COP · 10-Q · 2026Q2 · Full report
Acquisitions and Divestitures
CONOCOPHILLIPS · 2026-08-06 · Importance 65 · Surprise 60 · Contradicted
ConocoPhillips agreed to sell certain noncore Lower 48 assets for approximately $1.7 billion, with the transactions closing in the third quarter of 2026 and representing approximately 21 MBOED of 2025 production. The divestitures, together with 2025 asset sales, achieved the company’s $5 billion disposition target ahead of the end-2026 deadline. In July 2026, ConocoPhillips agreed to acquire a 42% direct interest in a non-operated joint venture redeveloping four producing oil fields in Kirkuk, northern Iraq. The Iraq transaction requires $300 million to $500 million of cash at closing plus $200 million of deferred payments due within three years, with closing expected by year-end 2026.
Key facts
- In the second quarter of 2026, ConocoPhillips entered into agreements to sell interests in certain noncore assets in the Lower 48 segment for approximately $1.7 billion, subject to customary closing adjustments. source
- In the second quarter of 2026, ConocoPhillips entered into agreements to sell noncore Lower 48 assets for approximately $1.7 billion, subject to customary closing adjustments; those transactions closed in the third quarter of 2026. source
- The company achieved its total disposition target of $5 billion by closing the $1.7 billion Lower 48 transactions in the third quarter of 2026, completing the target ahead of schedule. source
- In the second quarter of 2026, we entered into agreements to sell our interests in certain noncore assets in the Lower 48 segment for approximately $1.7 billion, subject to customary closing adjustments; these transactions closed in the third quarter of 2026. source
- The associated disposal group that met held-for-sale criteria had a net carrying value of approximately $1.5 billion as of June 30, 2026 and is included in 'Prepaid expenses and other current assets' on the consolidated balance sheet. source
- Those Lower 48 transactions closed in the third quarter of 2026. source
- Proceeds from asset sales were $0.2 billion in the first six months of 2026 and $1.3 billion in the first six months of 2025, primarily from the sale of assets in our Lower 48 segment. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +1.4% | In the second quarter of 2026, ConocoPhillips entered into agreements to sell noncore Lower 48 assets for approximately $1.7 billion,… |
| assets | positive | realized | — | The associated disposal group that met held-for-sale criteria had a net carrying value of approximately $1.5 billion as of June 30, 2026… |
| assets | unclear | realized | — | Those Lower 48 transactions closed in the third quarter of 2026. |