ConocoPhillips Takes 42% Stake in BP's Iraq Oil Fields, Tapping 3B Barrels
COP sits 33% above its 52-week low of $85.57.
Summary
ConocoPhillips is acquiring a 42% interest in BP Energy Company of Kirkuk Limited, gaining access to four producing oil fields in northern Iraq with over 3 billion barrels of recoverable resources. The deal, effective July 1, 2026, and expected to close by year-end, requires no significant upfront capital — remuneration is tied to incremental production and costs. This follows a series of operational updates, including lowered 2026 production guidance and Norwegian labor disputes, and adds a material, low-cost resource base that aligns with the company's capital discipline framework. The redevelopment program offers both near-term production and exploration upside in a historically prolific region.
At the time of this announcement, COP was trading at $113.97 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $137.5B. The 52-week trading range was $85.57 to $135.87. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.