COP · 10-Q · 2026Q2 · Full report

Acquisition / Partnership / Divestiture

CONOCOPHILLIPS · 2026-08-06 · Importance 47 · Surprise 60 · In source text

In July 2026, ConocoPhillips agreed to acquire a 42 percent direct equity holding in a non-operated joint venture supporting redevelopment of four producing oil fields in the Kirkuk area of northern Iraq. The transaction requires regulatory approvals and is expected to close by the end of 2026, with cash outflow of $0.3 billion to $0.5 billion at closing, deferred payments of $0.2 billion due within three years, and an effective date of July 1, 2026. Separately, the company agreed to sell certain noncore Lower 48 interests for approximately $1.7 billion, with those transactions closing in the third quarter of 2026.

Key facts

• In July 2026, ConocoPhillips entered into an agreement with a wholly owned subsidiary of BP to acquire a percent direct equity holding in a non-operated joint venture supporting redevelopment of four large-scale currently producing oil fields in the Kirkuk area of northern Iraq; the purchase price is $0.4 billion before closing adjustments and includes deferred payments of $0.2 billion payable no later than three years from the date of close; the transaction is expected to close by the end of 2026 subject to regulatory approvals with an effective date of July 1, 2026. source
• In July 2026, we entered into an agreement with a wholly owned subsidiary of bp to acquire a 42 percent direct equity holding in a non-operated joint venture supporting redevelopment of four oil fields in the Kirkuk area of northern Iraq. source
• The cash outflow at close for the Kirkuk transaction is expected to be $0.3 billion to $0.5 billion, including reimbursement of our proportionate share of bp's project costs incurred from the effective date through close, and deferred payments of $0.2 billion will be paid no later than three years from the date of close. source
• The Kirkuk transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. source
• In June 2026, ConocoPhillips and a third-party operator jointly signed an agreement with the Syrian government and Syrian Petroleum Company to increase production from and further develop certain gas fields in Syria; the company does not expect material impacts in 2026. source

Impact estimates