ConocoPhillips (COP) reports Q2 2026 earnings and revenue beats as record Permian production and stronger prices lift results.
Stock Earnings Results
August 6, 2026
Table of Contents
August 6, 2026
ConocoPhillips (NYSE: COP) reported second-quarter 2026 results above expectations, supported by higher earnings, stronger realized prices, record Permian production, higher cash flow, doubled share repurchases, and reaffirmed full-year guidance.
ConocoPhillips is a global exploration and production company focused on oil and natural gas. Its portfolio includes Lower 48 shale assets, LNG exposure, international production, and long-cycle conventional resources.
The company reported adjusted EPS of $3.24, above estimates of $2.96, representing a 9.5% earnings surprise. Revenue came in at $19.52 billion, above estimates of $17.54 billion, with revenue growth of 32.4%.
ConocoPhillips reported second-quarter earnings of $3.9 billion.
GAAP EPS was $3.23, compared with $1.56 in the prior-year quarter.
Adjusted earnings were $4.0 billion.
Adjusted EPS was $3.24, compared with $1.42 in the prior-year quarter.
Management said earnings and adjusted earnings increased mainly because of higher prices.
The company’s total average realized price was $62.33 per barrel of oil equivalent.
That was 36% higher than $45.77 per BOE in the prior-year quarter.
Total production was 2.248 million barrels of oil equivalent per day.
That was down 143,000 BOE per day from the prior-year quarter.
After adjusting for closed acquisitions and dispositions, production declined 98,000 BOE per day, or 4%.
ConocoPhillips said organic growth from the Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties.
Lower 48 production was 1.479 million BOE per day.
That included:
Management also said the company delivered record production from its Permian position.
Cash provided by operating activities was $7.4 billion.
Cash from operations, excluding working capital changes, was $7.2 billion.
ConocoPhillips also received $0.2 billion of proceeds from noncore asset sales.
The company funded $3.0 billion of capital expenditures and investments during the quarter.
The strong cash flow helped support both dividends and larger share repurchases.
ConocoPhillips increased total shareholder distributions to $3.0 billion in the second quarter.
That included $2.0 billion of share repurchases.
It also included $1.0 billion in ordinary dividends.
The company said it doubled share repurchases during the quarter.
ConocoPhillips remains on track to return 45% of cash from operations to shareholders in 2026.
ConocoPhillips declared a third-quarter ordinary dividend of $0.84 per share.
The dividend is payable September 1, 2026, to stockholders of record as of August 17.
For income-focused energy investors, the combination of dividends and buybacks remains a major part of the ConocoPhillips investment case.
ConocoPhillips signed agreements to sell noncore Lower 48 assets for $1.7 billion.
The sales closed in July.
Management said the transactions allowed the company to reach its $5 billion asset disposition target ahead of schedule.
The company also signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq.
The deal gives ConocoPhillips access to long-life conventional redevelopment opportunities at what management described as an attractive entry cost and competitive cost of supply.
The transaction is expected to close by year-end 2026.
ConocoPhillips advanced its commercial LNG strategy during the quarter.
The company added 2 million tonnes per annum of LNG offtake agreements.
That brought total LNG offtake to 12 million tonnes per annum.
The additional offtake supports ConocoPhillips’ longer-term exposure to global LNG demand, especially as energy security and natural gas supply remain major themes.
ConocoPhillips reaffirmed all full-year guidance items.
For the third quarter of 2026, the company expects production of 2.29 million to 2.32 million BOE per day.
That would be higher than second-quarter production of 2.248 million BOE per day.
The reaffirmed guidance suggests management still sees its full-year operating plan as intact despite Qatar-related disruption and higher Surmont royalties in the second quarter.
ConocoPhillips delivered a strong earnings quarter despite lower reported production.
Adjusted EPS beat expectations, revenue topped estimates, cash from operations reached $7.2 billion, and shareholder distributions increased to $3.0 billion. The company also hit its $5 billion asset sale target early, expanded LNG offtake, and reaffirmed full-year guidance.
The key issue is whether ConocoPhillips can keep converting higher realized prices, Permian production, LNG exposure, and portfolio optimization into durable cash flow while managing commodity volatility and geopolitical disruptions.
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