# ConocoPhillips (COP) Q2 2026 earnings

Results filed 2026-08-06 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/cop/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1163165/000116316526000030/0001163165-26-000030-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Sales and other operating revenues | 19,161 |  | GAAP |
| Earnings (net income) | $3.9 billion | compared with second-quarter 2025 earnings of $2.0 billion | GAAP |
| Earnings per share | $3.23 | compared with $1.56 in second-quarter 2025 | GAAP |
| Adjusted earnings per share | $3.24 | compared with $1.42 in second-quarter 2025 | non-GAAP |
| Cash provided by operating activities | $7.4 billion |  | GAAP |
| Cash from operations (CFO) | $7.2 billion |  | non-GAAP |

## Segments and operating metrics

| Name | 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 | 3,024 |  |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Production | third-quarter 2026 | 2.29 to 2.32 million barrels of oil equivalent per day |

## Key takeaways

1. **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.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.