COP · 10-Q · 2026Q3 · Full report
Acquisitions and Divestitures
CONOCOPHILLIPS · 2026-11-05 · Importance 40 · Surprise 42 · In source text
In July 2026, ConocoPhillips agreed to acquire a direct equity holding in a non-operated joint venture supporting redevelopment of four producing oil fields in the Kirkuk area of northern Iraq. The purchase price is $0.4 billion before closing adjustments, including $0.2 billion in deferred payments due no later than three years after closing; closing is expected by year-end 2026, subject to approvals and customary conditions. In the third quarter, the company sold certain noncore Lower 48 assets for approximately $1.7 billion in net proceeds, with no material gain or loss.
Key facts
- ConocoPhillips sold interests in certain noncore Lower 48 assets for net proceeds of $1.7 billion in the third quarter of 2026; those assets averaged approximately 24 MBOED of production in 2025. source
- In July 2026, CONOCOPHILLIPS agreed to acquire a 42% direct equity holding in a non-operated joint venture supporting redevelopment of four producing oil fields in the Kirkuk area of northern Iraq; closing is expected by year-end 2026, subject to approvals and customary conditions, with an effective date of July 1, 2026. source
- The purchase price for ConocoPhillips’ planned Kirkuk joint venture acquisition is $0.4 billion before closing adjustments, including $0.2 billion in deferred payments due no later than three years after closing. source
- 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 northern Iraq; closing was expected by year-end 2026, subject to approvals and customary conditions, with an effective date of July 1, 2026. source
- In July 2026, ConocoPhillips agreed to acquire an unspecified percentage 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 is expected to close by the end of 2026, subject to approvals and customary conditions. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | probable | +0.2% | The purchase price for ConocoPhillips’ planned Kirkuk joint venture acquisition is $0.4 billion before closing adjustments, including $0.2… |
| cash | negative | probable | -0.1% | The purchase price for ConocoPhillips’ planned Kirkuk joint venture acquisition is $0.4 billion before closing adjustments, including $0.2… |
| liability | negative | probable | -0.1% | The purchase price for ConocoPhillips’ planned Kirkuk joint venture acquisition is $0.4 billion before closing adjustments, including $0.2… |