2.2.0.7 false Guarantees 0212 - Disclosure - Guarantees true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Guarantees [Abstract] 0 cop_GuaranteesAbstract cop false na duration Guarantees. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string Guarantees. false 3 Guarantees 1 us-gaap_ScheduleOfGuaranteeObligationsTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10.5pt; margin-top: 21pt"><b>Note 12—Guarantees</b> </div> <div align="left" style="font-size: 10.5pt; margin-top: 10.5pt">At September 30, 2010, 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 December 31, 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. </div> <div align="left" style="font-size: 10.5pt; margin-top: 10.5pt"><b>Construction Completion Guarantees</b> </div> <div style="margin-top: 10.5pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.5pt; text-align: left"> <tr valign="top" style="font-size: 10.5pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>In December 2005, we issued a construction completion guarantee for 30 percent 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 $4 billion 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 $850 million, 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, which is expected in 2011. At September 30, 2010, the carrying value of the guarantee to third-party lenders was $11 million.</td> </tr> </table> </div> <div align="left" style="font-size: 10.5pt; margin-top: 10.5pt"><b>Guarantees of Joint Venture Debt</b> </div> <div style="margin-top: 10.5pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.5pt; text-align: left"> <tr valign="top" style="font-size: 10.5pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>At September 30, 2010, we had guarantees outstanding for our portion of joint venture debt obligations, which have terms of up to 15 years. The maximum potential amount of future payments under the guarantees is approximately $80 million. Payment would be required if a joint venture defaults on its debt obligations.</td> </tr> </table> </div> <div align="left" style="font-size: 10.5pt; margin-top: 10.5pt"><b>Other Guarantees</b> </div> <div style="margin-top: 10.5pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.5pt; text-align: left"> <tr valign="top" style="font-size: 10.5pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>In conjunction with our purchase of a 50 percent ownership interest in Australia Pacific LNG Pty Limited (APLNG) from Origin Energy in October 2008, 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 21 years. Our maximum potential amount of future payments, or cost of volume delivery, under these guarantees is estimated to be $1,572 million ($3,396 million in the event of intentional or reckless breach) at September 2010 exchange rates based on our 50 percent share of the remaining contracted volumes, which could become payable if APLNG fails to meet its obligations under these agreements and the obligations cannot otherwise be mitigated. Future payments are considered unlikely, as the payments, or cost of volume delivery, would only be triggered if APLNG does not have enough natural gas to meet these sales commitments and if the co-venturers do not make necessary equity contributions into APLNG.</td> </tr> </table> </div> <div style="margin-top: 10.5pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10.5pt; text-align: left"> <tr valign="top" style="font-size: 10.5pt; color: #000000; background: transparent"> <td width="2%" style="background: transparent"> </td> <td width="2%" nowrap="nowrap" align="left"><b>•</b></td> <td width="1%"> </td> <td>We have other guarantees with maximum future potential payment amounts totaling $440 million, which consist primarily of guarantees to fund the short-term cash liquidity deficits of certain joint ventures, guarantees of minimum charter revenue for two LNG vessels, one small construction completion guarantee, guarantees of the lease payment obligations of a joint venture, and guarantees of the residual value of leased corporate aircraft. These guarantees generally extend up to 14 years or life of the venture.</td> </tr> </table> </div> <div align="left" style="font-size: 10.5pt; margin-top: 10.5pt"><b>Indemnifications</b> </div> <div align="left" style="font-size: 10.5pt">Over the years, we have entered into various agreements to sell ownership interests in certain corporations, joint ventures and assets that gave rise to qualifying indemnifications. Agreements associated with these sales include indemnifications for taxes, environmental liabilities, permits and licenses, employee claims, real estate indemnity against tenant defaults, and litigation. The terms of these indemnifications vary greatly. The majority of these indemnifications are related to environmental issues, the term is generally indefinite and the maximum amount of future payments is generally unlimited. The carrying amount recorded for these indemnifications at September 30, 2010, was $395 million. We amortize the indemnification liability over the relevant time period, if one exists, based on the facts and circumstances surrounding each type of indemnity. In cases where the indemnification term is indefinite, we will reverse the liability when we have information the liability is essentially relieved or amortize the liability over an appropriate time period as the fair value of our indemnification exposure declines. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. Included in the recorded carrying amount were $245 million of environmental accruals for known contamination that are included in asset retirement obligations and accrued environmental costs at September 30, 2010. For additional information about environmental liabilities, see Note 13—Contingencies and Commitments. </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock Provides pertinent information about each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. 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