COP · 8-K · 20260806PR000030

Geographic Market Commentary

CONOCOPHILLIPS · 2026-08-06 · Importance 37 · Surprise 32 · In source text

Organic production growth in the Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties. Second-quarter production declined 4% year over year after adjusting for closed acquisitions and dispositions, while first-half production declined 2% on the same basis. The regional commentary indicates relative strength in the Lower 48 but weakness in Qatar and higher royalty effects at Surmont.

Key facts

• ConocoPhillips signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq to access long-life conventional redevelopment opportunities at an attractive entry cost and competitive cost of supply. source
• Company secured low cost of supply opportunities in the Middle East. source
• Organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties. source

Impact estimates