ConocoPhillips Reports Higher Q3 Earnings as Oil Prices Support Profit Growth

ConocoPhillips (NYSE:COP) reported third-quarter 2026 adjusted earnings of $3.27 per share, exceeding analysts’ expectations of $2.97, as higher commodity prices contributed to increased profitability.

The energy company’s shares rose more than 1% in premarket trading on Thursday following the announcement.

Reported net earnings reached $4.0 billion, or $3.34 per share, compared with $1.7 billion, or $1.38 per share, in the corresponding quarter of 2025.

Higher Commodity Prices Offset Lower Production

Adjusted earnings increased to $3.9 billion from $2.0 billion a year earlier, primarily reflecting higher realised commodity prices.

ConocoPhillips reported an average realised price of $61.40 per barrel of oil equivalent, representing a 32% increase from $46.44 in the prior-year quarter.

Production averaged 2.302 million barrels of oil equivalent per day, a decline of 97,000 barrels per day compared with the same period last year.

“ConocoPhillips is continuing to execute our differential strategy, with strong operational and financial performance across the portfolio,” said President and CEO Andy O’Brien.

“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.”

Quarterly Dividend Increased 11%

ConocoPhillips announced an 11% increase in its quarterly ordinary dividend to $0.93 per share.

The higher dividend will take effect with the fourth-quarter payment scheduled for December 1, 2026.

Fourth-Quarter Production Outlook

The company expects fourth-quarter production between 2.32 million and 2.36 million barrels of oil equivalent per day.

ConocoPhillips also maintained its existing full-year guidance for capital expenditure and adjusted operating costs.

The third-quarter results reflected higher earnings supported by commodity prices, while production remained below the previous year’s level. The company enters the final quarter with its annual spending and operating cost forecasts unchanged.

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