Earnings Releases·Nov 5, 2026, 7:13 AM ET

ConocoPhillips — Third Quarter 2026 Earnings Summary

Reported third-quarter 2026 net earnings of $4.0 billion ($3.34 per share), a significant increase from $1.7 billion ($1.38 per share) in the same period in 2025, driven by a 32% rise in total average realized price to $61.40 per BOE.
Generated $4.0 billion in free cash flow and $7.2 billion in operating cash flow, funding $3.1 billion in capital expenditures and $3.4 billion in total shareholder distributions, including $2.4 billion in share repurchases.
Announced an 11% increase in the quarterly ordinary dividend to $0.93 per share, effective for the fourth quarter, while maintaining full-year capital expenditure and adjusted operating cost guidance unchanged.
Production decreased 97 MBOED year-over-year to 2,302 MBOED due to Middle East conflict impacts on Qatar and higher Surmont royalties, though the company remains on track for a peer-leading $7 billion free cash flow inflection by 2029.
Advanced key strategic initiatives with Willow project module fabrication over 75% complete for early 2029 first oil, Surmont Pad 104W-B achieving early production, and the commercial LNG offtake portfolio expanding to 13 MTPA.