COP · Earnings call · 2026Q3T · Full report

Middle East Expansion Strategy

CONOCOPHILLIPS · 2026-11-05 · Importance 30 · Surprise 24

Management said several Middle East governments are seeking capable partners and that ConocoPhillips is evaluating opportunities in the region. Any new opportunity must provide attractive fiscal terms and a competitive risk-adjusted cost of supply, and complement the company’s existing portfolio. Management described potential additions as long-life resources, contingent on obtaining the right terms and maintaining long-term CFO growth with a lower reinvestment rate.

Key facts

• CONOCOPHILLIPS had recently been evaluating opportunities in the Middle East and said any additions must complement its existing portfolio and remain consistent with its lower-reinvestment-rate framework.
• CONOCOPHILLIPS said any new opportunity it pursued must offer attractive fiscal terms and a competitive risk-adjusted cost of supply.
• CONOCOPHILLIPS said its portfolio was heavily weighted to the OECD and that this created room to add Middle East exposure if opportunities met its framework.