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TABLE OF CONTENTS
Table of Contents
As filed with the Securities and Exchange Commission on October 6, 2017
Registration Nos. 333-
333- -01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
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ConocoPhillips
ConocoPhillips Company
(Exact name of each registrant as
specified in its charter)
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Delaware
Delaware
(State or other jurisdiction of
incorporation or organization)
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01-0562944
73-0400345
(I.R.S. Employer
Identification Number)
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600 North Dairy Ashford
Houston, Texas 77079
(281) 293-1000
(Address, including zip code, and telephone number, including
area code, of each registrant's principal executive offices)
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Janet Langford Carrig
Senior Vice President, Legal, General Counsel and Corporate Secretary
ConocoPhillips
600 North Dairy Ashford
Houston, Texas 77079
(281) 293-1000
(Name, address, including zip code, and telephone number, including
area code, of agent for service)
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Copy to:
Keith M. Townsend
King & Spalding LLP
1180 Peachtree Street
Atlanta, Georgia 30309
(404) 572-4600
Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this Registration Statement.
If the only securities being registered on this Form are to be offered pursuant to dividend or interest reinvestment plans, please check the following
box.
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If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.
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If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
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If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.
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If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing
with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.
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If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities
or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.
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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.
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a
smaller reporting company)
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Smaller reporting company
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Emerging growth company
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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 7(a)(2)(B) of the Securities Act.
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CALCULATION OF REGISTRATION FEE
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Title of Each Class of Securities
to be Registered
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Amount to be Registered Proposed Maximum
Offering Price Per Unit/Proposed Maximum
Offering Price/Amount of Registration Fee(1)(2)
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Senior Debt Securities and Subordinated Debt Securities of ConocoPhillips
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Senior Debt Securities of ConocoPhillips Company
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Common Stock, par value $0.01 per share, of ConocoPhillips
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Preferred Stock, par value $0.01 per share, of ConocoPhillips
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Warrants of ConocoPhillips
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Depositary Shares of ConocoPhillips
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Stock Purchase Contracts of ConocoPhillips
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Stock Purchase Units of ConocoPhillips
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Prepaid Stock Purchase Contracts of ConocoPhillips
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Guarantees of the Senior Debt Securities of ConocoPhillips by ConocoPhillips Company(3)
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Guarantees of the Senior Debt Securities of ConocoPhillips Company by ConocoPhillips(3)
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(1)
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There
is being registered hereunder an indeterminate number or amount of senior and subordinated debt securities, common stock, preferred stock, warrants, depositary
shares, stock purchase contracts, stock purchase units and prepaid stock purchase contracts of ConocoPhillips and senior debt securities of ConocoPhillips Company as may from time to time be issued at
indeterminate prices and as may be issuable upon conversion, redemption, exchange, exercise or settlement of any securities registered hereunder, including under any applicable anti-dilution
provisions.
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(2)
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In
reliance on Rule 456(b) and Rule 457(r) under the Securities Act, ConocoPhillips hereby defers payment of the registration fee required in
connection with this Registration Statement.
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(3)
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ConocoPhillips
also is registering under this Registration Statement all guarantees and other obligations that it may have with respect to senior debt securities
that may be issued by ConocoPhillips Company. ConocoPhillips Company is registering under this Registration Statement all guarantees and other obligations that it may have with respect to the senior
debt securities that may be issued by ConocoPhillips. No separate consideration will be received for such guarantees or any other such obligations. Pursuant to Rule 457(n) under the Securities
Act, no registration fee is required with respect to such guarantees or obligations.
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PROSPECTUS
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ConocoPhillips
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ConocoPhillips
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ConocoPhillips Company
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Subordinated Debt Securities
Common Stock
Preferred Stock
Warrants
Depositary Shares
Stock Purchase Contracts or Units
Prepaid Stock Purchase Contracts
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Senior Debt Securities
guaranteed as
described in
this prospectus by
ConocoPhillips
Company
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Senior Debt Securities
guaranteed as
described in
this prospectus by
ConocoPhillips
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We
will provide the specific terms of the securities in supplements to this prospectus. You should read this prospectus and any supplement carefully before you invest. ConocoPhillips common stock is
traded on the New York Stock Exchange under the trading symbol "COP."
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is October 6, 2017
Table of Contents
TABLE OF CONTENTS
Unless
otherwise stated or the context otherwise requires, references in this prospectus to "ConocoPhillips," "we," "us" and "our" refer, collectively, to ConocoPhillips and its
consolidated subsidiaries, including ConocoPhillips Company; references to the "CPCo" refer to ConocoPhillips Company, and not to any of its subsidiaries or affiliates.
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ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have filed with the U.S. Securities and Exchange Commission, or the "SEC," using a
"shelf" registration process. Using this process, we may offer any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general
description of the securities we may offer. Each time we use this prospectus to offer securities, we will provide a prospectus supplement and, if applicable, a pricing supplement that will describe
the specific terms of the offering. The prospectus supplement and any pricing supplement may also add to, update or change the information contained in this prospectus. Please carefully read this
prospectus, the prospectus supplement and any pricing supplement, in addition to the information contained in the documents we refer to under the heading "Where You Can Find More Information."
ABOUT CONOCOPHILLIPS
ConocoPhillips is the world's largest independent exploration and production company, based on proved reserves and production of liquids and
natural gas. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries as of June 30, 2017. ConocoPhillips' principal executive office is located
at 600 North Dairy Ashford, Houston, Texas 77079, telephone (281) 293-1000.
ABOUT CONOCOPHILLIPS COMPANY
ConocoPhillips Company is a direct, wholly owned subsidiary of ConocoPhillips. Its principal executive offices are located at 600 North Dairy
Ashford, Houston, Texas 77079, telephone (281) 293-1000.
WHERE YOU CAN FIND MORE INFORMATION
ConocoPhillips files annual, quarterly and current reports, proxy statements and other information with the SEC. You can read and copy these
materials at the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about the operation of the SEC's public reference room by calling
the SEC at 1-800-SEC-0330. The SEC also maintains an Internet site that contains information ConocoPhillips has filed electronically with the SEC, which you can access over the Internet at
www.sec.gov. You can also obtain information about ConocoPhillips at the offices of the New York Stock Exchange, 20 Broad Street, New York, New York 10005. CPCo does not file separate reports, proxy
statements or other information with the SEC under the Securities Exchange Act of 1934, or the "Exchange Act."
This
prospectus is part of a joint registration statement we have filed with the SEC relating to the securities we may offer. As permitted by SEC rules, this prospectus does not contain
all of the information we have included in the registration statement and the accompanying exhibits and schedules we file with the SEC. You may refer to the registration statement, exhibits and
schedules for more information about us and the securities. The registration statement, exhibits and schedules are available at the SEC's public reference room or through its Internet site.
The
SEC allows us to "incorporate by reference" the information ConocoPhillips has filed with it, which means that we can disclose important information to you by referring you to those
documents. The information we incorporate by reference is an important part of this prospectus, and later information that ConocoPhillips files with the SEC will automatically update and supersede
this information. We incorporate by reference the documents listed below and any future filings ConocoPhillips makes with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act
(excluding any information furnished pursuant to Item 2.02 or Item 7.01 of any such Current Report on
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Form 8-K
that is not deemed filed under the Exchange Act) until the termination of this offering. The documents we incorporate by reference are:
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ConocoPhillips' Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the SEC on February 21,
2017, which incorporates certain sections of ConocoPhillips' proxy statement for its 2017 annual meeting of stockholders, as filed with the SEC on April 3, 2017;
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ConocoPhillips' Quarterly Report on Form 10-Q for the periods ended March 31, 2017 and June 30, 2017, as filed with the
SEC on May 4, 2017 and August 1, 2017, respectively;
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ConocoPhillips' Current Reports on Form 8-K filed on March 29, 2017 (Items 1.01 and 9.01 only), May 18, 2017
(Items 2.01 and 9.01 only), May 19, 2017 (as amended on July 17, 2017), June 29, 2017 (Items 2.06 and 9.01 only), July 12, 2017 (Items 5.02 and 9.01
only) and October 6, 2017 (two filings); and
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the description of ConocoPhillips common stock contained in ConocoPhillips' Current Report on Form 8-K, as filed with the SEC on
August 30, 2002, as that description may be updated from time to time.
We
will provide without charge to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of any document incorporated by reference into this
prospectus, other than exhibits to any such document not specifically described above by oral request or by written request at the following address:
ConocoPhillips
Shareholder Relations Department
P. O. Box 2197
Houston, Texas 77079-2197
Telephone: (281) 293-6800
You should rely only on the information contained or incorporated by reference in this prospectus, the prospectus supplement or any pricing supplement. We have
not authorized any person, including any salesman or broker, to provide information other than that provided in this prospectus, the prospectus supplement or any pricing supplement. We have not
authorized anyone to provide you with different information. We are not making an offer of the securities in any jurisdiction where the offer is not permitted. You should assume that the information
in this prospectus and any prospectus supplement or pricing supplement is accurate only as of the date on its cover page and that any information we have incorporated by reference is accurate only as
of the date of the document incorporated by reference.
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FORWARD-LOOKING INFORMATION
This prospectus, including the information we incorporate by reference, includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, or the "Securities Act," and Section 21E of the Exchange Act. You can identify our forward-looking statements by the words "anticipate,"
"estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal,"
"guidance," "outlook," "effort," "target" and similar expressions.
We
based the forward-looking statements on ConocoPhillips' current expectations, estimates and projections about ConocoPhillips and the industries in which it operates in general. We
caution you that these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we
cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, ConocoPhillips' actual outcomes and
results may differ
materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors, including the
following:
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fluctuations in crude oil, bitumen, natural gas, LNG and natural gas liquids prices, including a prolonged decline in these prices relative to
historical or future expected levels;
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the impact of recent, significant declines in prices for crude oil, bitumen, natural gas, LNG and natural gas liquids, which may result in
recognition of impairment costs on our long-lived assets, leaseholds and nonconsolidated equity investments;
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potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including
due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance;
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inability to maintain reserves replacement rates consistent with prior periods, whether as a result of the recent, significant declines in
commodity prices or otherwise;
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unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage;
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unexpected changes in costs or technical requirements for constructing, modifying or operating exploration and production facilities;
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legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change
or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
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lack of, or disruptions in, adequate and reliable transportation for our crude oil, bitumen, natural gas, LNG and natural gas liquids;
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inability to timely obtain or maintain permits, including those necessary for drilling and/or development, construction of LNG terminals or
regasification facilities; failure to comply with applicable laws and regulations; or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable
laws or regulations;
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failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future exploration and
production and LNG development in a timely manner (if at all) or on budget;
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potential disruption or interruption of our operations due to accidents, extraordinary weather events, civil unrest, political events, war,
terrorism, cyber-attacks or infrastructure constraints or disruptions;
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changes in international monetary conditions and exchange controls, including changes in foreign currency exchange rates;
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reduced demand for our products or the use of competing energy products, including alternative energy sources;
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substantial investment in and development of alternative energy sources, including as a result of existing or future environmental rules and
regulations;
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liability for remedial actions, including removal and reclamation obligations, under environmental regulations;
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liability resulting from litigation;
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general domestic and international economic and political developments, including armed hostilities; expropriation of assets; changes in
governmental policies relating to crude oil, bitumen, natural gas, LNG and natural gas liquids pricing, regulation or taxation; and other political, economic or diplomatic developments;
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volatility in the commodity futures markets;
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changes in tax and other laws, regulations (including alternative energy mandates), or royalty rules applicable to our business;
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competition in the oil and gas exploration and production industry;
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any limitations on our access to capital or increase in our cost of capital related to illiquidity or uncertainty in the domestic or
international financial markets;
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our inability to execute asset dispositions or delays in the completion of any asset dispositions we elect to pursue, including our announced
dispositions, which we collectively refer to as the "Sale Transactions," as well as any future asset dispositions we may undertake;
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potential failure to obtain, or delays in obtaining, any necessary regulatory approvals for the Sale Transactions, or that such approvals may
require modification to the terms of the Sale Transactions or the operation of our remaining business;
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potential disruption of our operations as a result of the Sale Transactions, including the diversion of management time and attention;
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our inability to deploy the net proceeds from any asset dispositions we undertake, including the Sale Transactions, in the manner and timeframe
we currently anticipate, if at all;
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our inability to liquidate the common stock issued to us by Cenovus Energy as part of our sale of certain assets in western Canada at prices we
deem acceptable, or at all;
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our inability to obtain economical financing for development, construction or modification of facilities and general corporate purposes;
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the operation and financing of our joint ventures;
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the ability of our customers and other contractual counterparties to satisfy their obligations to us;
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our inability to realize anticipated cost savings and expenditure reductions; and
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the factors generally described in our most recent Annual Report on Form 10-K and any additional risks described in our other filings
with the SEC.
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USE OF PROCEEDS
Unless we inform you otherwise in the prospectus supplement, the net proceeds from the sale of the securities will be used for general corporate
purposes, including repayment or refinancing of debt, acquisitions, working capital, capital expenditures and repurchases and redemptions of securities. Pending any specific application, we may
initially invest funds in short-term marketable securities or apply them to the reduction of other short-term indebtedness.
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table presents the historical ratio of earnings to fixed charges of ConocoPhillips for the six months ended June 30, 2017
and for each of the years in the five-year period ended December 31, 2016. ConocoPhillips had no preferred stock outstanding for any period presented, and accordingly its ratio of earnings to
combined fixed charges and preferred stock dividends is the same as its ratio of earnings to fixed charges.
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Six Months
Ended
June 30,
2017
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Year Ended December 31,
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2016
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2015
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2014
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2013
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2012
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Ratio of Earnings to Fixed Charges:
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ConocoPhillips
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8.2
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10.6
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11.1
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Earnings
for the six-month period ended June 30, 2017 and for the years ended December 31, 2016 and 2015 were inadequate to cover fixed charges by
$4,709 million, $5,272 million and $7,287 million, respectively.
For
purposes of this table, "earnings" consist of income from continuing operations before income taxes and non-controlling interests that have not incurred fixed charges, plus fixed
charges (excluding capitalized interest but including amortization of amounts previously capitalized), plus distributions greater (or minus distributions less) than equity in earnings of equity method
investees of ConocoPhillips. "Fixed charges" consist of interest (including capitalized interest) on all debt, amortization of debt discounts and expenses incurred on issuance, interest expenses
relating to guaranteed debt of fifty-percent-or-less-owned companies and that portion of rental expense believed to represent interest.
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DESCRIPTION OF DEBT SECURITIES
The debt securities of ConocoPhillips covered by this prospectus will be general unsecured obligations of ConocoPhillips. ConocoPhillips will
issue senior debt securities fully and unconditionally guaranteed by CPCo on a senior unsecured basis under an indenture, dated as of October 9, 2002, among ConocoPhillips, as issuer, CPCo, as
guarantor, and The Bank of New York Mellon Trust Company, N.A., as trustee. We refer to this indenture as the "ConocoPhillips senior indenture." ConocoPhillips will issue subordinated debt securities
under an indenture to be entered into between ConocoPhillips and The Bank of New York Mellon Trust Company, N.A., as trustee. We refer to this indenture as the "subordinated indenture."
The
debt securities of CPCo covered by this prospectus will be general unsecured obligations of CPCo. CPCo will issue senior debt securities fully and unconditionally guaranteed by
ConocoPhillips on a senior unsecured basis under an indenture, dated as of December 7, 2012, among CPCo, as issuer, ConocoPhillips, as guarantor, and The Bank of New York Mellon Trust Company,
N.A., as trustee. We
refer to this indenture as the "CPCo senior indenture." We refer to the ConocoPhillips senior indenture and the CPCo senior indenture as the "senior indentures" and to the debt securities issued
thereunder as the "senior debt securities." We refer to the senior indentures and the subordinated indenture collectively as the "indentures."
The
ConocoPhillips senior indenture and the CPCo senior indenture are substantially identical, except for the identity of the issuer and guarantor. The ConocoPhillips senior indenture
and the subordinated indenture will be substantially identical, except for provisions relating to subordination and covenants.
We
have summarized material provisions of the indentures, the debt securities and the guarantees below, including the defined terms under "Glossary." This summary is not
complete. We have filed the senior indentures and the form of subordinated indenture with the SEC as exhibits to the registration statement, and you should read the indentures for provisions that may
be important to you.
In
this summary description of the debt securities, unless we state otherwise or the context clearly indicates otherwise, all references to "ConocoPhillips" mean ConocoPhillips only and
all references to "CPCo" mean ConocoPhillips Company only.
Provisions Applicable to Each Indenture
General.
Neither the ConocoPhillips senior indenture nor the subordinated indenture limits the amount of debt securities that may be
issued under
that indenture, and neither limits the amount of other unsecured debt or securities that ConocoPhillips may issue. ConocoPhillips may issue debt securities under the ConocoPhillips senior indenture
and the subordinated indenture from time to time in one or more series, each in an amount authorized prior to issuance.
The
CPCo senior indenture does not limit the amount of debt securities that may be issued under that indenture and does not limit the amount of other unsecured debt or securities that
CPCo may issue. CPCo may issue debt securities under the CPCo senior indenture from time to time in one or more series, each in an amount authorized prior to issuance.
Each
of ConocoPhillips and CPCo conducts substantially all its operations through subsidiaries, and those subsidiaries generate substantially all of ConocoPhillips' and CPCo's operating
income and cash flow. As a result, distributions or advances from those subsidiaries are the principal source of funds necessary to meet the debt service obligations of ConocoPhillips and CPCo.
Contractual provisions or laws, as well as the subsidiaries' financial condition and operating requirements, may limit the ability of ConocoPhillips or CPCo to obtain cash from its subsidiaries that
it requires to pay its debt service obligations, including any payments required to be made under the debt securities. In
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addition,
holders of the debt securities will have a junior position to the claims of creditors of the subsidiaries of ConocoPhillips or CPCo, as applicable, on their assets and earnings.
Other
than the restrictions contained in the senior indentures on liens and sale/leaseback transactions described below under "Provisions Applicable Solely to Senior Debt
SecuritiesRestrictive Covenants," none of the indentures contains any covenants or other provisions designed to protect holders of the debt securities in the event ConocoPhillips or CPCo
participates in a highly leveraged transaction or upon a change of control. The indentures also do not contain provisions that give holders the right to require ConocoPhillips or CPCo to repurchase
their securities in the event of a decline in ConocoPhillips' or CPCo's credit ratings for any reason, including as a result of a takeover, recapitalization or similar restructuring or otherwise.
Terms.
The prospectus supplement relating to any series of debt securities being offered will include specific terms relating to the
offering. These
terms will include some or all of the following:
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whether ConocoPhillips or CPCo will issue the debt securities;
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whether the debt securities will be senior or subordinated debt securities;
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the price at which ConocoPhillips or CPCo will issue the debt securities;
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the title of the debt securities;
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the total principal amount of the debt securities;
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whether the debt securities will be issued in individual certificates to each holder or in the form of temporary or permanent global securities
held by a depositary on behalf of holders;
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the date or dates on which the principal of and any premium on the debt securities will be payable;
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any interest rate, the date from which interest will accrue, interest payment dates and record dates for interest payments;
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any right to extend or defer the interest payment periods and the duration of the extension;
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whether and under what circumstances any additional amounts with respect to the debt securities will be payable;
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the place or places where payments on the debt securities will be payable;
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any provisions for optional redemption or early repayment;
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any provisions that would require the redemption, purchase or repayment of debt securities;
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the denominations in which the debt securities will be issued;
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whether payments on the debt securities will be payable in foreign currency or currency units or another form and whether payments will be
payable by reference to any index or formula;
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the portion of the principal amount of debt securities that will be payable if the maturity is accelerated, if other than the entire principal
amount;
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any additional means of defeasance of the debt securities, any additional conditions or limitations to defeasance of the debt securities or any
changes to those conditions or limitations;
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any changes or additions to the events of default or covenants described in this prospectus;
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any restrictions or other provisions relating to the transfer or exchange of debt securities;
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any terms for the conversion or exchange of the debt securities for other securities of ConocoPhillips, CPCo or any other entity;
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with respect to the subordinated indenture, any changes to the subordination provisions for the subordinated debt securities; and
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any other terms of the debt securities not inconsistent with the applicable indenture.
ConocoPhillips
and CPCo may sell the debt securities at a discount, which may be substantially below their stated principal amount. These debt securities may bear no interest or interest
at a rate that at the time of issuance is below market rates. If ConocoPhillips or CPCo sells these debt securities, the applicable prospectus supplement will describe any material United States
federal income tax consequences and other special considerations.
If
ConocoPhillips or CPCo sells any of the debt securities for any foreign currency or currency unit or if payments on the debt securities are payable in any foreign currency or currency
unit, the applicable prospectus supplement will describe the restrictions, elections, tax consequences, specific terms and other information relating to those debt securities and the foreign currency
or currency unit.
Consolidation, Merger and Sale of Assets.
The indentures generally permit a consolidation or merger involving ConocoPhillips or, with
respect to the
senior indentures, CPCo. They also permit ConocoPhillips or CPCo, as applicable, to lease, transfer or dispose of all or substantially all of its assets. Each of ConocoPhillips and, with respect to
the senior indentures, CPCo has agreed, however, that it will not consolidate with or merge into any entity (other than, with respect to the senior indentures, ConocoPhillips or CPCo, as applicable)
or lease, transfer or dispose of all or substantially all of its assets to any entity (other than, with respect to the senior indentures, ConocoPhillips or CPCo, as applicable)
unless:
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it is the continuing person; or
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if it is not the continuing person, the resulting entity or transferee is organized and existing under the laws of any United States
jurisdiction and assumes the performance of its covenants and obligations under the indentures and the due and punctual payments on the debt securities or the performance of the related guarantees, as
applicable; and
-
-
in either case, immediately after giving effect to the transaction, no default or event of default would occur and be continuing or would
result from the transaction.
Upon
any such consolidation, merger or asset lease, transfer or disposition involving ConocoPhillips or, with respect to the senior indentures, CPCo, the resulting entity or transferee
will be substituted for ConocoPhillips or CPCo, as applicable, under the applicable indenture and debt securities. In the case of an asset transfer or disposition other than a lease, ConocoPhillips or
CPCo, as applicable, will be released from the applicable indenture.
Modification and Waiver.
Each indenture may be amended or supplemented if the holders of a majority in principal amount of the
outstanding debt
securities of all series issued under that indenture that are affected by the amendment or supplement (acting as one class) consent to it. Without the consent of the holder of each debt security
affected, however, no modification may:
-
-
reduce the amount of debt securities whose holders must consent to an amendment, supplement or waiver;
-
-
reduce the rate of or change the time for payment of interest on the debt security;
-
-
reduce the principal of, any premium on or any mandatory sinking fund payment with respect to, or change the stated maturity of, any debt
security or reduce the amount of the principal of an original issue discount security that would be due and payable upon a declaration of acceleration of the maturity thereof;
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-
-
reduce any premium payable on the redemption of the debt security or change the time at which the debt security may or must be redeemed;
-
-
change any obligation to pay additional amounts on the debt security;
-
-
make payments on the debt security payable in currency other than as originally stated in the debt security;
-
-
impair the holder's right to institute suit for the enforcement of any payment on or with respect to the debt security;
-
-
make any change in the percentage of principal amount of debt securities necessary to waive compliance with certain provisions of the indenture
or to make any change in the provision related to modification;
-
-
with respect to the subordinated indenture, modify the provisions relating to the subordination of any subordinated debt security in a manner
adverse to the holder of that security; or
-
-
waive a continuing default or event of default regarding any payment on the debt securities.
Each
indenture may be amended or supplemented or any provision of that indenture may be waived without the consent of any holders of debt securities issued under that indenture in
certain circumstances, including:
-
-
to cure any ambiguity, omission, defect or inconsistency;
-
-
to provide for the assumption of the obligations under the indenture of ConocoPhillips or, with respect to the senior indentures, CPCo by a
successor upon any merger, consolidation or asset transfer permitted under the indenture;
-
-
to provide for uncertificated debt securities in addition to or in place of certificated debt securities or to provide for bearer debt
securities;
-
-
to provide any security for, any guarantees of or any additional obligors on any series of debt securities or, with respect to the
ConocoPhillips senior indenture, the related guarantees;
-
-
to comply with any requirement to effect or maintain the qualification of that indenture under the Trust Indenture Act of 1939;
-
-
to add covenants that would benefit the holders of any debt securities or to surrender any rights ConocoPhillips or, with respect to the senior
indentures, CPCo has under the indenture;
-
-
to add events of default with respect to any debt securities;
-
-
to make any change that does not adversely affect any outstanding debt securities of any series issued under that indenture in any material
respect;
-
-
to establish the form or terms of debt securities of any series;
-
-
to supplement any of the provisions of an indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge
of any series of debt securities; provided, however, that any such action shall not adversely affect the interest of the holders of debt securities of such series or any other series of debt
securities in any material respect; and
-
-
to evidence and provide for the acceptance of appointment by a successor trustee with respect to the debt securities of one or more series and
to add to or change any of the provisions of an indenture as shall be necessary to provide for or facilitate the administration of the trusts thereunder by more than one trustee.
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The
holders of a majority in principal amount of the outstanding debt securities of any series (or, in some cases, of all debt securities issued under the applicable indenture, voting as
one class) may waive any existing or past default or event of default with respect to those debt securities. Those holders may not, however, waive any default or event of default in any payment on any
debt security or compliance with a provision that cannot be amended or supplemented without the consent of each holder affected.
Defeasance.
When we use the term defeasance, we mean discharge from some or all of the obligations of ConocoPhillips or CPCo, as
applicable, under
the indentures. If any combination of funds or government securities are deposited with the trustee under an indenture sufficient to make payments on the debt securities of a series issued under that
indenture on the dates those payments are due and payable, then, at the option of ConocoPhillips, or with respect to the CPCo senior indenture, CPCo, either of the following will
occur:
-
-
ConocoPhillips and, with respect to the senior indentures, CPCo will be discharged from its or their obligations with respect to the debt
securities of that series and, if applicable, the related guarantees ("legal defeasance"); or
-
-
ConocoPhillips and, with respect to the senior indentures, CPCo will no longer have any obligation to comply with the restrictive covenants,
the merger covenant and other specified covenants under the applicable indenture, and the related events of default will no longer apply ("covenant defeasance").
If
a series of debt securities is defeased, the holders of the debt securities of the series affected will not be entitled to the benefits of the applicable indenture, except for
obligations to register the transfer or exchange of debt securities, replace stolen, lost or mutilated debt securities or maintain paying agencies and hold moneys for payment in trust. In the case of
covenant defeasance, the obligation of ConocoPhillips or, with respect to the CPCo senior indenture, CPCo to pay principal, premium and interest on the debt securities and, if applicable, CPCo's or
ConocoPhillips' guarantees of the payments will also survive.
Unless
we inform you otherwise in the prospectus supplement, we will be required to deliver to the trustee an opinion of counsel that the deposit and related defeasance would not cause
the holders of the debt securities to recognize income, gain or loss for U.S. federal income tax purposes. If we elect legal defeasance, that opinion of counsel must be based upon a ruling from the
U.S. Internal Revenue Service or a change in law to that effect.
Governing Law.
New York law will govern the indentures and the debt securities.
Trustee.
The Bank of New York Mellon Trust Company, N.A. is the trustee under the senior indentures and will be the trustee under the
subordinated
indenture. The Bank of New York Mellon Trust Company, N.A. serves as trustee or custodian relating to a number of series of debt and other long-term repayment obligations of ConocoPhillips and its
subsidiaries as of June 30, 2017. The Bank of New York Mellon Trust Company, N.A. and its affiliates perform certain commercial banking services for us for which they receive customary fees and
are lenders under various outstanding credit facilities of subsidiaries of ConocoPhillips.
If
an event of default occurs under an indenture and is continuing, the trustee under that indenture will be required to use the degree of care and skill of a prudent person in the
conduct of that person's own affairs. The trustee will become obligated to exercise any of its powers under that indenture at the request of any of the holders of any debt securities issued under that
indenture only after those holders have offered the trustee indemnity satisfactory to it.
Each
indenture contains limitations on the right of the trustee, if it becomes a creditor of ConocoPhillips or, if applicable, CPCo, to obtain payment of claims or to realize on certain
property
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received
for any such claim, as security or otherwise. The trustee is permitted to engage in other transactions with ConocoPhillips and, if applicable, CPCo. If, however, it acquires any conflicting
interest, it must eliminate that conflict or resign within 90 days after ascertaining that it has a conflicting interest and after the occurrence of a default under the applicable indenture,
unless the default has been cured, waived or otherwise eliminated within the 90-day period.
Form, Exchange, Registration and Transfer.
The debt securities will be issued in registered form, without interest coupons. There will
be no service
charge for any registration of transfer or exchange of the debt securities. However, payment of any transfer tax or similar governmental charge payable for that registration may be required.
Debt
securities of any series will be exchangeable for other debt securities of the same series, the same total principal amount and the same terms but in different authorized
denominations in accordance with the applicable indenture. Holders may present debt securities for registration of transfer at the office of the security registrar or any transfer agent ConocoPhillips
or, if applicable, CPCo designates. The security registrar or transfer agent will effect the transfer or exchange if its requirements and the requirements of the applicable indenture are met.
The
trustee will be appointed as security registrar for the debt securities. If a prospectus supplement refers to any transfer agents ConocoPhillips or, if applicable, CPCo initially
designates, ConocoPhillips or, if applicable, CPCo may at any time rescind that designation or approve a change in the location through which any transfer agent acts. ConocoPhillips and CPCo are
required to maintain an office or agency for transfers and exchanges in each place of payment. ConocoPhillips and CPCo may at any time designate additional transfer agents for any series of debt
securities.
In
the case of any redemption, ConocoPhillips or, if applicable, CPCo will not be required to register the transfer or exchange of:
-
-
any debt security during a period beginning 15 business days prior to the mailing of the relevant notice of redemption or repurchase and ending
on the close of business on the day of mailing of such notice; or
-
-
any debt security that has been called for redemption in whole or in part, except the unredeemed portion of any debt security being redeemed in
part.
Payment and Paying Agents.
Unless we inform you otherwise in a prospectus supplement, payments on the debt securities will be made in
U.S. dollars at
the office of the trustee and any paying agent. At the option of ConocoPhillips, or with respect to the CPCo senior debt securities, CPCo, however, payments may be made by wire transfer for global
debt securities or by check mailed to the address of the person entitled to the payment as it appears in the security register. Unless we inform you otherwise in a prospectus supplement, interest
payments may be made to the person in whose name the debt security is registered at the close of business on the record date for the interest payment.
Unless
we inform you otherwise in a prospectus supplement, the trustee under the applicable indenture will be designated as the paying agent for payments on debt securities issued under
that indenture.
ConocoPhillips
or CPCo, as applicable, may at any time designate additional paying agents or rescind the designation of any paying agent or approve a change in the office through which
any paying agent acts.
If
the principal of or any premium or interest on debt securities of a series is payable on a day that is not a business day, the payment will be made on the following business day. For
these purposes, unless we inform you otherwise in a prospectus supplement, a "business day" is any day that is not a Saturday, a Sunday or a day on which banking institutions in any of New York, New
York; Houston, Texas or a place of payment on the debt securities of that series is authorized or obligated by law, regulation or executive order to remain closed.
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Subject to the requirements of any applicable abandoned property laws, the trustee and paying agent will pay to us upon written request any money held by them for
payments on the debt securities that remains unclaimed for two years after the date upon which that payment has become due. After payment to us, holders entitled to the money must look to us for
payment. In that case, all liability of the trustee or paying agent with respect to that money will cease.
Book-Entry Debt Securities.
The debt securities of a series may be issued in the form of one or more global debt securities that would
be deposited
with a depositary or its nominee identified in the prospectus supplement. Global debt securities may be issued in either temporary or permanent form. We will describe in the prospectus supplement the
terms of any depositary arrangement and the rights and limitations of owners of beneficial interests in any global debt security.
Provisions Applicable Solely to Senior Debt Securities
Ranking.
The ConocoPhillips senior debt securities will constitute senior debt of ConocoPhillips and will rank equally with all of its
unsecured and
unsubordinated debt from time to time outstanding. The CPCo senior debt securities will constitute senior debt of CPCo and will rank equally with all of its unsecured and unsubordinated debt from time
to time outstanding.
Guarantee.
Pursuant to the ConocoPhillips senior indenture, CPCo will fully and unconditionally guarantee on a senior unsecured basis
the full and
prompt payment of the principal of and any premium and interest on the senior debt securities issued by ConocoPhillips when and as the payment becomes due and payable, whether at maturity or
otherwise. The guarantees provide that in the event of a default in the payment of principal of or any premium or interest on a ConocoPhillips senior debt security, the holder of that debt security
may institute legal proceedings directly against CPCo to enforce the guarantees without first proceeding against ConocoPhillips. The guarantees will rank equally with all of CPCo's other unsecured and
unsubordinated debt from time to time outstanding.
Pursuant
to the CPCo senior indenture, ConocoPhillips will fully and unconditionally guarantee on a senior unsecured basis the full and prompt payment of the principal of and any premium
and interest on the senior debt securities issued by CPCo when and as the payment becomes due and payable, whether at maturity or otherwise. The guarantees provide that in the event of a default in
the payment of principal of or any premium or interest on a CPCo senior debt security, the holder of that debt security may institute legal proceedings directly against ConocoPhillips to enforce the
guarantees without first proceeding against CPCo. The guarantees will rank equally with all of ConocoPhillips' other unsecured and unsubordinated debt from time to time outstanding.
Restrictive Covenants.
ConocoPhillips has agreed to two principal restrictions on its activities for the benefit of holders of the
ConocoPhillips
senior debt securities and CPCo senior debt securities. The restrictive covenants summarized below will apply to a series of senior debt securities of ConocoPhillips or CPCo (unless waived or amended)
as long as any of those debt securities are outstanding, unless the prospectus supplement for the series states otherwise. We have used in this summary description capitalized terms that we have
defined below under "Glossary."
ConocoPhillips
has agreed that it and its Principal Domestic Subsidiaries will issue, assume or guarantee Debt for borrowed money secured by a lien upon a Principal Property or shares of
stock or Debt of any Principal Domestic Subsidiary only if the outstanding senior debt securities are secured equally and ratably with or prior to the Debt secured by that lien. If the senior debt
securities are so secured, ConocoPhillips has the option to secure any of its and its Subsidiaries' other Debt or
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obligations
equally and ratably with or prior to the Debt secured by the lien and, accordingly, equally and ratably with the senior debt securities. This covenant has exceptions that
permit:
-
(a)
-
with
respect to the ConocoPhillips senior indenture, liens existing on the date ConocoPhillips first issued a series of senior debt securities under such indenture
and, with respect to the CPCo senior indenture, liens existing on the date CPCo first issues a series of senior debt securities under such indenture;
-
(b)
-
liens
on the property, assets, stock, equity or Debt of any entity existing at the time ConocoPhillips or a Subsidiary acquires that entity or its property or at the
time the entity becomes a Subsidiary or a Principal Domestic Subsidiary;
-
(c)
-
liens
on assets either:
-
-
existing at the time of acquisition of the assets,
-
-
securing all of part of the cost of acquiring, constructing, improving, developing or expanding the assets, or
-
-
securing Debt incurred to finance all or part of the purchase price of the assets or the cost of constructing, improving,
developing or expanding the assets that was incurred before, at the time of or within two years after the later of the acquisition, the completion of construction, improvement, development or
expansion or the commencement of commercial operation of the assets;
-
(d)
-
liens
on specific assets to secure Debt incurred to provide funds for the cost of exploration, drilling or development of those assets;
-
(e)
-
intercompany
liens;
-
(f)
-
liens
securing industrial development, pollution control or other revenue bonds of a domestic government entity;
-
(g)
-
liens
on personal property, other than shares of stock or debt of any Principal Domestic Subsidiary, securing loans maturing in less than one year;
-
(h)
-
liens
on a Principal Property arising in connection with the sale of accounts receivable resulting from the sale of oil or gas at the wellhead;
-
(i)
-
statutory
or other liens arising in the ordinary course of business and relating to amounts that are not yet delinquent or are being contested in good faith; and
-
(j)
-
any
extensions, substitutions, replacements or renewals of the above-described liens or any Debt secured by these liens if both:
-
-
the new lien is limited to the property (plus any improvements) secured by the original lien, and
-
-
the amount of Debt secured by the new lien and not otherwise permitted does not materially exceed the amount of Debt refinanced
plus any premium or fee payable in connection with any such extension, substitution, replacement or renewal.
In
addition, without securing the senior debt securities as described above, ConocoPhillips and its Principal Domestic Subsidiaries may issue, assume or guarantee Debt that this covenant
would otherwise restrict in a total principal amount that, when added to all other outstanding Debt of ConocoPhillips and its Principal Domestic Subsidiaries that this covenant would otherwise
restrict and the total amount of Attributable Debt outstanding for Sale/Leaseback Transactions, does not exceed a "basket" equal to 10% of Consolidated Adjusted Net Assets. When calculating this total
principal amount, we exclude from the calculation Attributable Debt from Sale/Leaseback Transactions in
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connection
with which ConocoPhillips or a Subsidiary has purchased property or retired or defeased Debt as described in clause (b) below under "Limitation on Sale/Leaseback Transactions."
The
following types of transactions do not create "Debt" secured by "liens" within the meaning of this covenant:
-
(a)
-
the
sale or other transfer of either:
-
-
oil, gas or other minerals in place for a period of time until, or in an amount such that, the purchaser will realize from those
minerals a specified amount of money or a specified amount of those minerals, or
-
-
any other interest in property commonly referred to as a "production payment;" and
-
(b)
-
the
mortgage or pledge of any property of ConocoPhillips or a Subsidiary in favor of the United States, any state of the United States or any department, agency or
instrumentality of either, to secure payments under any contract or statute.
ConocoPhillips
has agreed that it and any of its Principal Domestic Subsidiaries will enter into a Sale/Leaseback Transaction only if at least one of the following
applies:
-
(a)
-
ConocoPhillips
or that Principal Domestic Subsidiary could incur Debt in a principal amount equal to the Attributable Debt for that Sale/Leaseback Transaction and,
without violating the "Limitation on Liens" covenant, could secure that Debt by a lien on the property to be leased without equally and ratably securing the senior debt securities.
-
(b)
-
Within
the period beginning one year before the closing of the Sale/Leaseback Transaction and ending one year after the closing, ConocoPhillips or any Subsidiary
applies the net proceeds of the Sale/Leaseback Transaction either:
-
-
to the voluntary defeasance or retirement of any senior debt securities issued under the ConocoPhillips senior indenture (in the
case of the ConocoPhillips senior indenture), senior debt securities issued under the CPCo senior indenture (in the case of the CPCo senior indenture) or any Funded Debt, or
-
-
to the acquisition, exploration, drilling, development, construction, improvement or expansion of one or more Principal
Properties.
Any
net proceeds that are not applied for the purposes described in (b) will be subject to the limitation described in (a). For purposes of these calculations, the net proceeds of
the Sale/Leaseback Transaction means the net proceeds of the sale or transfer of the property leased in the Sale/Leaseback Transaction (or, if greater, the fair value of that property at the time of
the Sale/Leaseback Transaction as determined by ConocoPhillips' board of directors).
Provisions Applicable to Senior Debt Securities under the ConocoPhillips Senior Indenture and
Subordinated Debt Securities
Events of Default.
Unless otherwise described in the applicable prospectus supplement, the following are events of default with respect
to a series
of debt securities:
-
-
failure to pay interest on that series of debt securities for 30 days when due;
-
-
failure to pay principal of or any premium on that series of debt securities when due;
-
-
failure to pay any sinking fund payment for 30 days when due;
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-
-
failure to comply with any covenant or agreement in that series of debt securities or the applicable indenture (other than an agreement or
covenant that has been included in the indenture solely for the benefit of other series of debt securities) for 90 days after written notice by the trustee or by the holders of at least 25% in
principal amount of the outstanding debt securities issued under that indenture that are affected by that failure;
-
-
specified events involving bankruptcy, insolvency or reorganization of ConocoPhillips and, with respect to the senior debt securities, CPCo;
and
-
-
any other event of default provided for that series of debt securities.
A
default under one series of debt securities will not necessarily be a default under another series. The trustee may withhold notice to the holders of the debt securities of any default
or event of default (except in any payment on the debt securities) if the trustee considers it in the interest of the holders of the debt securities to do so.
If
an event of default for any series of debt securities occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the outstanding debt securities of
the series affected by the default (or, in some cases, 25% in principal amount of all debt securities issued under the applicable indenture that are affected, voting as one class) may declare the
principal of and all accrued and unpaid interest on those debt securities to be due and payable. If an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs,
the principal of and interest on all the debt securities issued under the applicable indenture will become immediately due and payable without any action on the part of the trustee or any holder. The
holders of a majority in principal amount of the outstanding debt securities of the series affected by the default (or, in some cases, of all debt securities issued under the applicable indenture that
are affected, voting as one class) may in some cases rescind this accelerated payment requirement.
A
holder of a debt security of any series issued under an indenture may pursue any remedy under that indenture only if:
-
-
the holder gives the trustee written notice of a continuing event of default with respect to that series;
-
-
the holders of at least 25% in principal amount of the outstanding debt securities of that series make a written request to the trustee to
pursue the remedy;
-
-
the holders offer to the trustee indemnity satisfactory to the trustee against any loss, liability or expense;
-
-
the trustee does not comply with the request within 60 days after receipt of the request and offer of indemnity; and
-
-
during that 60-day period, the holders of a majority in principal amount of the debt securities of that series do not give the trustee a
direction inconsistent with the request.
This
provision does not, however, affect the right of a holder of a debt security to sue for enforcement of any overdue payment.
In
most cases, holders of a majority in principal amount of the outstanding debt securities of a series (or of all debt securities issued under the applicable indenture that are
affected, voting as one class) may direct the time, method and place of:
-
-
conducting any proceeding for any remedy available to the trustee; and
-
-
exercising any trust or power conferred on the trustee relating to or arising as a result of an event of default.
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The
ConocoPhillips senior indenture requires ConocoPhillips and CPCo, and the subordinated indenture requires ConocoPhillips, to file each year with the trustee a written statement as to
their compliance with the covenants contained in the applicable indenture.
Provisions Applicable Solely to Senior Debt Securities under the CPCo Senior Indenture
Events of Default.
Unless otherwise described in the applicable prospectus supplement, the following are events of default with respect
to a series
of debt securities:
-
-
failure to pay interest on that series of debt securities for 30 days when due;
-
-
failure to pay principal of or any premium on that series of debt securities when due;
-
-
failure to pay any sinking fund payment for 30 days when due;
-
-
failure to comply with any covenant or agreement in that series of debt securities or the CPCo senior indenture (other than an agreement or
covenant that has been included in the indenture solely for the benefit of other series of debt securities) for 90 days after written notice by the trustee or by the holders of at least 25% in
principal amount of the outstanding debt securities issued under that indenture that are affected by that failure;
-
-
specified events involving bankruptcy, insolvency or reorganization of ConocoPhillips and CPCo; and
-
-
any other event of default provided for that series of debt securities.
A
default under one series of debt securities will not necessarily be a default under another series. The trustee may withhold notice to the holders of the debt securities of any default
or event of default (except in any payment on the debt securities) if the trustee considers it in the interest of the holders of the debt securities to do so.
If
an event of default for any series of debt securities occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the outstanding debt securities of
the series affected by the default (or, in some cases, 25% in principal amount of all debt securities issued under the CPCo senior indenture that are affected, voting as one class) may declare the
principal of and all accrued and unpaid interest on those debt securities to be due and payable. If an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs,
the principal of and interest on all the debt securities issued under the CPCo senior indenture will become immediately due and payable without any action on the part of the trustee or any holder. The
holders of a majority in principal amount of the outstanding debt securities of the series affected by the default (or, in some cases, of all debt securities issued under the CPCo senior indenture
that are affected, voting as one class) may in some cases rescind this accelerated payment requirement.
A
holder of a debt security of any series issued under the CPCo senior indenture may pursue any remedy under that indenture only if:
-
-
the holder gives the trustee written notice of a continuing event of default with respect to that series;
-
-
the holders of at least 25% in principal amount of the outstanding debt securities of that series make a written request to the trustee to
pursue the remedy;
-
-
the holders offer to the trustee indemnity satisfactory to the trustee against any loss, liability or expense;
-
-
the trustee does not comply with the request within 60 days after receipt of the request and offer of indemnity; and
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-
-
during that 60-day period, the holders of a majority in principal amount of the debt securities of that series do not give the trustee a
direction inconsistent with the request.
This
provision does not, however, affect the right of a holder of a debt security to sue for enforcement of any overdue payment.
In
most cases, holders of a majority in principal amount of the outstanding debt securities of a series (or of all debt securities issued under the applicable indenture that are
affected, voting as one class) may direct the time, method and place of:
-
-
conducting any proceeding for any remedy available to the trustee; and
-
-
exercising any trust or power conferred on the trustee relating to or arising as a result of an event of default.
The
CPCo senior indenture requires ConocoPhillips and CPCo to file each year with the trustee a written statement as to their compliance with the covenants contained in the applicable
indenture.
Glossary
"Attributable Debt" means the present value of the rental payments during the remaining term of the lease included in the Sale/Leaseback
Transaction. To determine that present value, we use a discount rate equal to the lease rate of the Sale/Leaseback Transaction. For these purposes, rental payments do not include any amounts required
to be paid for taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights. In the case of any lease
that the lessee may terminate by paying a penalty, if the net amount (including payment of the penalty) would be reduced if the lessee terminated the lease on the first date that it could be
terminated, then this lower net amount will be used.
"Consolidated
Adjusted Net Assets" means the total amount of assets of ConocoPhillips and its consolidated subsidiaries less:
-
-
all current liabilities (excluding liabilities that are extendable or renewable at ConocoPhillips' option to a date more than 12 months
after the date of calculation and excluding current maturities of long-term debt); and
-
-
total prepaid expenses and deferred charges.
ConocoPhillips
will calculate its Consolidated Adjusted Net Assets based on its most recent quarterly balance sheet.
"Debt"
means all notes, bonds, debentures or other similar evidences of debt for money borrowed.
"Funded
Debt" means all Debt that matures on or is renewable to a date more than one year after the date the Debt is incurred.
"Principal
Domestic Subsidiary" means any Subsidiary (1) that has substantially all its assets in the United States, (2) that owns a Principal Property and (3) in
which ConocoPhillips' capital investment, together with any intercompany loans to that Subsidiary and any debt of that Subsidiary guaranteed by ConocoPhillips or any other Subsidiary, exceeds
$100 million. CPCo is a Principal Domestic Subsidiary of ConocoPhillips.
"Principal
Property" means any oil or gas producing property located onshore or offshore of the United States or any refinery or manufacturing plant located in the United States. This
term excludes any property, refinery or plant that in the opinion of ConocoPhillips' board of directors is not materially important to the total business conducted by ConocoPhillips and its
consolidated subsidiaries. This term also excludes any transportation or marketing facilities or assets.
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"Sale/Leaseback
Transaction" means any arrangement with anyone under which ConocoPhillips or a Subsidiary leases any Principal Property that ConocoPhillips or that Subsidiary has sold or
transferred or will sell or transfer to that person. This term excludes the following:
-
-
temporary leases for a term of not more than three years;
-
-
intercompany leases;
-
-
leases of a Principal Property executed by the time of or within 12 months after the latest of the acquisition, the completion of
construction or improvement, or the commencement of commercial operation of the Principal Property; and
-
-
arrangements under any provision of law with an effect similar to the former Section 168(f)(8) of the Internal Revenue Code of 1954.
"Subsidiary"
means an entity at least a majority of the outstanding voting stock of which is owned, directly or indirectly, by ConocoPhillips or by one or more other Subsidiaries, or by
ConocoPhillips and one or more other Subsidiaries.
Provisions Applicable Solely to Subordinated Debt Securities
Ranking.
The subordinated debt securities will rank junior to all Senior Debt of ConocoPhillips and may rank equally with or senior to
other
subordinated debt of ConocoPhillips that may be outstanding from time to time.
Subordination.
Under the subordinated indenture, payment of the principal of and any premium and interest on the subordinated debt
securities will
generally be subordinated and junior in right of payment to the prior payment in full of all Senior Debt. Unless we inform you otherwise in the prospectus supplement, ConocoPhillips may not make any
payment of principal of or any premium or interest on the subordinated debt securities if it fails to pay the principal, interest, premium or any other amounts on any Senior Debt when due.
The
subordination does not affect ConocoPhillips' obligation, which is absolute and unconditional, to pay, when due, the principal of and any premium and interest on the subordinated
debt securities. In addition, the subordination does not prevent the occurrence of any default under the subordinated indenture.
The
subordinated indenture does not limit the amount of Senior Debt that ConocoPhillips may incur. As a result of the subordination of the subordinated debt securities, if ConocoPhillips
becomes insolvent, holders of subordinated debt securities may receive less on a proportionate basis than other creditors.
Unless
we inform you otherwise in the prospectus supplement, "Senior Debt" will mean all debt, including guarantees, of ConocoPhillips, unless the debt states that it is not senior to
the subordinated debt securities or other junior debt of ConocoPhillips. Senior Debt with respect to a series of subordinated debt securities could include other series of debt securities issued under
the subordinated indenture.
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DESCRIPTION OF CAPITAL STOCK
The following description of ConocoPhillips' common stock, preferred stock, certificate of incorporation and bylaws is a summary only and is
subject to the complete text of ConocoPhillips' certificate of incorporation and bylaws, which we have filed as exhibits to the registration statement. You should read those documents for provisions
that may be important to you.
ConocoPhillips
is authorized to issue 2.5 billion shares of common stock, par value $0.01 per share, and 500 million shares of preferred stock, par value $0.01 per share.
Common Stock
Each holder of ConocoPhillips common stock is entitled to one vote per share in the election of directors and on all other matters submitted to
the vote of stockholders. However, except as otherwise required by law, holders of ConocoPhillips common stock are not entitled to vote on any amendment to ConocoPhillips' certificate of incorporation
that relates solely to the terms of any series of ConocoPhillips preferred stock if holders of the ConocoPhillips preferred stock are entitled to vote on the amendment under ConocoPhillips'
certificate of incorporation or Delaware law. There are no cumulative voting rights, meaning that the holders of a majority of the shares of ConocoPhillips common stock voting for the election of
directors can elect all of the directors standing for election.
Subject
to the rights of the holders of any ConocoPhillips preferred stock that may be outstanding from time to time, each share of ConocoPhillips common stock will have an equal and
ratable right to receive dividends as may be declared by the ConocoPhillips board of directors out of funds legally available for the payment of dividends, and, in the event of the liquidation,
dissolution or winding up of ConocoPhillips, will be entitled to share equally and ratably in the assets available for distribution to ConocoPhillips stockholders. No holder of ConocoPhillips common
stock will have any preemptive or other subscription rights to purchase or subscribe for any securities of ConocoPhillips.
ConocoPhillips
common stock is traded on the New York Stock Exchange under the trading symbol "COP." The transfer agent for the common stock is Computershare Shareowner
Services LLC.
Preferred Stock
ConocoPhillips' board of directors has the authority, without stockholder approval, to issue up to 500 million shares of preferred stock
in one or more series and to fix the number of shares and terms of each series. The board may determine the designation and other terms of each series, including, among
others:
-
-
dividend rights;
-
-
voting powers;
-
-
preemptive rights;
-
-
conversion rights;
-
-
redemption rights; and
-
-
liquidation preferences.
The
prospectus supplement relating to any series of preferred stock ConocoPhillips is offering will include specific terms relating to the offering and the name of any transfer agent for
that series. We will file the form of the preferred stock with the SEC before we issue any of it, and you should read it for provisions that may be important to you. The prospectus supplement will
include some or all of the following terms:
-
-
the title of the preferred stock;
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-
-
the maximum number of shares of the series;
-
-
the dividend rate or the method of calculating the dividend, the date from which dividends will accrue and whether dividends will be
cumulative;
-
-
any liquidation preference;
-
-
any optional redemption provisions;
-
-
any sinking fund or other provisions that would obligate us to redeem or purchase the preferred stock;
-
-
any terms for the conversion or exchange of the preferred stock for other securities of us or any other entity;
-
-
whether ConocoPhillips has elected to issue depositary shares with respect to the preferred stock as described below under "Description of
Depositary Shares;"
-
-
any voting rights; and
-
-
any other preferences and relative, participating, optional or other special rights or any qualifications, limitations or restrictions on the
rights of the shares.
The
issuance of preferred stock, while providing desired flexibility in connection with possible acquisitions and other corporate purposes, could adversely affect the voting power of
holders of ConocoPhillips' common stock. It also could affect the likelihood that holders of the common stock will receive dividend payments and payments upon liquidation.
Anti-Takeover Provisions of ConocoPhillips' Certificate of Incorporation and Bylaws
ConocoPhillips' certificate of incorporation and bylaws contain provisions that could delay or make more difficult the acquisition of control of
ConocoPhillips through a hostile tender offer, open market purchases, proxy contest, merger or other takeover attempt that a stockholder might consider in his or her best interest, including those
attempts that might result in a premium over the market price of ConocoPhillips' common stock.
Authorized but Unissued Stock
ConocoPhillips has 2.5 billion authorized shares of common stock and 500 million authorized shares of preferred stock. One of the
consequences of ConocoPhillips' authorized but unissued common stock and undesignated preferred stock may be to enable ConocoPhillips' board of directors to make more difficult or to discourage an
attempt to obtain control of ConocoPhillips. If, in the exercise of its fiduciary obligations, ConocoPhillips' board of directors determined that a takeover proposal was not in ConocoPhillips' best
interest, the board could authorize the issuance of those shares without stockholder approval, subject to limits imposed by the New York Stock Exchange. The shares could be issued in one or more
transactions that might prevent or make the completion of a proposed change of control transaction more difficult or costly by:
-
-
diluting the voting or other rights of the proposed acquiror or insurgent stockholder group;
-
-
creating a substantial voting block in institutional or other hands that might undertake to support the position of the incumbent board; or
-
-
effecting an acquisition that might complicate or preclude the takeover.
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In
this regard, ConocoPhillips' certificate of incorporation grants its board of directors broad power to establish the rights and preferences of the authorized and unissued preferred
stock. ConocoPhillips' board could establish one or more series of preferred stock that entitle holders to:
-
-
vote separately as a class on any proposed merger or consolidation;
-
-
cast a proportionately larger vote together with ConocoPhillips common stock on any transaction or for all purposes;
-
-
elect directors having terms of office or voting rights greater than those of other directors;
-
-
convert preferred stock into a greater number of shares of ConocoPhillips common stock or other securities;
-
-
demand redemption at a specified price under prescribed circumstances related to a change of control of ConocoPhillips; or
-
-
exercise other rights designed to impede a takeover.
Stockholder Action by Written Consent; Special Meetings of Stockholders
ConocoPhillips' certificate of incorporation provides that no action that is required or permitted to be taken by its stockholders at any annual
or special meeting may be taken by written consent of stockholders in lieu of a meeting, and that special meetings of stockholders may be called only by the board of directors or the chairman of the
board.
Advance Notice Procedure for Director Nominations and Stockholder Proposals; Proxy Access
ConocoPhillips' bylaws provide the manner in which stockholders may give notice of stockholder nominations and other business to be brought
before an annual meeting. In general, to bring a matter before an annual meeting or to nominate a candidate for director, a stockholder must give notice of the proposed matter or nomination not less
than 90 and not more than 120 days prior to the first anniversary date of the immediately preceding meeting. If the annual meeting is not within 30 days before or after the anniversary
date of the preceding annual meeting, the stockholder notice must be received not earlier than the 120th day prior to the date of such annual meeting and not later than the close of business on
the later of (1) 90 days prior to the date of the annual meeting or (2) if the first public announcement of the date of such annual meeting is less than 100 days prior to
the date of the annual meeting, the close of business on the 10th day following the day on which notice of the annual meeting was mailed or first publicly disclosed.
In
addition to the director nomination provisions described above, our by-laws contain a "proxy access" provision that provides that any stockholder or group of up to twenty stockholders
who have owned 3% or more of our outstanding common stock continuously for at least three years to nominate and include in our proxy materials director candidates constituting up to 20% of our board
of directors or
two directors, whichever is greater, provided that the stockholders and the nominees satisfy the eligibility requirements specified in our by-laws. A stockholder proposing to nominate a person for
election to our board of directors through the proxy access provision must provide us with a notice requesting the inclusion of the director nominee in our proxy materials and other required
information not less than 120 days nor more than 150 days prior to the first anniversary of the date on which we first mail our proxy materials for the preceding year's annual meeting of
stockholders. In addition an eligible stockholder may include a written statement of not more than 500 words supporting the candidacy of such stockholder nominee. The complete proxy access provision
for director nominations are set forth in our by-laws.
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These
procedures may limit the ability of stockholders to nominate candidates for director and bring other business before a stockholders meeting, including the consideration of any
transaction that could result in a change of control and that might result in a premium to ConocoPhillips' stockholders.
Fair Price Provision
ConocoPhillips' certificate of incorporation requires that specified business combinations involving a person or entity that beneficially owns
15% or more of the outstanding shares of ConocoPhillips voting stock or that is an affiliate of that person, which we refer to as a related person, must be approved by (1) at least 80% of the
votes entitled to be cast by the voting stock and (2) at least 66
2
/
3
% of the votes entitled to be cast by the voting stock other than voting stock owned by the related person.
These supermajority requirements do not apply if:
-
-
a majority of the directors who are unaffiliated with the related person and who were in office before the related person became a related
person approve the transaction; or
-
-
specified fair price conditions are met that in general provide that the payment received by the stockholders in the business combination is
not less than the amount the related person paid or agreed to pay for any shares of ConocoPhillips' voting stock acquired within one year of the business combination.
Amendment of Certificate of Incorporation and Bylaws
Amendments to ConocoPhillips' certificate of incorporation generally must be approved by the board of directors and by a majority of the
outstanding stock entitled to vote on the amendment, and, if applicable, by majority of the outstanding stock of each class or series entitled to vote on the amendment as a class or series.
Under
the ConocoPhillips' certificate of incorporation, the affirmative vote of shares representing not less than 80% of the votes entitled to be cast by the voting stock is required to
alter, amend or adopt any provision inconsistent with or repeal the provisions that, among others, (1) control the constitution of the board of directors, (2) deny stockholders the right
to call a special meeting or to act by written consent, (3) limit or eliminate the liability of directors to ConocoPhillips and (4) set the 80% supermajority threshold applicable with
respect to the provisions above.
Additionally,
the affirmative vote of shares representing (1) not less than 80% of the votes entitled to be cast by the voting stock, voting together as a single class, and
(2) not less than 66
2
/
3
% of the votes entitled to be cast by the voting stock not owned, directly or indirectly, by any related person is required to amend, repeal, or adopt any
provisions inconsistent with, the fair price provision described above.
ConocoPhillips'
bylaws have similar supermajority vote requirements for provisions relating to, among others, special stockholder meetings; prohibition on action by stockholder written
consent; nominating directors and bringing business before an annual stockholder meeting; the number, classification and qualification of directors; filling vacancies on the board of directors; and
removing directors.
Limitation of Liability of Directors
To the fullest extent permitted by Delaware law, ConocoPhillips' directors will not be personally liable to ConocoPhillips or its stockholders
for monetary damages for breach of fiduciary
duty as a director. Delaware law currently permits the elimination of all liability for breach of fiduciary duty, except liability:
-
-
for any breach of the duty of loyalty to ConocoPhillips or its stockholders;
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-
-
for acts or omissions not in good faith or involving intentional misconduct or a knowing violation of law;
-
-
for unlawful payment of a dividend or unlawful stock purchases or redemptions; and
-
-
for any transaction from which the director derived an improper personal benefit.
As
a result, neither ConocoPhillips nor its stockholders have the right, through stockholders' derivative suits on ConocoPhillips' behalf, to recover monetary damages against a director
for breach of fiduciary duty as a director, including breaches resulting from grossly negligent behavior, except in the situations described above.
Delaware Anti-Takeover Law
ConocoPhillips is a Delaware corporation and is subject to Section 203 of the Delaware General Corporation Law, which regulates corporate
acquisitions. Section 203 prevents an "interested stockholder," which is defined generally as a person owning 15% or more of a corporation's voting stock, or any affiliate or associate of that
person, from engaging in a broad range of "business combinations" with the corporation for three years after becoming an interested stockholder unless:
-
-
the board of directors of the corporation had previously approved either the business combination or the transaction that resulted in the
stockholder's becoming an interested stockholder;
-
-
upon completion of the transaction that resulted in the stockholder's becoming an interested stockholder, that person owned at least 85% of the
voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by persons who are directors and also officers and shares owned in employee stock plans in
which participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
-
-
following the transaction in which that person became an interested stockholder, the business combination is approved by the board of directors
of the corporation and holders of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.
Under
Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or
notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested
stockholder with the approval of a majority of the corporation's directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any
person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors.
Section 203
may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period.
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DESCRIPTION OF WARRANTS
ConocoPhillips may issue warrants to purchase any combination of debt securities, common stock, preferred stock, rights or other securities of
ConocoPhillips or any other entity. ConocoPhillips may issue warrants independently or together with other securities. Warrants sold with other securities may be attached to or separate from the other
securities. ConocoPhillips will issue warrants under one or more warrant agreements between it and a warrant agent that we will name in the prospectus supplement.
The
prospectus supplement relating to any warrants ConocoPhillips is offering will include specific terms relating to the offering. We will file the form of any warrant agreement with
the SEC, and you should read the warrant agreement for provisions that may be important to you. The prospectus supplement will include some or all of the following
terms:
-
-
the title of the warrants;
-
-
the aggregate number of warrants offered;
-
-
the designation, number and terms of the debt securities, common stock, preferred stock, rights or other securities purchasable upon exercise
of the warrants, and procedures by which the number of securities purchasable may be adjusted;
-
-
the exercise price of the warrants;
-
-
the dates or periods during which the warrants are exercisable;
-
-
the designation and terms of any securities with which the warrants are issued;
-
-
if the warrants are issued as a unit with another security, the date, if any, on and after which the warrants and the other security will be
separately transferable;
-
-
if the exercise price is not payable in U.S. dollars, the foreign currency, currency unit or composite currency in which the exercise price is
denominated;
-
-
any minimum or maximum amount of warrants that may be exercised at any one time; and
-
-
any terms, procedures and limitations relating to the transferability, exchange or exercise of the warrants.
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DESCRIPTION OF DEPOSITARY SHARES
General
ConocoPhillips may elect to offer shares of its preferred stock represented by depositary shares. The shares of any series of the preferred
stock underlying the depositary shares will be deposited under a separate deposit agreement between ConocoPhillips and a bank or trust company we will name in the prospectus supplement.
Subject
to the terms of the deposit agreement, each holder of a depositary share will be entitled, proportionately, to all the rights, preferences and privileges of the preferred stock
represented by that depositary share, including dividend, voting, redemption, conversion, exchange and liquidation rights. The depositary shares will be evidenced by depositary receipts issued under
the deposit agreement. Each receipt will represent the applicable interest in a number of shares of a particular series of the preferred stock, which we will describe in the prospectus supplement.
We
have summarized below selected provisions of the deposit agreement, the related depositary shares and depositary receipts evidencing those shares. This summary is not complete. We
will file the form of deposit agreement and the form of depositary receipts with the SEC before ConocoPhillips issues any depositary shares, and you should read those documents for provisions that may
be important to you.
A
holder of depositary shares will be entitled to receive the whole number of shares of preferred stock underlying those depositary shares. Holders will not be entitled to receive
fractional shares. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the whole number of shares to be withdrawn, the depositary will deliver to
that holder at the same time a new depositary receipt for the excess number of depositary shares.
Dividends and Other Distributions
The depositary will distribute all cash dividends or other cash distributions received with respect to the preferred stock to the record holders
of depositary receipts in proportion to the number of depositary shares owned by those holders.
If
there is a distribution other than in cash, the depositary will distribute property received by it to the record holders of depositary receipts in proportion, insofar as possible, to
the number of depositary shares owned by those holders. If the depositary determines that it is not feasible to make such a distribution, it may, with ConocoPhillips' approval, adopt any method that
it deems equitable and practicable to effect the distribution, including a sale of the property and distribution of the net proceeds from the sale to the holders.
The
amount distributed in any of the above cases will be reduced by any amount ConocoPhillips or the depositary is required to withhold on account of taxes.
Conversion and Exchange
If any preferred stock underlying the depositary shares is subject to provisions relating to its conversion or exchange as described in the
prospectus supplement, each record holder of depositary shares will have the right or obligation to convert or exchange those depositary shares in accordance with those provisions.
Redemption of Depositary Shares
Whenever ConocoPhillips redeems a share of preferred stock held by the depositary, the depositary will redeem on the same redemption date a
proportionate number of depositary shares representing the shares of preferred stock redeemed. The redemption price per depositary share will be
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equal
to the aggregate redemption price payable with respect to the number of shares of preferred stock underlying the depositary shares. If fewer than all the depositary shares are to be redeemed,
the depositary shares to be redeemed will be selected by lot or proportionately as ConocoPhillips may determine.
Voting
Upon receipt of notice of any meeting at which the holders of the preferred stock underlying the depositary shares are entitled to vote, the
depositary will mail the information contained in the notice to the record holders of the depositary receipts. Each record holder of the depositary receipts on the record date, which will be the same
date as the record date for the preferred stock, may then instruct the depositary as to the exercise of the voting rights pertaining to the number of shares of preferred stock underlying that holder's
depositary shares. The depositary will try, as far as practicable, to vote the number of shares of preferred stock underlying the depositary shares in accordance with the instructions, and
ConocoPhillips will agree to take all reasonable action that the depositary deems necessary to enable the depositary to do so. The depositary will abstain from voting the preferred stock to the extent
that it does not receive specific written instructions from holders of depositary shares representing the preferred stock.
Record Date
Whenever:
-
-
any cash dividend or other cash distribution becomes payable, any distribution other than cash is made, or any rights, preferences or
privileges are offered with respect to the preferred stock, or
-
-
the depositary receives notice of any meeting at which holders of preferred stock are entitled to vote or of which holders of preferred stock
are entitled to notice, or of the mandatory conversion of or any election by ConocoPhillips to call for the redemption of any preferred stock,
the
depositary will in each instance fix a record date, which will be the same as the record date for the preferred stock, for the determination of the holders of depositary
receipts:
-
-
who will be entitled to receive the dividend, distribution, rights, preferences or privileges or the net proceeds of any sale, or
-
-
who will be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of the meeting or the
redemption or conversion.
Amendment and Termination of the Deposit Agreement
ConocoPhillips and the depositary may at any time agree to amend the form of depositary receipt and any provision of the deposit agreement.
However, any amendment that adversely alters the rights of holders of depositary shares in any material respect will not be effective unless the amendment has been approved by the holders of at least
a majority of the depositary shares then outstanding. The deposit agreement may be terminated by ConocoPhillips or by the depositary only if all outstanding depositary shares have been redeemed or if
a final distribution on the underlying preferred stock has been made to the holders of the depositary shares in connection with the liquidation, dissolution or winding up of ConocoPhillips.
Charges of Depositary
ConocoPhillips will pay all charges of the depositary, including:
-
-
charges in connection with the initial deposit of the preferred stock;
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-
-
the initial issuance of the depositary receipts;
-
-
the distribution of information to the holders of depositary receipts with respect to matters on which preferred stock is entitled to vote; and
-
-
withdrawals of the preferred stock by the holders of depositary receipts or upon redemption or conversion of the preferred stock.
Holders
of depositary shares will pay taxes (including any transfer taxes) and other governmental charges and any other charges expressly provided in the deposit agreement to be at the
expense of those holders.
Resignation and Removal of Depositary
The depositary may at any time resign or be removed by ConocoPhillips. Any resignation or removal will become effective upon the acceptance by
the depositary's successor of its appointment. If ConocoPhillips has not appointed a successor depositary and the successor depositary has not accepted its appointment within 60 days after the
depositary delivered a resignation notice to ConocoPhillips, the depositary may terminate the deposit agreement.
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DESCRIPTION OF STOCK PURCHASE CONTRACTS
AND STOCK PURCHASE UNITS
ConocoPhillips may issue stock purchase contracts, including contracts obligating holders to purchase from ConocoPhillips, and ConocoPhillips to
sell to the holders, or for ConocoPhillips to issue in exchange for other securities, a specified number of shares of ConocoPhillips common stock or preferred stock (or a range of numbers of shares in
accordance with a predetermined formula) at a future date or dates or upon the occurrence of specified events. The price per share of common stock or preferred stock may be fixed at the time the stock
purchase contracts are issued or may be determined by reference to a specific formula set forth in the stock purchase contracts.
ConocoPhillips
may issue the stock purchase contracts separately or as a part of units, often known as stock purchase units, consisting of a stock purchase contract and any combination
of senior debt securities or subordinated debt securities of ConocoPhillips or debt obligations of third parties, including U.S. Treasury securities, securing the holder's obligations to purchase the
common stock or preferred stock under the stock purchase contracts.
The
stock purchase contracts may require ConocoPhillips to make periodic payments to the holders of the stock purchase units or vice versa, and those payments may be unsecured or
prefunded on some basis. The stock purchase contracts may require holders to secure their obligations in a specified manner, and in specified circumstances, ConocoPhillips may deliver newly issued
prepaid stock purchase contracts, often known as prepaid securities, upon release to a holder of any collateral securing that holder's obligations under the original stock purchase contract.
The
applicable prospectus supplement will describe the terms of any stock purchase contracts or stock purchase units and, if applicable, prepaid securities. That description will not be
complete. For more information, you should review the stock purchase contracts and, if applicable, the collateral arrangements and depositary arrangements relating to those stock purchase contracts or
stock purchase units and any prepaid securities and the document under which the prepaid securities will be issued. We will file forms of these documents with the SEC before ConocoPhillips issues any
stock purchase contracts or stock purchase units and, if applicable, prepaid securities.
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PLAN OF DISTRIBUTION
We may sell the securities in and outside the United States through underwriters or dealers, directly to purchasers or through agents.
Sale Through Underwriters or Dealers
If we use underwriters in the sale of securities, the underwriters will acquire the securities for their own account. The underwriters may
resell the securities from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices
determined at the time of sale. Underwriters may offer securities to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms
acting as underwriters. Unless we inform you otherwise in the prospectus supplement, the obligations of the underwriters to purchase the securities will be subject to conditions, and the underwriters
will be obligated to purchase all the securities if they purchase any of them. The underwriters may change from time to time any initial public offering price and any discounts or concessions allowed
or re-allowed or paid to dealers.
During
and after an offering through underwriters, the underwriters may purchase and sell the securities in the open market. These transactions may include overallotment and stabilizing
transactions and purchases to cover syndicate short positions created in connection with the offering. The underwriters may also impose a penalty bid, whereby selling concessions allowed to syndicate
members or other broker-dealers for the offered securities sold for their account may be reclaimed by the syndicate if such offered securities are repurchased by the syndicate in stabilizing or
covering transactions. These activities may stabilize, maintain or otherwise affect the market price of the offered securities, which may be higher than the price that might otherwise prevail in the
open market. If commenced, these activities may be discontinued at any time.
If
we use dealers in the sale of securities, we will sell the securities to them as principals. They may then resell those securities to the public at varying prices determined by the
dealers at the time of resale. The dealers participating in any sale of the securities may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those
securities. We will include in the prospectus supplement the names of the dealers and the terms of the transaction.
Direct Sales and Sales Through Agents
We may sell the securities directly. In that event, no underwriters or agents would be involved. We may also sell the securities through agents
we designate from time to time. In the prospectus supplement, we will name any agent involved in the offer or sale of the securities, and we will describe any commissions payable by us to the agent.
Unless we inform you otherwise in the prospectus supplement, any agent will agree to use its reasonable best efforts to solicit purchases for the period of its appointment.
We
may sell the securities directly to institutional investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those
securities. We will describe the terms of any such sales in the prospectus supplement.
Delayed Delivery Contracts
If we so indicate in the prospectus supplement, we may authorize agents, underwriters or dealers to solicit offers from certain types of
institutions to purchase securities from us at the public offering price under delayed delivery contracts. These contracts would provide for payment and delivery on a specified date in the future. The
contracts would be subject only to those conditions described in the
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prospectus
supplement. The prospectus supplement will describe the commission payable for solicitation of those contracts.
General Information
We may have agreements with the agents, dealers and underwriters to indemnify them against civil liabilities, including liabilities under the
Securities Act, or to contribute with respect to payments that the agents, dealers or underwriters may be required to make. Agents, dealers and underwriters may engage in transactions with us or
perform services for us in the ordinary course of their businesses.
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LEGAL MATTERS
The validity of the securities offered by ConocoPhillips and CPCo will be passed upon for us by King & Spalding LLP, Atlanta,
Georgia. Any underwriters will be advised about legal matters relating to any offering by their own legal counsel.
EXPERTS
The consolidated financial statements of ConocoPhillips appearing in ConocoPhillips' Annual Report (Form 10-K) for the year ended
December 31, 2016 (including condensed consolidating financial information and financial statement schedule appearing therein) and the effectiveness of ConocoPhillips' internal control over
financial reporting as of December 31, 2016, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included
therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such reports given on the authority of such firm as experts
in accounting and auditing.
DeGolyer
and MacNaughton, an independent petroleum engineering consulting firm, performed a process review of the processes and controls used within ConocoPhillips in its preparation of
proved reserves estimates as of December 31, 2016. This process review report appeared as an exhibit to ConocoPhillips' Annual Report on Form 10-K for the year ended December 31,
2016, and is incorporated by reference herein in reliance on the authority of such firm as experts in such matters.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The following table sets forth expenses payable by ConocoPhillips in connection with the issuance and distribution of the securities being
registered. All the amounts shown are estimates.
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SEC registration fees
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*
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Printing expenses
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Legal fees and expenses
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Accounting fees and expenses
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Fees and expenses of trustee and counsel
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Rating agency fees
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Miscellaneous
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Total
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-
*
-
Applicable
SEC registration fees have been deferred in accordance with Rules 456(b) and 457(r) of the Securities Act of 1933 and are not estimable at this time.
-
-
Estimated
expenses are not presently known. The foregoing sets forth the general categories of expenses (other than underwriting discounts and commissions)
that ConocoPhillips anticipates it will incur in connection with the offering of securities under this Registration Statement. An estimate of the aggregate expenses in connection with the issuance and
distribution of the securities being offered will be included in the applicable prospectus supplement.
Item 15. Indemnification of Directors and Officers
Delaware law permits a corporation to adopt a provision in its certificate of incorporation eliminating or limiting the personal liability of a
director, but not an officer in his or her capacity as such, to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except that such provision shall
not limit the liability of a director for (1) any breach of the director's duty of loyalty to the corporation or its stockholders, (2) acts or omissions not in good faith or that involve
intentional misconduct or a knowing violation of law, (3) liability under section 174 of the Delaware General Corporation Law for unlawful payment of dividends or stock purchases or
redemptions, or (4) any transaction from which the director derived an improper personal benefit. ConocoPhillips' amended and restated certificate of incorporation provides that, to the fullest
extent of Delaware law, no ConocoPhillips director shall be liable to ConocoPhillips or ConocoPhillips stockholders for monetary damages for breach of fiduciary duty as a director. The certificate of
incorporation of ConocoPhillips Company ("CPCo") has similar provisions with respect to its directors.
Under
Delaware law, a corporation may indemnify any individual made a party or threatened to be made a party to any type of proceeding, other than an action by or in the right of the
corporation, because he or she is or was an officer, director, employee or agent of the corporation or was serving at the request of the corporation as an officer, director, employee or agent of
another corporation or entity against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with such proceeding: (1) if he or she acted in
good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation; or (2) in the case of a criminal proceeding, he or she had no
reasonable cause to believe that his or her conduct was unlawful. A corporation may indemnify any individual made a party or threatened to be made a party to any threatened, pending or completed
action or suit brought by or in the right of the corporation because he or she was an officer, director, employee or agent of the corporation, or is or was serving at
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the
request of the corporation as a director, officer, employee or agent of another corporation or other entity, against expenses actually and reasonably incurred in connection with such action or
suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation,
provided
that such indemnification will be denied if
the individual is found liable to the corporation unless, in such a case, the court determines the
person is nonetheless entitled to indemnification for such expenses. A corporation must indemnify a present or former director or officer who successfully defends himself or herself in a proceeding to
which he or she was a party because he or she was a director or officer of the corporation against expenses actually and reasonably incurred by him or her. Expenses incurred by an officer or director,
or any employees or agents as deemed appropriate by the board of directors, in defending civil or criminal proceedings may be paid by the corporation in advance of the final disposition of such
proceedings upon receipt of an undertaking by or on behalf of such director, officer, employee or agent to repay such amount if it shall ultimately be determined that he or she is not entitled to be
indemnified by the corporation. The Delaware law regarding indemnification and expense advancement is not exclusive of any other rights which may be granted by ConocoPhillips' amended and restated
certificate of incorporation or bylaws, a vote of stockholders or disinterested directors, agreement or otherwise.
Under
the Delaware General Corporation Law, termination of any proceeding by conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption
that such person is prohibited from being indemnified.
ConocoPhillips'
bylaws provide for the indemnification and advancement of expenses of any individual made, or threatened to be made, a party to an action, suit or proceeding, whether
civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director or officer of ConocoPhillips or is or was a director or officer of ConocoPhillips serving as
an officer, director, employee or agent of any other enterprise at the request of ConocoPhillips to the fullest extent permitted under applicable law. CPCo's bylaws have similar provisions. However,
neither ConocoPhillips nor CPCo will indemnify a director or officer who commences any proceeding (except for proceedings to enforce rights of indemnification), unless the commencement of that
proceeding was authorized or consented to by the respective company's board of directors.
Item 16. Exhibits*
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Exhibit No.
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Description
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3.1.1
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Amended and Restated Certificate of Incorporation of ConocoPhillips (incorporated by reference to Exhibit 3.1 to the
Quarterly Report on Form 10-Q of ConocoPhillips filed on July 30, 2008; SEC File No. 001-32395).
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3.1.2
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Certificate of Designations of Series A Junior Participating Preferred Stock of ConocoPhillips (incorporated by reference to
Exhibit 3.2 to the Current Report on Form 8-K of ConocoPhillips filed on August 30, 2002; File No. 000-49987).
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3.2
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Amended and Restated By-Laws of ConocoPhillips, as amended and restated as of October 9, 2015 (incorporated by
reference to Exhibit 3.1 to the Current Report on Form 8-K of ConocoPhillips filed on October 13, 2015; File No. 001-32395).
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3.3.1
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Restated Certificate of Incorporation of ConocoPhillips Company (formerly known as Phillips Petroleum Company) (included as
Exhibit A to the Certificate of Merger filed by Phillips Petroleum Company with the Secretary of State of the State of Delaware on August 30, 2002) (incorporated by reference to Exhibit 3.4.1 to Post-Effective Amendment No. 1 to
the Registration Statement on Form S-3 of ConocoPhillips, ConocoPhillips Company, ConocoPhillips Trust I and ConocoPhillips Trust II filed on December 4, 2012; Registration Nos. 333-179626, 333-179626-01, 333 179626-02 and
333-179626-03).
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Exhibit No.
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Description
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3.3.2
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Certificate of Amendment to the Restated Certificate of Incorporation of ConocoPhillips Company (formerly known as Phillips
Petroleum Company) (incorporated by reference to Exhibit 3.4.2 to Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 of ConocoPhillips, ConocoPhillips Company, ConocoPhillips Trust I and ConocoPhillips Trust II
filed on December 4, 2012; Registration Nos. 333-179626, 333-179626-01, 333-179626-02 and 333-179626-03).
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3.4
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Bylaws of ConocoPhillips Company (incorporated by reference to Exhibit 3.5 to Post-Effective Amendment No. 1 to the
Registration Statement on Form S-3 of ConocoPhillips, ConocoPhillips Company, ConocoPhillips Trust I and ConocoPhillips Trust II filed on December 4, 2012; Registration Nos. 333-179626, 333-179626-01, 333 179626-02 and
333-179626-03).
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4.1
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Indenture, dated as of October 9, 2002, among ConocoPhillips, as issuer, CPCo, as guarantor, and The Bank of New York
Mellon Trust Company, N.A., as trustee, in respect of senior debt securities of ConocoPhillips (the "ConocoPhillips Senior Indenture") (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S-3 of ConocoPhillips,
ConocoPhillips Holding Company, CPCo, ConocoPhillips Trust I and ConocoPhillips Trust II filed on November 13, 2002; Registration Nos. 333-101187, 333-101187-01, 333-101187-02, 333-101187-03 and 333-101187-04 (the "Form S-3")).
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4.2
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Form of Indenture between ConocoPhillips and The Bank of New York Mellon Trust Company, N.A., as trustee, in respect of subordinated debt securities of ConocoPhillips (the "Subordinated
Indenture").
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4.3
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Indenture, dated as of December 7, 2012, among ConocoPhillips Company, as issuer, ConocoPhillips, as guarantor, and The
Bank of New York Mellon Trust Company, N.A., as trustee, in respect of senior debt securities of ConocoPhillips Company (the "CPCo Senior Indenture") (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of
ConocoPhillips filed on December 7, 2012; SEC File No. 001-32395).
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4.4
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Specimen certificate representing common stock, par value $0.01 per share, of ConocoPhillips (incorporated by reference to
Exhibit 4.1 to the Joint Proxy Statement/Prospectus included in Registration Statement on Form S-4 of ConocoPhillips filed with the SEC on December 7, 2001; Registration No. 333-74798).
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5.1
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Opinion of King & Spalding LLP.
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12.1
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Computation of ratio of earnings to fixed charges of ConocoPhillips for each of the years in the five-year period ended
December 31, 2016 (incorporated by reference to Exhibit 12 to the Annual Report on Form 10-K of ConocoPhillips for the year ended December 31, 2016, filed on February 21, 2017; SEC File No. 001-32395).
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12.2
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Computation of ratio of earnings to fixed charges of ConocoPhillips for the six months ended June 30, 2017 and 2016
(incorporated by reference to Exhibit 12 to the Quarterly Report on Form 10-Q of ConocoPhillips for the period ended June 30, 2017, filed on August 1, 2017; SEC File No. 001-32395).
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23.1
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Consent of Ernst & Young LLP.
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23.2
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Consent of DeGolyer and MacNaughton.
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23.3
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Consent of King & Spalding LLP (contained in Exhibit 5.1).
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24.1
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Powers of Attorney of directors and officers of ConocoPhillips (included on the signature page of the Registration Statement).
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Exhibit No.
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Description
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24.2
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Powers of Attorney of directors and officers of CPCo (included on the signature page of the Registration Statement).
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25.1
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Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon Trust Company, N.A., as trustee, under the ConocoPhillips Senior Indenture,
dated as of October 9, 2002.
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25.2
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Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon Trust Company, N.A., as trustee, for the form of Subordinated
Indenture.
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25.3
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Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of The Bank of New York Mellon Trust Company, N.A., as trustee, under the CPCo Senior Indenture, dated as of
December 7, 2012.
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*
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ConocoPhillips
will file as an exhibit to a Current Report on Form 8-K (i) any underwriting, remarketing or agency agreement relating to the securities
offered hereby, (ii) the instruments setting forth the terms of any debt securities, preferred stock, warrants, depositary shares or stock purchase contracts, (iii) any additional
required opinions of counsel with respect to legality of the securities offered hereby and (iv) any required opinion of counsel to ConocoPhillips as to certain tax matters relative to the
securities offered hereby.
Item 17. Undertakings
The undersigned Registrants hereby undertake:
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(1)
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To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
-
(i)
-
To
include any prospectus required by Section 10(a)(3) of the Securities Act;
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(ii)
-
To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in
the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
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(iii)
-
To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement;
provided, however
, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on
Form S-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to
Rule 424(b) that is part of the registration statement.
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(2)
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That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering
thereof.
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(3)
-
To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
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(4)
-
That,
for the purpose of determining liability under the Securities Act to any purchaser:
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(i)
-
Each
prospectus filed by a Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement; and
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(ii)
-
Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall
be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be
deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
Provided
,
however
, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
-
(5)
-
That,
for the purpose of determining liability of a Registrant under the Securities Act to any purchaser in the initial distribution of the securities, each
undersigned Registrant undertakes that in a primary offering of securities of such undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, such undersigned Registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:
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(i)
-
Any
preliminary prospectus or prospectus of such undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;
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(ii)
-
Any
free writing prospectus relating to the offering prepared by or on behalf of such undersigned Registrant or used or referred to by such undersigned Registrant;
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(iii)
-
The
portion of any other free writing prospectus relating to the offering containing material information about such undersigned Registrant or its securities
provided by or on behalf of such undersigned Registrant; and
-
(iv)
-
Any
other communication that is an offer in the offering made by such undersigned Registrant to the purchaser.
The
undersigned Registrants hereby further undertake that, for purposes of determining any liability under the Securities Act, each filing of a Registrant's annual report pursuant to
Section 13(a)
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or
Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing
provisions, or otherwise, each Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by a Registrant of expenses incurred or paid by a director, officer
or controlling person of such Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, such Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
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Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Houston, State of Texas, on October 6, 2017.
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ConocoPhillips
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By:
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/s/ DON E. WALLETTE, JR.
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Name:
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Don E. Wallette, Jr.
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Title:
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Executive Vice President, Finance, Commercial and Chief Financial Officer
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POWER OF ATTORNEY
Each person whose signature appears below appoints Don E. Wallette, Jr., Glenda M. Schwarz, and Janet Langford Carrig, and each of them,
severally, as his or her true and lawful attorney or attorneys-in-fact and agent or agents, each of whom shall be authorized to act with or without the other, with full power of substitution and
re-substitution, for him or her and in his or her name, place and stead in his or her capacity as a director or officer or both, as the case may be, of ConocoPhillips, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and all documents or instruments necessary or appropriate to enable ConocoPhillips to comply with the Securities Act of 1933, as
amended, and to file the same with the Securities and Exchange Commission, with full power and authority to each of said attorneys-in-fact and agents to do and perform in the name and on behalf of
each such director or officer, or both, as the case may be, each and every act whatsoever that is necessary, appropriate or advisable in connection with any or all of the above-described matters and
to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them or their substitutes, may lawfully do or
cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on October 6,
2017.
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Signature
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Title
|
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/s/ RYAN M. LANCE
Ryan M. Lance
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Chairman of the Board of Directors and Chief Executive Officer
(Principal Executive Officer)
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/s/ DON E. WALLETTE, JR.
Don E. Wallette, Jr.
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Executive Vice President, Finance, Commercial and Chief Financial Officer
(Principal Financial Officer)
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/s/ GLENDA M. SCHWARZ
Glenda M. Schwarz
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Vice President and Controller
(Principal Accounting Officer)
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Signature
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Title
|
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/s/ RICHARD L. ARMITAGE
Richard L. Armitage
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Director
|
/s/ RICHARD H. AUCHINLECK
Richard H. Auchinleck
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Director
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/s/ CHARLES E. BUNCH
Charles E. Bunch
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Director
|
/s/ CAROLINE MAURY DEVINE
Caroline Maury Devine
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Director
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/s/ GAY HUEY EVANS
Gay Huey Evans
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Director
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/s/ JOHN V. FARACI
John V. Faraci
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Director
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/s/ JODY FREEMAN
Jody Freeman
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Director
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/s/ SHARMILA MULLIGAN
Sharmila Mulligan
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Director
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/s/ ARJUN N. MURTI
Arjun N. Murti
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Director
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/s/ ROBERT A. NIBLOCK
Robert A. Niblock
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Director
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/s/ HARALD J. NORVIK
Harald J. Norvik
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Director
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II-8
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned registrant certifies that it has reasonable grounds to
believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Houston, State of Texas, on October 6, 2017.
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ConocoPhillips Company
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By:
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/s/ DON E. WALLETTE, JR.
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Name:
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Don E. Wallette, Jr.
|
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|
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Title:
|
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Executive Vice President, Finance, Commercial and Chief Financial Officer
|
POWER OF ATTORNEY
Each person whose signature appears below appoints Don E. Wallette, Jr., Glenda M. Schwarz, and Janet Langford Carrig, and each of them,
severally, as his or her true and lawful attorney or attorneys-in-fact and agent or agents, each of whom shall be authorized to act with or without the other, with full power of substitution and
re-substitution, for him or her and in his or her name, place and stead in his or her capacity as a director or officer or both, as the case may be, of ConocoPhillips, to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and all documents or instruments necessary or appropriate to enable ConocoPhillips to comply with the Securities Act of 1933, as
amended, and to file the same with the Securities and Exchange Commission, with full power and authority to each of said attorneys-in-fact and agents to do and perform in the name and on behalf of
each such director or officer, or both, as the case may be, each and every act whatsoever that is necessary, appropriate or advisable in connection with any or all of the above-described matters and
to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them or their substitutes, may lawfully do or
cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on October 6,
2017.
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Signature
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Title
|
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/s/ RYAN M. LANCE
Ryan M. Lance
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President and Chief Executive Officer
(Principal Executive Officer)
|
/s/ DON E. WALLETTE, JR.
Don E. Wallette, Jr.
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Director and Executive Vice President, Finance,
Commercial and Chief Financial Officer
(Principal Financial Officer)
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/s/ GLENDA M. SCHWARZ
Glenda M. Schwarz
|
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Vice President and Controller
(Principal Accounting Officer)
|
/s/ JANET LANGFORD CARRIG
Janet Langford Carrig
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Director
|
II-9
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