CONOCOPHILLIPS Q1 FY26 Results

Summary

ConocoPhillips reported first-quarter 2026 earnings of $2.2 billion, or $1.78 per share, a decline from $2.8 billion, or $2.23 per share, in the same period last year, primarily due to lower gas prices and volumes. Adjusted earnings for the quarter stood at $2.3 billion, or $1.89 per share. The company generated strong cash from operations of $5.4 billion and returned $2.0 billion to shareholders through dividends and share repurchases. Management highlighted continued strong financial and operational performance amidst macro volatility, emphasizing their commitment to delivering value and peer-leading free cash flow growth.

Key Highlights

1. 1

   ConocoPhillips reported first-quarter 2026 earnings of $2.2 billion, or $1.78 per share, a decrease from $2.8 billion, or $2.23 per share, in the first quarter of 2025.

2. 2

   Adjusted earnings for Q1 2026 were $2.3 billion, or $1.89 per share, compared to $2.7 billion, or $2.09 per share, in the prior year.

3. 3

   Cash provided by operating activities reached $4.3 billion, with cash from operations (CFO) at $5.4 billion for the first quarter.

4. 4

   Total company production for the first quarter of 2026 was 2,309 thousand barrels of oil equivalent per day (MBOED), representing a 1% decrease year-over-year after adjusting for closed acquisitions and dispositions.

5. 5

   The company distributed $2.0 billion to shareholders during the quarter, comprising $1.0 billion through share repurchases and $1.0 billion through ordinary dividends.

6. 6

   ConocoPhillips declared a second-quarter ordinary dividend of $0.84 per share and updated its full-year production guidance to 2.295 to 2.325 million barrels of oil equivalent per day.

7. 7

   Capital spending for 2026 is projected to be between $12 billion and $12.5 billion, reflecting incremental Permian activity and macro environment uncertainties.