On Thursday, ConocoPhillips CEO Andy O’Brien announced an 11% increase in the quarterly dividend, as stronger commodity prices and cost-cutting measures helped offset a production decline.
ConocoPhillips reported third-quarter 2026 earnings of $4.0 billion, or $3.34 per share, compared with third-quarter 2025 earnings of $1.7 billion, or $1.38 per share.
Excluding special items, third-quarter 2026 adjusted earnings were $3.9 billion, or $3.27 per share, compared with third-quarter 2025 adjusted earnings of $2.0 billion, or $1.61 per share. Special items for the quarter primarily reflect the reversal of a tax reserve.
Its production for the reported quarter was 2.3 million barrels of oil equivalent per day (boepd), compared with 2.4 million boepd a year earlier.
O’Brien told investors: “ConocoPhillips is continuing to execute our differential strategy, with strong operational and financial performance across the portfolio. 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. We strengthened our balance sheet and continued progress toward our 45% return of CFO target for 2026, including increasing our ordinary dividend at a top-quartile S&P 500 growth rate. We also remain on track to deliver a peer-leading $7 billion free cash flow inflection by 2029.”
“Importantly, 2029 is not the endpoint. Our differentiated value proposition, underpinned by the deepest, highest-quality upstream portfolio in the sector, positions us to deliver continued CFO and free cash flow growth at an advantaged reinvestment rate well into the next decade.”
Benchmark Brent crude averaged about $89.27 per barrel from July to September, more than 31% higher than a year earlier, as Middle East geopolitical tensions heightened concerns about global oil supplies.
The company’s average realized price for the quarter was $61.40 per barrel of oil equivalent, a 32% increase from a year earlier.
The company’s shares dropped almost 6% in premarket trading Thursday following the announcement.
By CEO NA Editorial Staff
