ConocoPhillips earnings reach $4.0 billion; dividend up 11 percent

What happened

ConocoPhillips reported third-quarter 2026 earnings of $4.0 billion on Thursday 5 November, up from $1.7 billion a year earlier, and raised its quarterly dividend 11 percent. ^[1]

Cash from operations was $7.2 billion. The company spent $3.1 billion on capital expenditures and investments and received $1.6 billion from selling noncore assets. It returned $3.4 billion to shareholders: $2.4 billion in share repurchases and $1.0 billion in ordinary dividends. ^[1]

Why it matters

The company said earnings rose mainly on higher prices, partly offset by lower volumes. Its average realized price was $61.40 a barrel of oil equivalent, 32 percent above a year earlier. ^{[1, 2]}

Oilprice.com reported that Brent crude averaged $89.27 in the quarter, and that higher crude prices offset production disruptions caused by the Iran war. ^[2]

Output and the plan

Production was 2,302 thousand barrels of oil equivalent a day, 97,000 fewer than a year earlier. The company said growth in the Lower 48 states was more than offset by the effect of the Middle East conflict on Qatar and by higher royalties at its Surmont oil sands project in Canada. ^[1]

Chief executive Andy O'Brien said in the release that the company remains on track to deliver 'a peer-leading $7 billion free cash flow inflection by 2029.' The company expects fourth-quarter production of 2.32 to 2.36 million barrels of oil equivalent a day and left its full-year capital and operating cost guidance unchanged. ^[1]

The Willow project in Alaska has module fabrication over 75 percent complete and is on track for first oil in early 2029, the company said. Kirk Johnson, a company executive, said on the call that Qatar production 'remains below preconflict levels' and that the fourth-quarter guidance allows for a range of outcomes there. ^{[1, 3]}

Norway under review

On Thursday 1 October the company said it was evaluating a sale of its Norway business and the Teesside terminal in the United Kingdom after an unsolicited offer. It would keep the assets if the offer fell short of its expectations. On the call O'Brien said the company has 'made no decisions on Norway.' ^{[3, 4]}

What settles it next

The raised dividend goes to holders of record at the close of business on Monday 16 November and is paid on Tuesday 1 December. The fourth-quarter production range of 2.32 to 2.36 million barrels a day will be checked against the company's next quarterly report. No date has been given for a decision on Norway. ^{[1, 4]}

Who it reaches

ConocoPhillips (COP) is direct: the results are its own. Exxon Mobil (XOM) is adjacent: Oilprice.com reported its third-quarter profit at $15.4 billion, against $7.5 billion a year earlier. Chevron (CVX) is adjacent: the same report put its profit at $9.9 billion, against $3.5 billion. ^{[1, 2]}