COP · 10-Q · 2026Q2 · Full report

Acquisitions and Partnerships

CONOCOPHILLIPS · 2026-08-06 · Importance 37 · Surprise 60 · No source text

In June 2026, ConocoPhillips and a third-party operator signed an agreement with the Syrian government and Syrian Petroleum Company to increase production from and further develop certain Syrian gas fields, although no material 2026 impact is expected. In July 2026, the company agreed to acquire a 42% direct equity interest in a non-operated joint venture redeveloping four producing oil fields in Kirkuk, northern Iraq. The Iraq transaction requires regulatory approvals, is expected to close by year-end 2026, and includes $0.3 billion to $0.5 billion of cash at closing plus $0.2 billion of deferred payments due within three years.

Key facts

• In July 2026, ConocoPhillips entered an agreement to acquire a 42 percent direct equity holding in a non-operated joint venture in the Kirkuk area of northern Iraq; cash outflow at close expected to be $0.3 billion to $0.5 billion and deferred payments of $0.2 billion payable no later than three years from close; expected to close by end of 2026 with effective date of July 1, 2026, subject to regulatory approvals and customary closing conditions. source

Impact estimates