
ConocoPhillips (NYSE:COP) today announced it has agreed to terms with bp to acquire a 42% interest in BP Energy Company of Kirkuk Limited (BP ECKL), supporting the ongoing redevelopment of four large-scale, currently

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/COP">COP</a>) today announced it has agreed to terms with bp to acquire a 42% interest in BP Energy Company of Kirkuk Limited (BP ECKL), supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. The agreement is expected to be signed as part of Iraqi Prime Minister Ali al-Zaidi’s official visit to Washington, D.C.


"This unique redevelopment opportunity is well aligned with our disciplined investment framework, providing access to a material, high-quality and long-life resource base, comfortably meeting our cost of supply threshold," said Ryan Lance, chairman and chief executive officer. "Consistent with our focus on capital discipline, we see an opportunity to create value through a capital-efficient redevelopment program that leverages a large existing production base, while also offering meaningful exploration upside. We look forward to working with bp and the Government of Iraq to support the continued redevelopment of these historically significant fields in an important energy-producing region."


BP ECKL holds the Development and Production Contract (DPC) covering the currently producing and historically prolific Baba and Avanah domes of the Kirkuk oil field and three adjacent fields in Federal Iraq – Bai Hassan, Jambur and Khabbaz. The DPC includes an initial gross recoverable resource of more than 3 billion barrels of oil equivalent, to be recovered through field rehabilitation, redevelopment and optimization activities. The contract area also includes additional exploration potential.


The 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. Upon closing, the BP ECKL joint venture will be accounted for as an equity affiliate and is not expected to require significant capital contributions from ConocoPhillips, with remuneration linked to a proportionate share of incremental production and costs.


--- # # # ---


About ConocoPhillips


As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas. Our deep, durable and diverse portfolio is built to meet growing global energy demands. Together with our high-performing operations and continuously advancing technology, we are well positioned to deliver strong, consistent financial results, now and for decades to come. Visit us at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.conocophillips.com&amp;esheet=54571990&amp;newsitemid=20260717135539&amp;lan=en-US&amp;anchor=www.conocophillips.com&amp;index=1&amp;md5=fcd553cb06c632e057997d1036d6061f" shape="rect">www.conocophillips.com</a>.


CAUTIONARY STATEMENT FOR THE PURPOSES OF THE &#34;SAFE HARBOR&#34; PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995


This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, costs and plans, and objectives of management for future operations. Words and phrases such as "ambition," "anticipate," "believe," "budget," "continue," "could," "effort," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "objective," "outlook," "plan," "potential," "predict," "projection," "seek," "should," "target," "will," "would," and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include, but are not limited to, the following: effects of volatile commodity prices, including prolonged periods of low commodity prices, which may adversely impact our operating results and our ability to execute on our strategy and could result in recognition of impairment charges on our long-lived assets, leaseholds and nonconsolidated equity investments; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes as a result of any ongoing military conflict and the global response to such conflict, security threats on facilities and infrastructure, global health crises, the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries or the resulting company or third-party actions in response to such changes; the potential for insufficient liquidity or other factors that could impact our ability to repurchase shares and declare and pay dividends; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in our reserve replacement rates, whether as a result of significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; failure to progress or complete announced and future development plans related to constructing, modifying or operating E&amp;P and LNG facilities, or unexpected changes in costs, inflationary pressures or technical equipment related to such plans; significant operational or investment changes imposed by legislative and regulatory initiatives and international agreements addressing environmental concerns, including initiatives addressing the impact of global climate change, such as limiting or reducing GHG emissions, regulations concerning hydraulic fracturing, methane emissions, flaring or water disposal and prohibitions on commodity exports; substantial investment in and increased adoption of competing or alternative energy sources; risks, uncertainties and high costs that may prevent us from successfully executing on our Climate-related Risk Strategy; lack or inadequacy of, or disruptions in reliable transportation for our crude oil, bitumen, natural gas, LNG and NGLs; inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; potential disruption or interruption of our operations and any resulting consequences due to accidents, extraordinary weather events, supply chain disruptions, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; liability for remedial actions, including removal and reclamation obligations, under existing or future environmental regulations and litigation; liability resulting from pending or future litigation or our failure to comply with applicable laws and regulations; general domestic and international economic, political and diplomatic developments, including deterioration of international trade relationships, the imposition of trade restrictions or tariffs relating to commodities and material or products (such as aluminum and steel) used in the operation of our business, expropriation of assets, changes in governmental policies relating to commodity pricing, including the imposition of price caps, sanctions or other adverse regulations or taxation policies; competition and consolidation in the oil and gas E&amp;P industry, including competition for sources of supply, services, personnel and equipment; any limitations on our access to capital or increase in our cost of capital or insurance, including as a result of illiquidity, changes or uncertainty in domestic or international financial markets, foreign currency exchange rate fluctuations or investment sentiment; challenges or delays to our execution of, or successful implementation of any asset dispositions or acquisitions we elect to pursue; potential disruption of our operations, including the diversion of management time and attention; our inability to realize anticipated cost savings or capital expenditure reductions; difficulties integrating acquired businesses and technologies; or other unanticipated changes; our inability to deploy the net proceeds from any asset dispositions that are pending or that we elect to undertake in the future in the manner and timeframe we anticipate, if at all; the operation, financing and management of risks of our joint ventures; the ability of our customers and other contractual counterparties to satisfy their obligations to us, including our ability to collect payments when due from the government of Venezuela or PDVSA; uncertainty as to the long-term value of our common stock; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.


Use of Non-GAAP Financial Information – This release may include non-GAAP financial measures, which help facilitate comparison of company operating performance across periods and with peer companies. Any historical non-GAAP measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure either within the release or on our website at <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.conocophillips.com%2Fnongaap&amp;esheet=54571990&amp;newsitemid=20260717135539&amp;lan=en-US&amp;anchor=www.conocophillips.com%2Fnongaap&amp;index=2&amp;md5=fc42e39ee24693ee3586a490303a975c" shape="rect">www.conocophillips.com/nongaap</a>. For forward-looking non-GAAP measures, we are unable to provide a reconciliation to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.


Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.

<img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260717135539r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img>View source version on businesswire.com: <a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260717135539/en/" rel="nofollow">https://www.businesswire.com/news/home/20260717135539/en/</a>
Media Relations
 281-293-1149
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:media@conocophillips.com" shape="rect">media@conocophillips.com</a>


Investor Relations
 281-293-5000
 <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:investor.relations@conocophillips.com" shape="rect">investor.relations@conocophillips.com</a>

ConocoPhillips reaches agreement supporting redevelopment of producing oil fields in Iraq

ConocoPhillips to buy 42% Kirkuk stake, unlocking long-life Iraqi fields

ConocoPhillips agreed to acquire a 42% stake in BP ECKL to redevelop Kirkuk's Baba/Avanah domes and nearby fields. The Development and Production Contract covers more than 3 billion barrels of gross recoverable resources, with closing expected by end-2026 and July 1, 2026 as the effective date. The joint venture will be treated as an equity affiliate, with limited COP capital contributions and production-linked remuneration, aligning with COP's capital discipline and exploration upside.

ConocoPhillips reaches agreement supporting redevelopment of producing oil fields in Iraq

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

M&A

Related News