COP · 8-K · 20260806PR000030
Acquisitions and Divestitures
CONOCOPHILLIPS · 2026-08-06 · Importance 65 · Surprise 60 · In source text
The company signed agreements to sell noncore Lower 48 assets for $1.7 billion, and the transaction closed in July 2026. The disposition enabled ConocoPhillips to achieve its $5 billion asset-disposition target ahead of schedule, with $0.2 billion of disposition proceeds received during the second quarter. ConocoPhillips also agreed to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq. The Kirkuk transaction is expected to close by year-end 2026 and is intended to provide access to long-life conventional redevelopment opportunities.
Key facts
- Signed agreements to sell noncore Lower 48 assets for $1.7 billion, which closed in July. source
- Signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq; closing expected by year-end 2026. source
- The company signed agreements to sell noncore Lower 48 assets for $1.7 billion. source
- The $1.7 billion sale of noncore Lower 48 assets closed in July. source
- Achieved $5 billion disposition target ahead of schedule. source
- Received $0.2 billion of disposition proceeds from the sale of noncore assets in the quarter. source
- In the first six months of 2026 the company received disposition proceeds of $0.2 billion. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | probable | — | Signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq; closing expected by year-end 2026. |
| cash | negative | probable | — | Signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq; closing expected by year-end 2026. |
| cash | positive | realized | — | Achieved $5 billion disposition target ahead of schedule. |
| assets | negative | realized | — | Achieved $5 billion disposition target ahead of schedule. |