9Goodwill and Intangibles, for information on the complete impairment of our EP segment goodwill. LUKOIL See the LUKOIL section of Note 6Investments, Loans and Long-Term Receivables, for information on the impairment of our LUKOIL investment. Expropriated Assets Ecuador In April2008, Burlington Resources, Inc., a wholly owned subsidiary of ConocoPhillips, initiated arbitration before the World Banks International Centre for Settlement of Investment Disputes (ICSID)against The Republic of Ecuador and PetroEcuador as a result of the newly-enacted Windfall Profits Tax Law and government-mandated renegotiation of our production sharing contracts. Despite a restraining order issued by the ICSID, Ecuador confiscated the crude oil production of Burlington and its co-venturer and sold the illegally seized crude oil. As a result, our assets in Ecuador were effectively expropriated. Accordingly, in the second quarter of 2009, we recorded a noncash charge of $51million before- and after-tax related to the full impairment of our exploration and production investments in Ecuador. In the third quarter of 2009, Ecuador took over operations in Block 7 and 21, formalizing the complete expropriation of our assets. A jurisdictional hearing before the ICSID was held in January2010, with the outcome still pending. Venezuela On January31, 2007, Venezuelas National Assembly passed a law allowing the president of Venezuela to pass laws on certain matters by decree. On February26, 2007, the president of Venezuela issued a decree (the Nationalization Decree) mandating the termination of the then-existing structures related to our heavy oil ventures and oil production risk contracts and the transfer of all rights relating to our heavy oil ventures and oil production risk contracts to joint ventures (empresas mixtas) that will be controlled by the Venezuelan national oil company or its subsidiaries. On June26, 2007, we announced we had been unable to reach agreement with respect to our migration to an empresa mixta structure mandated by the Nationalization Decree. In response, Petrleos de Venezuela S.A. (PDVSA)or its affiliates directly assumed the activities associated with ConocoPhillips interests in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro oil development project. Based on Venezuelan statements that the expropriation of our oil interests in Venezuela occurred on June26, 2007, management determined such expropriation required a complete impairment, under U.S. generally accepted accounting principles, of our investments in the Petrozuata and Hamaca heavy oil ventures and the offshore Corocoro oil development project. Accordingly, we recorded a noncash impairment, including allocable goodwill, of $4,588million before-tax ($4,512million after-tax) in the second quarter of 2007. The impairment included equity method investments and properties, plants and equipment. Also, this expropriation of our oil interests is viewed as a partial disposition of our Worldwide EP reporting unit and required an allocation of goodwill to the expropriation ev

Asset Retirement Obligations an

Asset Retirement Obligations and Accrued Environmental Costs
	12 Months Ended Dec. 31, 2009 USD / shares
Asset Retirement Obligations and Accrued Environmental Costs [Abstract]
Note 11 - Asset Retirement Obligations and Accrued Environmental Costs	Note 11Asset Retirement Obligations and Accrued Environmental Costs Asset retirement obligations and accrued environmental costs at December31 were: Millions of Dollars 2009 2008 Asset retirement obligations $ 8,295 6,615 Accrued environmental costs 1,017 979 Total asset retirement obligations and accrued environmental costs 9,312 7,594 Asset retirement obligations and accrued environmental costs due within one year* (599 ) (431 ) Long-term asset retirement obligations and accrued environmental costs $ 8,713 7,163 * Classified as a current liability on the balance sheet, under the caption Other accruals. Includes $14million related to assets held for sale in 2008. Asset Retirement Obligations We are required to record the fair value of a liability for an asset retirement obligation when it is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, the entity capitalizes the cost by increasing the carrying amount of the related properties, plants and equipment. Over time, the liability increases for the change in its present value, while the capitalized cost depreciates over the useful life of the related asset. We have numerous asset removal obligations that we are required to perform under law or contract once an asset is permanently taken out of service. Most of these obligations are not expected to be paid until several years, or decades, in the future and will be funded from general company resources at the time of removal. Our largest individual obligations involve removal and disposal of offshore oil and gas platforms around the world, oil and gas production facilities and pipelines in Alaska, and asbestos abatement at refineries. During 2009 and 2008, our overall asset retirement obligation changed as follows: Millions of Dollars 2009 2008 Balance at January 1 $ 6,615 6,613 Accretion of discount 394 389 New obligations 113 123 Changes in estimates of existing obligations 905 994 Spending on existing obligations (322 ) (217 ) Property dispositions (82 ) (115 ) Foreign currency translation 672 (1,172 ) Balance at December31 $ 8,295 6,615 Accrued Environmental Costs Total environmental accruals at December31, 2009 and 2008, were $1,017million and $979million, respectively. The 2009 increase in total accrued environmental costs is due to new accruals, accrual adjustments and accretion exceeding payments during the year on accrued environmental costs. We had accrued environmental costs of $632million and $652million at December31, 2009 and 2008, respectively, primarily related to cleanup at domestic refineries and underground storage tanks at U.S. service stations, and remediation activities required by Canada and the state of Alaska at exploration and production sites. We had also accrued in Corporate and Other $292million and $234 million of environmental costs associated with nonop

Debt

Debt
	12 Months Ended Dec. 31, 2009 USD / shares
Debt [Abstract]
Note 12 - Debt	Note 12Debt Long-term debt at December31 was: Millions of Dollars 2009 2008 9.875% Debentures due 2010 $ 150 150 9.375% Notes due 2011 328 328 9.125% Debentures due 2021 150 150 8.75% Notes due 2010 1,264 1,264 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 23 30 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 6.68% Notes due 2011 400 400 6.65% Debentures due 2018 297 297 6.50% Notes due 2011 500 500 6.50% Notes due 2039 2,250 6.50% Notes due 2039 500 6.40% Notes due 2011 178 178 6.375% Notes due 2009 284 6.35% Notes due 2011 1,750 1,750 6.00% Notes due 2020 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 5.625% Notes due 2016 1,250 1,250 5.50% Notes due 2013 750 750 5.30% Notes due 2012 350 350 5.20% Notes due 2018 500 500 4.75% Notes due 2012 897 897 4.75% Notes due 2014 1,500 4.60% Notes due 2015 1,500 4.40% Notes due 2013 400 400 Commercial paper at 0.06% 0.29% at year-end 2009 and 1.05% 1.76% at year-end 2008 1,300 6,933 Floating Rate Five-Year Term Note due 2011 at 0.45% at year-end 2009 and 1.638% at year-end 2008 750 1,500 Floating Rate Notes due 2009 at 4.42% at year-end 2008 950 Industrial Development Bonds due 2012 through 2038 at 0.24% 5.75% at year-end 2009 and 0.93% 5.75% at year-end 2008 252 252 Guarantee of savings plan bank loan payable due 2015 at 2.01% at year-end 2009 and 2.46% at year-end 2008 103 140 Note payable to Merey Sweeny, L.P. due 2020 at 7% (related party) 154 163 Marine Terminal Revenue Refunding Bonds due 2031 at 0.26% 0.40% at year-end 2009 and 0.40% 1.00% at year-end 2008 265 265 Other 38 36 Debt at face value 28,120 26,788 Capitalized leases 31 28 Net unamortized premiums and discounts 502 639 Total debt 28,653 27,455 Short-term debt (1,728 ) (370 ) Long-term debt $ 26,925 27,085 Maturities of long-term borrowings, inclusive of net unamortized premiums and discounts, in 2010 through 2014 are: $1,728million, $3,972million, $2,345million, $1,277million and $1,532 million, respec

Joint Venture Acquisition Oblig

Joint Venture Acquisition Obligation
	12 Months Ended Dec. 31, 2009 USD / shares
Joint Venture Acquisition Obligation [Abstract]
Note 13 - Joint Venture Acquisition Obligation	Note 13Joint Venture Acquisition Obligation On January3, 2007, we closed on a business venture with EnCana Corporation (now Cenovus). As a part of the transaction, we are obligated to contribute $7.5billion, plus interest, over a 10-year period that began in 2007, to the upstream business venture, FCCL Partnership, formed as a result of the transaction. An initial cash contribution of $188million was made upon closing in January of 2007, and was included in the Capital expenditures and investments line on our consolidated statement of cash flows. Quarterly principal and interest payments of $237million began in the second quarter of 2007, and will continue until the balance is paid. Of the principal obligation amount, approximately $660 million was short-term and was included in the Accounts payablerelated parties line on our December31, 2009, consolidated balance sheet. The principal portion of these payments, which totaled $625million in 2009, is included in the Other line in the financing activities section of our consolidated statement of cash flows. Interest accrues at a fixed annual rate of 5.3 percent on the unpaid principal balance. Fifty percent of the quarterly interest payment is reflected as a capital contribution and is included in the Capital expenditures and investments line on our consolidated statement of cash flows.

Guarantees

Guarantees
	12 Months Ended Dec. 31, 2009 USD / shares
Guarantees [Abstract]
Note 14 - Guarantees	Note 14Guarantees At December31, 2009, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability either because the guarantees were issued prior to December31, 2002, or because the fair value of the obligation is immaterial. In addition, unless otherwise stated we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence. Construction Completion Guarantees In December2005, we issued a construction completion guarantee for 30percent of the $4 billion in loan facilities of Qatargas 3, which are being used to finance the construction of an LNG train in Qatar. Of the $4billion in loan facilities, we committed to provide $1.2 billion. The maximum potential amount of future payments to third-party lenders under the guarantee is estimated to be $850million, which could become payable if the full debt financing is utilized and completion of the Qatargas 3 Project is not achieved. The project financing will be nonrecourse to ConocoPhillips upon certified completion, expected in 2011. At December31, 2009, the carrying value of the guarantee to third-party lenders was $11 million. Guarantees of Joint Venture Debt In June2006, we issued a guarantee for our ownership percentage of $2billion in credit facilities of Rockies Express Pipeline LLC, operated by Kinder Morgan Energy Partners, L.P. At December31, 2009, Rockies Express had $1,673million outstanding under the credit facilities, with our 25percent guarantee equaling $418million. The maximum potential amount of future payments to third-party lenders under the guarantee is estimated to be $500 million, which could become payable if the credit facilities are fully utilized and Rockies Express fails to meet its obligations under the credit agreement. The guarantee expires in April2011. At December31, 2009, the total carrying value of this guarantee to third-party lenders was $11million. At December31, 2009, we had guarantees outstanding for our portion of joint venture debt obligations, which have terms of up to 16years. The maximum potential amount of future payments under the guarantees is approximately $80million. Payment would be required if a joint venture defaults on its debt obligations. Other Guarantees In conjunction with our purchase of a 50percent ownership interest in APLNG from Origin Energy in October2008, we agreed to participate, if and when requested, in any parent company guarantees that were outstanding at the time we purchased our interest in APLNG. These parent company guarantees cover the obligation of APLNG to deliver natural gas under several sales agreements with remaining terms of 7 to 22years. Our maximum potential amount of future payments, or cost of volume delivery, under these guarantees is estimated to be $1,450million ($3,140million in

Contingencies and Commitments

Contingencies and Commitments
	12 Months Ended Dec. 31, 2009 USD / shares
Contingencies and Commitments [Abstract]
Note 15 - Contingencies and Commitments	Note 15Contingencies and Commitments In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. If applicable, we accrue receivables for probable insurance or other third-party recoveries. In the case of income-tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain. See Note 20Income Taxes, for additional information about income-tax-related contingencies. Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required, and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes. Environmental We are subject to federal, state and local environmental laws and regulations. These may result in obligations to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various sites. When we prepare our consolidated financial statements, we record accruals for environmental liabilities based on managements best estimates, using all information that is available at the time. We measure estimates and base liabilities on currently available facts, existing technology, and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies cleanup experience, and data released by the U.S. Environmental Protection Agency (EPA)or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable. Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for state sites, we are usually only one of many companies cited at a p

Financial Instruments and Deriv

Financial Instruments and Derivative Contracts
	12 Months Ended Dec. 31, 2009 USD / shares
Financial Instruments and Derivative Contracts [Abstract]
Note 16 - Financial Instruments and Derivative Contracts	Note 16Financial Instruments and Derivative Contracts Derivative Instruments We use financial and commodity-based derivative contracts to manage exposures to fluctuations in foreign currency exchange rates, commodity prices, and interest rates, or to capture market opportunities. Since we are not currently using hedge accounting, all gains and losses, realized or unrealized, from derivative contracts have been recognized in the consolidated statement of operations. Gains and losses from derivative contracts held for trading not directly related to our physical business, whether realized or unrealized, have been reported net in other income. Purchase and sales contracts for commodities that are readily convertible to cash (e.g., crude oil, natural gas and gasoline) are recorded on the balance sheet as derivatives unless the contracts are for quantities we expect to use or sell over a reasonable period in the normal course of business (i.e., contracts eligible for the normal purchases and normal sales exception). We record most of our contracts to buy or sell natural gas and the majority of our contracts to sell power as derivatives, but we do apply the normal purchases and normal sales exception to certain long-term contracts to sell our natural gas production. We generally apply this normal purchases and normal sales exception to eligible crude oil and refined product commodity purchase and sales contracts; however, we may elect not to apply this exception (e.g., when another derivative instrument will be used to mitigate the risk of the purchase or sale contract but hedge accounting will not be applied, in which case both the purchase or sales contract and the derivative contract mitigating the resulting risk will be recorded on the balance sheet at fair value). We value our exchange-cleared derivatives using closing prices provided by the exchange as of the balance sheet date, and these are classified as Level 1 in the fair value hierarchy. Over-the-counter (OTC)financial swaps and physical commodity forward purchase and sale contracts are generally valued using quotations provided by brokers and price index developers such as Platts and Oil Price Information Service. These quotes are corroborated with market data and are classified as Level 2. In certain less liquid markets or for longer-term contracts, forward prices are not as readily available. In these circumstances, OTC swaps and physical commodity purchase and sale contracts are valued using internally developed methodologies that consider historical relationships among various commodities that result in managements best estimate of fair value. These contracts are classified as Level 3. Exchange-cleared financial options are valued using exchange closing prices and are classified as Level 1. Financial OTC and physical commodity options are valued using industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and contractual prices for the underlying instruments, as well as other relevant economic measures. The degree to which these inputs are observable in the forward markets deter

Equity

Equity
	12 Months Ended Dec. 31, 2009 USD / shares
Equity [Abstract]
Note 17 - Equity	Note 17Equity Common Stock The changes in our shares of common stock, as categorized in the equity section of the balance sheet, were: Shares 2009 2008 2007 Issued Beginning of year 1,729,264,859 1,718,448,829 1,705,502,609 Distributed under benefit plans 4,080,699 10,816,030 12,946,220 End of year 1,733,345,558 1,729,264,859 1,718,448,829 Held in Treasury Beginning of year 208,346,815 104,607,149 15,061,613 Repurchase of common stock 103,739,666 89,545,536 End of year 208,346,815 208,346,815 104,607,149 Held in Grantor Trusts Beginning of year 40,739,129 42,411,331 44,358,585 Distributed under benefit plans (2,018,692 ) (1,668,456 ) (1,856,224 ) Repurchase of common stock (13,600 ) (177,110 ) Other 21,824 9,854 86,080 End of year 38,742,261 40,739,129 42,411,331 Preferred Stock We have 500million shares of preferred stock authorized, par value $.01 per share, none of which was issued or outstanding at December31, 2009 or 2008. Noncontrolling Interests At December31, 2009 and 2008, we had outstanding $590million and $1,100million, respectively, of equity in less-than-wholly owned consolidated subsidiaries held by noncontrolling interest owners. The decrease from 2008 was primarily due to Ashford Energy Capital S.A., a wholly owned consolidated subsidiary, redeeming for $500million, plus accrued dividends, the investment in Ashford held by Cold Spring Finance S.a.r.l. in the third quarter of 2009. The difference between the redemption amount and the carrying value of the investment was $12million. The redemption amount was included as a cash outflow in the Other line in the financing activities section of our consolidated statement of cash flows. The remaining noncontrolling interest amounts are primarily related to operating joint ventures we control. The largest of these, amounting to $565million at December31, 2009, and $580million at December31, 2008, was related to Darwin LNG operations, located in Australias Northern Territory. Preferred Share Purchase Rights In 2002, our Board of Directors authorized and declared a dividend of one preferred share purchase right for each common share outstanding, and authorized and directed the issuance of one right per common share for any newly issued shares. The rights have certain anti-takeover effects. The rights will cause substantial dilution to a person or group that attempts to acquire ConocoPhillips on terms not approved by the Board of Directors. However, since the rights may either be redeemed or otherwise made inapplicable by ConocoPhillips prior to an acquirer obtaining beneficial ownership of 15percent or more of ConocoPhillips common stock, the rights should not interfere with any merger or business combination approved by the Board of Directors prior to that occurrence. The rights, which expire June30,

Non-Mineral Leases

Non-Mineral Leases
	12 Months Ended Dec. 31, 2009 USD / shares
Non-Mineral Leases [Abstract]
Note 18 - Non-Mineral Leases	Note 18Non-Mineral Leases The company leases ocean transport vessels, tugboats, barges, pipelines, railcars, corporate aircraft, service stations, drilling equipment, computers, office buildings and other facilities and equipment. Certain leases include escalation clauses for adjusting rental payments to reflect changes in price indices, as well as renewal options and/or options to purchase the leased property for the fair market value at the end of the lease term. There are no significant restrictions imposed on us by the leasing agreements in regards to dividends, asset dispositions or borrowing ability. Leased assets under capital leases were not significant in any period presented. At December31, 2009, future minimum rental payments due under noncancelable leases were: Millions of Dollars 2010 $ 872 2011 637 2012 529 2013 346 2014 272 Remaining years 721 Total 3,377 Less income from subleases (142) * Net minimum operating lease payments $ 3,235 * Includes $53million related to railcars subleased to Chevron Phillips Chemical Company LLC, a related party. Operating lease rental expense for the years ended December31 was: Millions of Dollars 2009 2008 2007 Total rentals* $ 1,024 1,033 855 Less sublease rentals (34 ) (125 ) (82 ) $ 990 908 773 * Includes $21million, $22million and $27million of contingent rentals in 2009, 2008 and 2007, respectively. Contingent rentals primarily are related to retail sites and refining equipment, and are based on volume of product sold or throughput.

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Benefit Plans [Abstract]
Note 19 - Employee Benefit Plans	Note 19Employee Benefit Plans Pension and Postretirement Plans An analysis of the projected benefit obligations for our pension plans and accumulated benefit obligations for our postretirement health and life insurance plans follows: Millions of Dollars Pension Benefits 2009 2008 Other Benefits U.S. Intl. U.S. Intl. 2009 2008 Change in Benefit Obligation Benefit obligation at January 1 $ 4,620 2,307 4,281 3,085 768 792 Service cost 194 79 186 100 9 11 Interest cost 277 144 247 198 47 47 Plan participant contributions 8 10 22 32 Medicare Part D subsidy 1 8 Plan amendments 8 (47 ) Actuarial (gain)loss 456 366 230 (180 ) 63 18 Acquisitions Divestitures Benefits paid (505 ) (103 ) (332 ) (117 ) (75 ) (85 ) Curtailment Recognition of termination benefits 5 2 Foreign currency exchange rate change 295 (791 ) 4 (8 ) Benefit obligation at December31* $ 5,042 3,101 4,620 2,307 839 768 *Accumulated benefit obligation portion of above at December31: $ 3,874 2,595 4,022 1,946 Change in Fair Value of Plan Assets Fair value of plan assets at January 1 $ 2,373 1,728 3,138 2,601 2 3 Acquisitions Divestitures Actual return on plan assets 574 245 (840 ) (342 ) (1 ) Company contributions 702 159 407 170 50 45 Plan participant contributions 8 10 22 32 Medicare Part D subsidy 1 8 Benefits paid (505 ) (103 ) (332 ) (117 ) (75 ) (85 ) Foreign currency exchange rate change 244 (594 ) Fair value of plan assets at December31: $ 3,144 2,281 2,373 1,728 2 Funded Status $ (1,898 ) (820 ) (2,247 ) (579 ) (839 ) (766 ) Millions of Dollars Pension Benefits 2009 2008 Other Benefits U.S. Intl. U.S. Intl. 2009 2008 Amounts Recognized in the Consolidated Balance Sheet at December31 Noncurrent assets $ 96 33 Current liabilities (6 ) (12 ) (6 ) (9 ) (60 ) (49 ) Noncurrent liabilities

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Note 20 - Income Taxes	Note 20Income Taxes Income taxes charged to income (loss)were: Millions of Dollars 2009 2008 2007 Income Taxes Federal Current $ 575 3,245 3,944 Deferred 52 (227 ) 312 Foreign Current 5,584 10,268 7,035 Deferred (1,239 ) (312 ) (474 ) State and local Current 82 543 602 Deferred 42 (112 ) (38 ) $ 5,096 13,405 11,381 Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. Major components of deferred tax liabilities and assets at December31 were: Millions of Dollars 2009 2008 Deferred Tax Liabilities Properties, plants and equipment, and intangibles $ 21,281 20,563 Investment in joint ventures 2,039 1,778 Inventory 13 283 Partnership income deferral 660 1,172 Other 813 564 Total deferred tax liabilities 24,806 24,360 Deferred Tax Assets Benefit plan accruals 1,802 1,819 Asset retirement obligations and accrued environmental costs 3,874 3,232 Deferred state income tax 251 289 Other financial accruals and deferrals 465 712 Loss and credit carryforwards 2,105 1,657 Other 484 338 Total deferred tax assets 8,981 8,047 Less valuation allowance (1,540 ) (1,340 ) Net deferred tax assets 7,441 6,707 Net deferred tax liabilities $ 17,365 17,653 Current assets, long-term assets, current liabilities and long-term liabilities included deferred taxes of $581million, $21million, $5million and $17,962million, respectively, at December31, 2009, and $457million, $58million, $1million and $18,167million, respectively, at December31, 2008. We have loss and credit carryovers in multiple taxing jurisdictions. These attributes generally expire between 2010 and 2029 with some carryovers having indefinite carryforward periods. Valuation allowances have been established for certain loss and credit carryforwards that reduce deferred tax assets to an amount that will, more likely than not, be realized. During 2009, valuation allowances increased a total of $200million. This reflects increases of $224million primarily related to U.S. foreign tax credit and foreign and state tax loss carryforwards and currency effects, partially offset by decreases of $24million related to utilization of loss carryforwards and asset relinquishment. Based on our historical taxable income, expectations for the future, and available tax-planning strategies, management expects remaining net deferred tax assets will be realized as offsets to reversing deferred tax liabilities and as offsets to the tax consequences of future taxable income. At December31, 2009 and 2008, income considered to be permanen

Other Comprehensive Income

Other Comprehensive Income (Loss)
	12 Months Ended Dec. 31, 2009 USD / shares
Other Comprehensive Income (Loss) [Abstract]
Note 21 - Other Comprehensive Income (Loss)	Note 21Other Comprehensive Income (Loss) The components and allocated tax effects of other comprehensive income (loss)follow: Millions of Dollars Tax Expense Before-Tax (Benefit) After-Tax 2009 Defined benefit pension plans: Prior service cost arising during the year $ Reclassification adjustment for amortization of prior service cost included in net income 21 14 7 Net prior service cost 21 14 7 Net loss arising during the year (388 ) (160 ) (228 ) Reclassification adjustment for amortization of prior net losses included in net income 206 77 129 Net actuarial loss (182 ) (83 ) (99 ) Nonsponsored plans* 39 17 22 Foreign currency translation adjustments 5,092 85 5,007 Hedging activities (2 ) (5 ) 3 Other comprehensive income $ 4,968 28 4,940 2008 Defined benefit pension plans: Prior service cost arising during the year $ 30 22 8 Reclassification adjustment for amortization of prior service cost included in net loss 22 8 14 Net prior service cost 52 30 22 Net loss arising during the year (1,523 ) (535 ) (988 ) Reclassification adjustment for amortization of prior net losses included in net loss 64 26 38 Net actuarial loss (1,459 ) (509 ) (950 ) Nonsponsored plans* (41 ) (41 ) Foreign currency translation adjustments (5,552 ) (88 ) (5,464 ) Hedging activities (4 ) (2 ) (2 ) Other comprehensive loss $ (7,004 ) (569 ) (6,435 ) 2007 Defined benefit pension plans: Prior service cost arising during the year $ 65 20 45 Reclassification adjustment for amortization of prior service cost included in net income 30 12 18 Net prior service cost 95 32 63 Net gain arising during the year 222 67 155 Reclassification adjustment for amortization of prior net losses included in net income 90 32 58 Net actuarial gain 312 99 213 Nonsponsored plans* (2 ) (2 ) Foreign currency translation adjustments 3,214 139 3,075 Hedging activities (3 ) 1 (4 ) Other comprehensive income $ 3,616 271 3,345 * Plans for which ConocoPhillips is not the primary obligorprimarily those administered by equity affiliates. Deferred taxes have not been provided on temporary differences related to foreign currency translation adjustments for investments in certain foreign subsidiaries and foreign corporate joint ventures that are considered permanent in duration. Accumulated other comprehensive income (loss)in the equity section of the balance sheet included: Millions of

Cash Flow Information

Cash Flow Information
	12 Months Ended Dec. 31, 2009 USD / shares
Cash Flow Information [Abstract]
Note 22 - Cash Flow Information	Note 22Cash Flow Information Millions of Dollars 2009 2008 2007 Noncash Investing and Financing Activities Investment in an upstream business venture through issuance of an acquisition obligation $ 7,313 Investment in a downstream business venture through contribution of noncash assets and liabilities 2,428 Increase in PPE related to an increase in asset retirement obligations 974 1,117 919 Cash Payments Interest $ 998 858 1,040 Income taxes 6,641 13,122 11,330

Other Financial Information

Other Financial Information
	12 Months Ended Dec. 31, 2009 USD / shares
Other Financial Information [Abstract]
Note 23 - Other Financial Information	Note 23Other Financial Information Millions of Dollars Except Per Share Amounts 2009 2008 2007 Interest and Debt Expense Incurred Debt $ 1,485 1,189 1,369 Other 291 314 449 1,776 1,503 1,818 Capitalized (487 ) (568 ) (565 ) Expensed $ 1,289 935 1,253 Other Income Interest income $ 227 245 342 Gain on asset dispositions 160 891 1,348 Business interruption insurance recoveries* 2 52 Other, net 131 (48 ) 229 $ 518 1,090 1,971 * Primarily related to 2005 hurricanes in the Gulf of Mexico and southern United States. Research and Development Expendituresexpensed $ 190 209 160 Advertising Expenses $ 60 96 84 Shipping and Handling Costs* $ 1,185 1,443 1,493 * Amounts included in production and operating expenses. Cash Dividends paid per common share $ 1.91 1.88 1.64 Foreign Currency Transaction Gains (Losses)after-tax EP $ (111 ) 216 216 Midstream 1 (2 ) RM 36 (173 ) (13 ) LUKOIL Investment 20 (27 ) 5 Chemicals Emerging Businesses 2 (7 ) 1 Corporate and Other 97 (72 ) (120 ) $ 44 (62 ) 87

Related Party Transactions

Related Party Transactions
	12 Months Ended Dec. 31, 2009 USD / shares
Related Party Transactions [Abstract]
Note 24 - Related Party Transactions	Note 24Related Party Transactions Significant transactions with related parties were: Millions of Dollars 2009 2008 2007 Operating revenues and other income (a) $ 7,200 13,097 10,949 Purchases (b) 12,779 19,409 15,722 Operating expenses and selling, general and administrative expenses (c) 322 515 416 Net interest expense (d) 74 66 99 (a) We sold natural gas to DCP Midstream, LLC and crude oil to the Malaysian Refining Company Sdn. Bhd. (MRC), among others, for processing and marketing. Natural gas liquids, solvents and petrochemical feedstocks were sold to Chevron Phillips Chemical Company LLC (CPChem), gas oil and hydrogen feedstocks were sold to Excel Paralubes and refined products were sold primarily to CFJ Properties and LUKOIL. Natural gas, crude oil, blendstock and other intermediate products were sold to WRB Refining LLC. In addition, we charged several of our affiliates, including CPChem, Merey Sweeny, L.P. (MSLP)and Hamaca Holding LLC (until expropriation on June26, 2007), for the use of common facilities, such as steam generators, waste and water treaters, and warehouse facilities. (b) We purchased refined products from WRB. We purchased natural gas and natural gas liquids from DCP Midstream and CPChem for use in our refinery processes and other feedstocks from various affiliates. We purchased crude oil from LUKOIL, upgraded crude oil from Petrozuata C.A. (until expropriation on June26, 2007) and refined products from MRC. We also paid fees to various pipeline equity companies for transporting finished refined products and natural gas, as well as a price upgrade to MSLP for heavy crude processing. We purchased base oils and fuel products from Excel Paralubes for use in our refinery and specialty businesses. (c) We paid processing fees to various affiliates. Additionally, we paid crude oil transportation fees to pipeline equity companies. (d) We paid and/or received interest to/from various affiliates, including FCCL Partnership. See Note 6Investments, Loans and Long-Term Receivables, for additional information on loans to affiliated companies.

Segment Disclosures and Related

Segment Disclosures and Related Information
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Disclosures and Related Information [Abstract]
Note 25 - Segment Disclosures and Related Information	Note 25Segment Disclosures and Related Information We have organized our reporting structure based on the grouping of similar products and services, resulting in six operating segments: 1) EPThis segment primarily explores for, produces, transports and markets crude oil, natural gas, natural gas liquids and bitumen on a worldwide basis. At December31, 2009, our EP operations were producing in the United States, Norway, the United Kingdom, Canada, Australia, offshore Timor-Leste in the Timor Sea, Indonesia, China, Vietnam, Libya, Nigeria, Algeria and Russia. The EP segments U.S. and international operations are disclosed separately for reporting purposes. 2) MidstreamThis segment gathers, processes and markets natural gas produced by ConocoPhillips and others, and fractionates and markets natural gas liquids, predominantly in the United States and Trinidad. The Midstream segment primarily consists of our 50 percent equity investment in DCP Midstream, LLC. 3) RMThis segment purchases, refines, markets and transports crude oil and petroleum products, mainly in the United States, Europe and Asia. At December31, 2009, we owned or had an interest in 12 refineries in the United States, one in the United Kingdom, one in Ireland, two in Germany, and one in Malaysia. The RM segments U.S. and international operations are disclosed separately for reporting purposes. 4) LUKOIL InvestmentThis segment represents our investment in the ordinary shares of OAO LUKOIL, an international, integrated oil and gas company headquartered in Russia. At December31, 2009, our ownership interest was 20percent based on issued shares and 20.09 percent based on estimated shares outstanding. See Note 6Investments, Loans and Long-Term Receivables, for additional information. 5) ChemicalsThis segment manufactures and markets petrochemicals and plastics on a worldwide basis. The Chemicals segment consists of our 50percent equity investment in Chevron Phillips Chemical Company LLC. 6) Emerging BusinessesThis segment represents our investment in new technologies or businesses outside our normal scope of operations. Activities within this segment are currently focused on power generation and innovation of new technologies, such as those related to conventional and nonconventional hydrocarbon recovery (including heavy oil), refining, alternative energy, biofuels and the environment. Corporate and Other includes general corporate overhead, most interest expense and various other corporate activities. Corporate assets include all cash and cash equivalents. We evaluate performance and allocate resources based on net income attributable to ConocoPhillips. Segment accounting policies are the same as those in Note 1Accounting Policies. Intersegment sales are at prices that approximate market. Analysis of Results by Operating Segment Millions of Dollars 2009 2008 2007 Sales and Other Operating Revenues EP United States $ 24,287 51,378 36,974 International 24,222 36,972 24,617 Intersegment eliminatio

New Accounting Standards

New Accounting Standards
	12 Months Ended Dec. 31, 2009 USD / shares
New Accounting Standards [Abstract]
Note 26 - New Accounting Standards	Note 26New Accounting Standards In June2009, the FASB issued SFAS No.166, Accounting for Transfers of Financial Assets, an amendment of FASB Statement No.140. This Statement was codified into FASB ASC Topic 860, Transfers and Servicing. This Statement removes the concept of a qualifying special purpose entity (SPE)and the exception for qualifying SPEs from the consolidation guidance. Additionally, the Statement clarifies the requirements for financial asset transfers eligible for sale accounting. This Statement is effective January1, 2010, and is not expected to have a material impact on our consolidated financial statements. Also in June2009, the FASB issued SFAS No.167, Amendments to FASB Interpretation No.46(R), to address the effects of the elimination of the qualifying SPE concept in SFAS No.166, and other concerns about the application of key provisions of consolidation guidance for VIEs. This Statement was codified into FASB ASC Topic 810, Consolidation. More specifically, SFAS No.167 requires a qualitative rather than a quantitative approach to determine the primary beneficiary of a VIE, it amends certain guidance pertaining to the determination of the primary beneficiary when related parties are involved, and it amends certain guidance for determining whether an entity is a VIE. Additionally, this Statement requires continuous assessments of whether an enterprise is the primary beneficiary of a VIE. This Statement is effective January1, 2010, and is not expected to have a material impact on our consolidated financial statements.

Supplementary Information - Con

Supplementary Information - Condensed Consolidating Financial Information
	12 Months Ended Dec. 31, 2009 USD / shares
Supplementary Information - Condensed Consolidating Financial Information [Abstract]
Supplementary Information - Condensed Consolidating Financial Information	Supplementary InformationCondensed Consolidating Financial Information We have various cross guarantees among ConocoPhillips, ConocoPhillips Company, ConocoPhillips Australia Funding Company, ConocoPhillips Canada Funding Company I, and ConocoPhillips Canada Funding Company II, with respect to publicly held debt securities. ConocoPhillips Company is wholly owned by ConocoPhillips. ConocoPhillips Australia Funding Company is an indirect, wholly owned subsidiary of ConocoPhillips Company. ConocoPhillips Canada Funding Company I and ConocoPhillips Canada Funding Company II are indirect, wholly owned subsidiaries of ConocoPhillips. ConocoPhillips and ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of ConocoPhillips Australia Funding Company, ConocoPhillips Canada Funding Company I, and ConocoPhillips Canada Funding Company II, with respect to their publicly held debt securities. Similarly, ConocoPhillips has fully and unconditionally guaranteed the payment obligations of ConocoPhillips Company with respect to its publicly held debt securities. In addition, ConocoPhillips Company has fully and unconditionally guaranteed the payment obligations of ConocoPhillips with respect to its publicly held debt securities. All guarantees are joint and several. The following condensed consolidating financial information presents the results of operations, financial position and cash flows for: ConocoPhillips, ConocoPhillips Company, ConocoPhillips Australia Funding Company, ConocoPhillips Canada Funding Company I, and ConocoPhillips Canada Funding Company II (in each case, reflecting investments in subsidiaries utilizing the equity method of accounting). All other nonguarantor subsidiaries of ConocoPhillips. The consolidating adjustments necessary to present ConocoPhillips results on a consolidated basis. In February2009, we filed a universal shelf registration statement with the SEC under which ConocoPhillips, as a well-known seasoned issuer, has the ability to issue and sell an indeterminate amount of various types of debt and equity securities, with certain debt securities guaranteed by ConocoPhillips Company. Also as part of that registration statement, ConocoPhillips Trust I and ConocoPhillips Trust II have the ability to issue and sell preferred trust securities, guaranteed by ConocoPhillips. ConocoPhillips Trust I and ConocoPhillips Trust II have not issued any trust-preferred securities under this registration statement, and thus have no assets or liabilities. Accordingly, columns for these two trusts are not included in the condensed consolidating financial information. To facilitate the restructuring of certain legal entities within the Canada operating unit, ConocoPhillips Canada Funding Company I (CFC I) entered into a transaction with another wholly owned subsidiary of ConocoPhillips (included in the All Other Subsidiaries column) whereby it acquired an investment in certain preferred shares of a Canadian legal entity within the ConocoPhillips group, in exchange for a non-interest-bearing demand note payable. The value ascribed to the preferred shares and note payable

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts (Consolidated)
	12 Months Ended Dec. 31, 2009 USD / shares
Valuation and Qualifying Accounts (Consolidated) [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Consolidated)	Schedule Of Valuation And Qualifying Accounts Disclosure SCHEDULE IIVALUATION AND QUALIFYING ACCOUNTS (Consolidated) ConocoPhillips Millions of Dollars Description Balance at January 1 Charged to Expense Other (a) Deductions Balance at December 31 2009 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 61 69 2 (56 )(b) 76 Deferred tax asset valuation allowance 1,340 200 2 (2 ) 1,540 Included in other liabilities: Restructuring accruals 196 41 (76 ) (88 )(c) 73 2008 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 58 38 (4 ) (31 )(b) 61 Deferred tax asset valuation allowance 1,269 220 1 (150 ) 1,340 Included in other liabilities: Restructuring accruals 117 125 11 (57 )(c) 196 2007 Deducted from asset accounts: Allowance for doubtful accounts and notes receivable $ 45 23 (2 ) (8 )(b) 58 Deferred tax asset valuation allowance 822 67 417 (37 ) 1,269 Included in other liabilities: Restructuring accruals 164 31 5 (83 )(c) 117 (a)Represents acquisitions/dispositions/revisions and the effect of translating foreign financial statements. (b)Amounts charged off less recoveries of amounts previously charged off. (c)Benefit payments.