ConocoPhillips agrees 42% Kirkuk venture stake

• ConocoPhillips agreed to acquire 42% of BP’s Kirkuk venture, which covers more than 3 billion barrels of oil equivalent.
• ConocoPhillips shares were up 1.24% at $112.84 in premarket trading after the announcement.
• ConocoPhillips said the transaction provides access to producing fields through a capital-efficient redevelopment structure.

ConocoPhillips (NYSE:COP) agreed to acquire a 42% interest in BP’s (NYSE:BP) Kirkuk venture, covering four producing fields and more than 3 billion barrels of oil equivalent.

The proposed agreement supports BP’s existing redevelopment contract, which received final Iraqi government approval in March 2025.

ConocoPhillips expects the transaction to close by year-end 2026, subject to approvals, with an effective date of July 1.

Following the announcement, ConocoPhillips share price was up 1.24% at $112.84 in premarket trading.

The contract covers the Baba and Avanah domes of Kirkuk alongside the Bai Hassan, Jambur and Khabbaz fields.

ConocoPhillips previously completed its $22.5 billion Marathon Oil acquisition and closed more than $3 billion of asset sales during 2025.