COP · 10-Q · 2026Q2 · Full report

Purchase Commitments and Obligations

CONOCOPHILLIPS · 2026-08-06 · Importance 64 · Surprise 42 · Matches filing data

ConocoPhillips increased future contractual purchase obligations by approximately $7 billion in 2026. The increase primarily relates to long-term LNG offtake contracts, vessels and certain other capacity obligations. These commitments add to the company’s future fixed financial obligations while it continues funding capital expenditures, dividends, repurchases and debt payments.

Key facts

• In 2026, we increased future contractual purchase obligations related to long-term LNG offtake contracts and vessels, as well as certain other capacity obligations, by approximately $7 billion. source
• The contingent consideration arrangement related to the Surmont acquisition required payment of up to $0.4 billion CAD over a five-year term, and the amount we could pay under this arrangement was up to $0.3 billion USD at closing. source
• During the six-month period ended June 30, 2026, we made a final payment under the Surmont contingent consideration arrangement bringing cumulative payments since the acquisition date to $0.3 billion USD. source
• At June 30, 2026, and December 31, 2025, we had direct bank letters of credit of $295 million and $331 million, respectively, which secured performance obligations related to various purchase commitments. source
• At June 30, 2026, we had performance obligations secured by letters of credit of $ million related to various purchase commitments (amount placeholder included in excerpt). source
• Payments under the Surmont contingent consideration arrangement are included in the 'Other' line within the financing activities section of the consolidated statement of cash flows. source

Impact estimates