Nov 5, 2026, 7:13 AM ETEnergy

ConocoPhillips — Third Quarter 2026 Earnings Summary

CONOCOCONOCOPHILLIPS

Financial Performance

Reported third-quarter 2026 net earnings of $4.0 billion ($3.34 per share), compared to $1.7 billion ($1.38 per share) in the same period in 2025.
Adjusted earnings for the quarter were $3.9 billion ($3.27 per share), compared to $2.0 billion ($1.61 per share) in the prior year period.
Cash provided by operating activities and cash from operations (CFO) totaled $7.2 billion.
Free cash flow was $4.0 billion, calculated as $7.2 billion in CFO less $3.1 billion in capital expenditures and investments.
Total average realized price was $61.40 per BOE, a 32% increase from $46.44 per BOE in the third quarter of 2025.
Received $1.6 billion in disposition proceeds from the sale of noncore assets.
Ended the quarter with $10.4 billion in cash and short-term investments and $1.1 billion in long-term investments.
Special items for the quarter primarily reflected the reversal of a tax reserve.

Fourth-quarter 2026 production is expected to be between 2.32 and 2.36 million barrels of oil equivalent per day.
Full-year capital expenditures and adjusted operating cost guidance remain unchanged.
The company is on track to deliver a peer-leading $7 billion free cash flow inflection by 2029.
Management targets a 45% return of CFO for 2026.
The company anticipates continued CFO and free cash flow growth at an advantaged reinvestment rate well into the next decade.

Total company production was 2,302 MBOED, a decrease of 97 MBOED from the prior year; pro forma underlying production decreased 40 MBOED (2%) after adjusting for closed acquisitions and dispositions.
Lower 48 production was 1,517 MBOED, comprising 757 MBOED from the Delaware Basin, 197 MBOED from the Midland Basin, 369 MBOED from the Eagle Ford, and 191 MBOED from the Bakken.
Organic growth in the Lower 48 was offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties.
Commercial LNG offtake portfolio expanded to 13 MTPA.
Willow critical path items advanced with module fabrication scope over 75% complete; first oil is on track for early 2029.
Surmont Pad 104W-B in Canada achieved first production ahead of schedule and under budget.
Record Permian completion efficiency was achieved with 15% more pumping hours than the prior year average.

Management describes the company as having the "deepest, highest-quality upstream portfolio in the sector."
The company aims to deliver a peer-leading $7 billion free cash flow inflection by 2029.
The dividend increase is consistent with a top-quartile S&P 500 growth objective.

Production declines were impacted by the Middle East conflict affecting Qatar and higher royalties in Surmont.
Forward-looking statements note risks including volatile commodity prices, global and regional changes in demand/supply, military conflict, security threats, and potential disruptions from climate change regulations or alternative energy adoption.
Risks also include operational hazards, drilling risks, supply chain disruptions, cyber threats, and regulatory changes regarding emissions or production quotas.

CEO Andy O'Brien stated the company is "continuing to execute our differential strategy, with strong operational and financial performance across the portfolio."
Management highlighted capturing efficiencies in Lower 48 assets, growing the strategic commercial LNG offtake portfolio, and advancing the Willow project.
The tone emphasized strengthening the balance sheet and delivering continued growth well into the next decade.

The quarterly ordinary dividend was increased by 11% to $0.93 per share, effective for the fourth quarter, payable December 1, 2026.
Total shareholder distributions for the quarter were $3.4 billion, consisting of $2.4 billion in share repurchases and $1.0 billion in ordinary dividends.
The company funded $3.1 billion in capital expenditures and investments.
A conference call was hosted on November 5, 2026, at 12:00 p.m. Eastern time to discuss results.