ConocoPhillips Joins US Firms Vowing $60 Billion for Iraqi Deals

Yahoo Finance · 2026-07-17

ConocoPhillips Joins US Firms Vowing $60 Billion for Iraqi Deals Ruth Liao, Kevin Crowley and Sonya Dymova Fri, July 17, 2026 at 2:52 PM EDT 3 min read COP HAL CVX SPCX KBR (Bloomberg) -- ConocoPhillips joined dozens of US firms from the energy, healthcare, finance and tech sectors in signing some $60 billion in deals to lift the Iraqi economy. FCC Near Rulings Against Disney Over 'The View,' TV Licenses Chip Stocks Poised for Bear Market in AI Unwind: Markets Wrap Google Gemini Launch Delayed as Tech Falls Short of Internal Goals China's Moonshot Unveils AI Model, Fueling Tech Rout Thailand Scraps Plan to End Visa-Free Entry for Indian Tourists The raft of agreements capped Iraqi Prime Minister Ali al-Zaidi's weeklong visit to Washington, where President Donald Trump promised "massive" oil deals for one of OPEC's oldest crude-producing nations. The Iraqi leader was on a mission to attract US investment and recast the country's image as stable and business-friendly. The meetings also come after more than four months of conflict between the US and Iran that has disrupted shipping, industrial activity and economic growth around the Persian Gulf and beyond. For the Trump administration, the discussions represented an opportunity to gain influence with Iraq and persuade al-Zaidi to disarm Iran-backed militias in his country. The US president earlier this year warned the Iraqi parliament not to elevate al-Zaidi's opponent, former Prime Minister Nouri al-Maliki, to the leadership position, saying the latter was too close to Iran. "Our goals in the Middle East are to transform a region that's been riven by too much conflict, and defuse those conflicts and replace them with commerce," Energy Secretary Chris Wright said during a US Chamber of Commerce event on Friday. Halliburton Co., SpaceX's Starlink, KBR Inc. and JPMorgan Chase & Co. were among the other companies that signed ceremonial agreements on Friday. In one of the most significant deals announced Friday, ConocoPhillips agreed to acquire a 42% stake in BP Plc's giant Kirkuk oil-field complex in Iraq. ConocoPhillips' deal involves an area holding the equivalent of more than 3 billion barrels, plus "additional exploration potential," the Houston-based driller said in a statement. Financial terms were not disclosed but analysts at Barclays Plc estimated the purchase price at about $400 million. ConocoPhillips spokesman Dennis Nuss declined to comment on the terms. International oil explorers typically seek out partners for major projects such as Kirkuk to ease the financial burden and spread out the risks. Beyond the ConocoPhillips-BP pact, many of the agreements were considered preliminary or in early phases of development. Efforts to increase Iraqi crude output face several challenges, including the war's disruption of shipping via the Strait of Hormuz, which the country relies upon for most of its exports. Chevron Corp. is part of a consortium looking to build a new pipeline to the Mediterranean to bypass the Persian Gulf. The Kirkuk complex currently produces about 328,000 barrels a day, with companies being rewarded for output above that level, Barclays said in a note. "This compares favorably to Iraq's traditional fee-per-barrel service contract structure," Barclays analyst Betty Jiang wrote. Iraq is a keystone of BP's renewed focus on oil and natural gas after a foray into renewables that tanked profits, triggered billions of dollars in writedowns and crushed the share price. For ConocoPhillips, Friday's announcement marks a return to Iraq more than a decade after it left the OPEC nation. ConocoPhillips expects to fund the venture through the project's own cash flow, meaning it "is not expected to require significant capital contributions." --With assistance from David Wethe and Mitchell Ferman. How China's 'Temu Range Rover' Became Britain's Top-Selling Car Credit Card Holders Are Using 'Friendly Fraud' to Get Back at Retailers The Identity Crisis at Elon Musk's Chaotic AI Outfit For Software Engineers, the AI Reckoning Is Already Here Job Hunters Are Using AI to Cheat in Interviews, and Failing at the Office

AI 시장 분석

U.S. companies, including ConocoPhillips, have signed investment agreements worth $60 billion to revitalize the Iraqi economy. This deal reflects the U.S. government's strategic intent to expand its influence in the Middle East and diversify energy supply chains. Investors should closely monitor future increases in Iraq's oil production and the potential mitigation of geopolitical risks.

상승 영향

Crude Oil — ConocoPhillips' large-scale investment and Iraq's production expansion plan will contribute to the stabilization of the global crude oil supply chain. The transition to a more efficient production contract structure is expected to improve profitability for energy firms.

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Semiconductors — Pressure to correct tech stocks remains strong due to AI bubble concerns and missed internal targets. As market liquidity shifts toward traditional industries like energy, a short-term decline in AI-related semiconductor stocks is expected to continue.

DYAX 전담 분석

The $60 billion investment signals a major shift in U.S.-Iraq economic relations, aiming to stabilize the region while securing energy assets. ConocoPhillips' involvement suggests a modernization of extraction technologies, which is likely to boost overall output. However, the success of these projects hinges on long-term political stability in Iraq, a persistent challenge for foreign investors.

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