- Reported third-quarter 2026 earnings per share of $3.34 and adjusted earnings per share of $3.27.
- Generated cash provided by operating activities and cash from operations (CFO) of $7.2 billion.
- Increased shareholder distributions to $3.4 billion, including $2.4 billion of share repurchases; on track for 45% return of CFO in 2026.
- Raised quarterly ordinary dividend by 11% to $0.93 per share, consistent with top-quartile S&P 500 growth objective.
ConocoPhillips reports third-quarter 2026 earnings of $4.0 billion, or $3.34 per share, compared with third-quarter 2025 earnings of $1.7 billion, or $1.38 per share. Excluding special items, third-quarter 2026 adjusted earnings were $3.9 billion, or $3.27 per share, compared with third-quarter 2025 adjusted earnings of $2.0 billion, or $1.61 per share. Special items for the quarter primarily reflect the reversal of a tax reserve.
'ConocoPhillips is continuing to execute our differential strategy, with strong operational and financial performance across the portfolio,' said Andy O’Brien, president and chief executive officer. 'We’re capturing efficiencies across our best-in-class Lower 48 assets, growing our strategic commercial LNG offtake portfolio and advancing Willow critical path items. We strengthened our balance sheet and continued progress toward our 45% return of CFO target for 2026, including increasing our ordinary dividend at a top-quartile S&P 500 growth rate. We also remain on track to deliver a peer-leading $7 billion free cash flow inflection by 2029. Importantly, 2029 is not the endpoint. Our differentiated value proposition, underpinned by the deepest, highest-quality upstream portfolio in the sector, positions us to deliver continued CFO and free cash flow growth at an advantaged reinvestment rate well into the next decade.'
Third-quarter highlights
- Delivered total company and Lower 48 production of 2,302 thousand barrels of oil equivalent per day (MBOED) and 1,517 MBOED, respectively.
- Distributed $3.4 billion to shareholders, consisting of $2.4 billion through share repurchases and $1.0 billion through the ordinary dividend.
- Advanced Willow critical path items with module fabrication scope over 75% complete; on track for first oil in early 2029.
- Realized record Permian completion efficiency with 15% more pumping hours than prior year average.
- Achieved first production ahead of schedule and under budget at Surmont Pad 104W-B in Canada.
- Expanded commercial LNG offtake portfolio to 13 MTPA.
- Ended the quarter with cash and short-term investments of $10.4 billion and long-term investments of $1.1 billion.
Quarterly dividend increase
ConocoPhillips raised its quarterly ordinary dividend by 11% to $0.93 per share, effective with the fourth-quarter dividend, payable Dec. 1, 2026, to stockholders of record at the close of business on Nov. 16, 2026.
Third-quarter review
Production for the third quarter of 2026 was 2,302 MBOED, a decrease of 97 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, third-quarter 2026 production decreased 40 MBOED or 2% from the same period a year ago. Organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties.
Lower 48 delivered production of 1,517 MBOED, including 757 MBOED from the Delaware Basin, 197 MBOED from the Midland Basin, 369 MBOED from the Eagle Ford and 191 MBOED from the Bakken.
Earnings and adjusted earnings increased from the third quarter of 2025, primarily due to higher prices, partially offset by lower volumes. The company’s total average realized price was $61.40 per BOE, 32% higher than the $46.44 per BOE realized in the third quarter of 2025.
For the quarter, cash provided by operating activities and CFO were $7.2 billion. In addition, ConocoPhillips received $1.6 billion of disposition proceeds from the sale of noncore assets. The company funded $3.1 billion of capital expenditures and investments, repurchased $2.4 billion of shares, and paid $1.0 billion in ordinary dividends.
Outlook
Fourth-quarter 2026 production is expected to be 2.32 to 2.36 million barrels of oil equivalent per day. Full-year capital expenditures and adjusted operating cost guidance remain unchanged. Additional guidance items can be found on slide 11 of the company’s third-quarter 2026 earnings presentation, available on the company’s investor relations website.
Source: ConocoPhillips
