COP · 10-Q · 2026Q3 · Full report

Portfolio Reshaping (M&A / Divestiture)

CONOCOPHILLIPS · 2026-11-05 · Importance 52 · Surprise 42 · From source text

In the third quarter of 2026, the company sold certain noncore Lower 48 assets for net proceeds of approximately $1.7 billion after customary adjustments; the assets had averaged about 24 MBOED of production in 2025. The sale, together with 2025 dispositions, completed the company’s $5 billion disposition target announced for year-end 2026. In July 2026, ConocoPhillips agreed to acquire a 42% direct equity holding in a non-operated joint venture from a wholly owned bp subsidiary, supporting redevelopment of four producing oil fields in northern Iraq’s Kirkuk area. The Iraq transaction was expected to close by year-end 2026, subject to regulatory approvals and customary conditions, with an effective date of July 1, 2026.

Key facts

• ConocoPhillips set a $5 billion total disposition target in the third quarter of 2025 and achieved it through third-quarter 2026 sales and 2025 dispositions. source
• Asset-sale proceeds were $1.8 billion in the first nine months of 2026 and $1.6 billion in the same 2025 period, primarily reflecting Lower 48 noncore-asset sales. source
• In the third quarter of 2026, ConocoPhillips sold interests in certain noncore Lower 48 assets for approximately $1.7 billion in net proceeds, with no material gain or loss. source
• Production from ConocoPhillips' Norway business and Teesside asset was approximately five percent of total company production volumes in 2025. source
• In October 2026, ConocoPhillips notified employees, partners and regulators that it was evaluating a potential sale of its Norway business and Teesside asset after receiving an unsolicited offer; it would retain the assets if no offer met its value expectations. source

Impact estimates