ConocoPhillips (COP) · Energy
ConocoPhillips Q2 2026 earnings: summary, key numbers & outlook
Results filed 6 Aug 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
ConocoPhillips reported second-quarter 2026 earnings of $3.9 billion, or $3.23 per share, and adjusted earnings of $4.0 billion, or $3.24 per share, with cash provided by operating activities of $7.4 billion.
ConocoPhillips earned $3.9 billion, or $3.23 per share, in the second quarter, up from $2.0 billion, or $1.56 per share, a year earlier. Higher prices drove the gain: the average realized price was $62.33 per barrel of oil equivalent, 36% above last year. Production fell to 2,248 thousand barrels of oil equivalent per day. The company doubled share repurchases to $2.0 billion and reached its $5 billion asset sale target.
Management expects third-quarter production of 2.29 to 2.32 million barrels of oil equivalent per day and left all full-year guidance items unchanged. It stays on track for a $7 billion free cash flow inflection by 2029. The main tension is that earnings rose on prices while underlying production fell 4%, hit by the Middle East conflict's effect on Qatar and higher Surmont royalties.
Key numbers
- Sales and other operating revenues · GAAP
- $19.2B
- Earnings (net income) · GAAP
- $3.9 billion
- Earnings per share · GAAP
- $3.23
- Adjusted earnings per share · non-GAAP
- $3.24
- Cash provided by operating activities · GAAP
- $7.4 billion
- Cash from operations (CFO) · non-GAAP
- $7.2 billion
compared with second-quarter 2025 earnings of $2.0 billion
compared with $1.56 in second-quarter 2025
compared with $1.42 in second-quarter 2025
| Segment or metric | Value | Change |
|---|---|---|
| Total company production | 2,248 MBOED | a decrease of 143 MBOED from the same period a year ago |
| Lower 48 production | 1,479 MBOED | |
| Delaware Basin production | 720 MBOED | |
| Total average realized price | $62.33 per BOE | 36% higher than the $45.77 per BOE realized in the second quarter of 2025 |
| Shareholder distributions | $3.0 billion | |
| LNG offtake | 12 MTPA | |
| Capital expenditures and investments | $3.0B |
Where each number comes from
- Sales and other operating revenues: “Sales and other operating revenues | 16,517 | 14,004 | 15,031 | 13,392 | 58,944 | 15,761 | 19,161 | 34,922”
- Earnings (net income): “ConocoPhillips (NYSE: COP) today reported second-quarter 2026 earnings of $3.9 billion, or $3.23 per share, compared with second-quarter 2025 earnings of $2.0 billion, or $1.56 per share.”
- Earnings per share: “ConocoPhillips (NYSE: COP) today reported second-quarter 2026 earnings of $3.9 billion, or $3.23 per share, compared with second-quarter 2025 earnings of $2.0 billion, or $1.56 per share.”
- Adjusted earnings per share: “Excluding special items, second-quarter 2026 adjusted earnings were $4.0 billion, or $3.24 per share, compared with second-quarter 2025 adjusted earnings of $1.8 billion, or $1.42 per share.”
- Cash provided by operating activities: “For the quarter, cash provided by operating activities was $7.4 billion. Excluding a change in working capital, ConocoPhillips generated CFO of $7.2 billion.”
- Cash from operations (CFO): “For the quarter, cash provided by operating activities was $7.4 billion. Excluding a change in working capital, ConocoPhillips generated CFO of $7.2 billion.”
- Total company production: “Production for the second quarter of 2026 was 2,248 MBOED, a decrease of 143 MBOED from the same period a year ago.”
- Lower 48 production: “Lower 48 delivered production of 1,479 MBOED, including 720 MBOED from the Delaware Basin, 202 MBOED from the Midland Basin, 363 MBOED from the Eagle Ford and 189 MBOED from the Bakken.”
- Delaware Basin production: “Lower 48 delivered production of 1,479 MBOED, including 720 MBOED from the Delaware Basin, 202 MBOED from the Midland Basin, 363 MBOED from the Eagle Ford and 189 MBOED from the Bakken.”
- Total average realized price: “The company’s total average realized price was $62.33 per BOE, 36% higher than the $45.77 per BOE realized in the second quarter of 2025.”
- Shareholder distributions: “Increased shareholder distributions to $3.0 billion, including $2.0 billion through share repurchases and $1.0 billion through the ordinary dividend.”
- LNG offtake: “Advanced commercial LNG strategy with additional 2 million tonnes per annum (MTPA) of offtake agreements, bringing total LNG offtake to 12 MTPA.”
- Capital expenditures and investments: “Total capital expenditures and investments | 3,378 | 3,286 | 2,866 | 3,023 | 12,553 | 2,948 | 3,024 | 5,972”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $19.2B | +36.8% | +21.6% |
| Net income | $3.9B | +99.4% | +80.1% |
| Diluted EPS | $3.23 | +107.1% | +81.5% |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Production | third-quarter 2026 | 2.29 to 2.32 million barrels of oil equivalent per day |
Key takeaways
Higher prices more than doubled GAAP earnings
Earnings were $3.9 billion, or $3.23 per share, versus $2.0 billion, or $1.56 per share, a year ago. The company's total average realized price was $62.33 per BOE, 36% higher than the $45.77 per BOE realized in the second quarter of 2025.
Share repurchases doubled to $2.0 billion
Shareholder distributions rose to $3.0 billion, including $2.0 billion of repurchases and $1.0 billion of ordinary dividends. The company is on track for a 45% return of CFO in 2026.
Underlying production fell 4% year on year
Production was 2,248 MBOED, down 143 MBOED. Adjusted for closed acquisitions and dispositions, it decreased 98 MBOED or 4%, as Lower 48 growth was more than offset by the Middle East conflict's impact on Qatar and higher Surmont royalties.
Disposition target of $5 billion met early
Agreements to sell noncore Lower 48 assets for $1.7 billion closed in July. The company also signed deals for a 42% interest in a Kirkuk joint venture in northern Iraq and for re-entry into Syria.
Third-quarter production guided higher, full year unchanged
Third-quarter 2026 production is expected to be 2.29 to 2.32 million barrels of oil equivalent per day. All full-year guidance items remain unchanged, and the $7 billion free cash flow inflection by 2029 remains the target.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $14.2B * |
| Q1 2025 | $16.5B |
| Q2 2025 | $14.0B |
| Q3 2025 | $15.0B |
| Q4 2025 | $13.4B * |
| Q1 2026 | $15.8B |
| Q2 2026 | $19.2B |
| Q3 2026 | $19.4B |
Data
| Q1 2025 | $2.23 |
| Q2 2025 | $1.56 |
| Q3 2025 | $1.38 |
| Q1 2026 | $1.78 |
| Q2 2026 | $3.23 |
| Q3 2026 | $3.34 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Questions
What were ConocoPhillips' second-quarter 2026 earnings?
Earnings were $3.9 billion, or $3.23 per share, versus $2.0 billion, or $1.56 per share, in the second quarter of 2025. Adjusted earnings were $4.0 billion, or $3.24 per share, versus $1.42 a year earlier.
Why did earnings rise while production fell?
The release attributes the increase primarily to higher prices, with the total average realized price at $62.33 per BOE, 36% above last year. Production fell to 2,248 MBOED because of the Middle East conflict's impact on Qatar and higher Surmont royalties, partly offset by Lower 48 growth.
How much cash did ConocoPhillips return to shareholders?
It returned $3.0 billion in the quarter, made up of $2.0 billion of share repurchases and $1.0 billion of ordinary dividends. It declared a third-quarter ordinary dividend of $0.84 per share, payable Sept. 1, 2026.
What is the company's outlook for the third quarter?
Third-quarter 2026 production is expected to be 2.29 to 2.32 million barrels of oil equivalent per day. All full-year guidance items remain unchanged.
What strategic moves did ConocoPhillips announce?
It signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq, with closing expected by year-end 2026. It also executed an agreement to re-enter Syria, raised LNG offtake to 12 MTPA, and completed its $5 billion disposition target.
Documents
SEC filing