The reactivity of a number of two-coordinate [Pd(L)(L')] (L = N-heterocyclic carbene (NHC) and L' = NHC or PR(3)) complexes with O(2) has been examined. Stopped-flow kinetic studies show that O(2) binding to [Pd(IPr)(P(p-tolyl)(3))] to form cis-[Pd(IPr)(P(p-tolyl)(3))(η(2)-O(2))] occurs in a rapid, second-order process. The enthalpy of O(2) binding to the Pd(0) center has been determined by solution calorimetry to be -26.2(1.9) kcal/mol. Extension of this work to the bis-NHC complex [Pd(IPr)(2)], however, did not lead to the formation of the expected diamagnetic complex cis-[Pd(IPr)(2)(η(2)-O(2))] but to paramagnetic trans-[(Pd(IPr)(2)(η(1)-O(2))(2)], which has been fully characterized. Computational studies addressing the energetics of O(2) binding have been performed and provide insight into reactivity changes as steric pressure is increased.