ConocoPhillips agreed to redevelop a group of already-producing oil fields in Iraq, a deal the company says comfortably clears its own cost of supply threshold. The transaction is expected to close by the end of 2026, pending regulatory approval and other standard closing conditions, ConocoPhillips said in a July 17, 2026 release.
The release laid out the rationale: the fields sit in Iraq, and offer what the company called a material, high-quality and long-life resource base.
What a cost of supply threshold means
A cost of supply threshold is the oil price a project needs to break even once every cost, from drilling to transport, is counted. A field that clears the threshold still turns a profit if prices drop; one that doesn't needs higher prices just to hold even. ConocoPhillips said this redevelopment "comfortably" meets that bar.
The price backdrop
The pricing math sits squarely inside Markets territory. WTI crude priced at $84.65 a barrel as of June 15, 2026, according to the EIA.
