ConocoPhillips reported third-quarter 2026 earnings of $4.0 billion, or $3.34 per share. Adjusted earnings were $3.9 billion, or $3.27 per share. A year earlier, earnings were $1.7 billion, or $1.38 per share, while adjusted earnings were $2.0 billion, or $1.61 per share.
Cash from operating activities totaled $7.2 billion. The company returned $3.4 billion to shareholders: $2.4 billion through share repurchases and $1.0 billion in dividends. ConocoPhillips said it remained on track to return 45% of cash from operating activities to shareholders in 2026.
The quarterly ordinary dividend rose 11% to $0.93 per share. The new rate applies to the fourth-quarter dividend, payable on December 1, 2026, to shareholders of record at the close of business on November 16.
Third-quarter production was 2.302 million barrels of oil equivalent per day, down 97,000 barrels per day from a year earlier. After completed acquisitions and dispositions, the decline was 40,000 barrels per day, or 2%. Growth in the Lower 48 was offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties. Production in the Lower 48 was 1.517 million barrels of oil equivalent per day.
The average realized price was $61.40 per barrel of oil equivalent, 32% above $46.44 a year earlier. The company attributed higher earnings primarily to stronger prices, partly offset by lower volumes.
ConocoPhillips invested $3.1 billion in capital expenditures and investments during the quarter and received $1.6 billion from sales of non-core assets. Module fabrication for the Willow project was more than 75% complete, and the company expects first oil in early 2029. Production at Surmont Pad 104W-B in Canada began ahead of schedule and below budget. The portfolio of liquefied natural gas purchase and supply contracts expanded to 13 million tonnes per year.
Fourth-quarter 2026 production is forecast at 2.32–2.36 million barrels of oil equivalent per day. The company left its full-year capital expenditure and adjusted operating cost guidance unchanged.
