ConocoPhillips earnings: third quarter 2026

ConocoPhillips earned far more in the third quarter of 2026 than a year earlier. Its sales rose about 29% to $19.4 billion and its adjusted earnings per share roughly doubled to $3.27. Almost all of the gain came from higher oil and gas prices, not from selling more. It actually produced about 4% less than a year ago, held back by the Middle East conflict's effect on Qatar and higher royalties at its Surmont site in Canada. Against the second quarter, profit levelled off as its selling price eased slightly. The extra cash went straight back to shareholders through larger buybacks and an 11% dividend raise. ¹

Against what analysts expected

Adjusted earnings per share of $3.27 came in about 7% above the analysts' average forecast of $3.06 (Nasdaq's earnings calendar). The forecast is set against the adjusted figure, which it sits closer to; the reported figure was $3.34, lifted by a one-off tax gain. ¹²

The strong points

• Earnings per share on the company's adjusted basis, which leaves out one-off items, were $3.27, roughly double the $1.61 of a year earlier. ¹
• The average price ConocoPhillips got for each barrel of oil or its gas equivalent was $61.40, 32% more than a year ago. ¹
• It handed $3.4 billion back to shareholders in buybacks and dividends, and raised its quarterly dividend by 11% to $0.93 a share. ¹

The weak points

• Production fell about 4% from a year earlier, to 2.30 million barrels of oil equivalent a day. ¹
• Adjusted profit of $3.9 billion was flat to slightly down from the second quarter. ¹

What the company expects

• For the fourth quarter, ConocoPhillips expects to produce 2.32 to 2.36 million barrels of oil equivalent a day, above the 2.30 million of the third quarter. ¹
• The company kept its plans for the year's capital spending and running costs unchanged, as it did three months ago. ¹

Our verdict on the quarter

A strong report. Profit per share roughly doubled from a year earlier on higher oil and gas prices and came in above what analysts expected. The company gave no new profit or sales forecast, and output was still lower than last year.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. ConocoPhillips' results release, 5 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 5 November 2026. ↩