ConocoPhillips tops Q3 profit estimates and raises dividend 11%

ConocoPhillips (COP) posted third-quarter 2026 adjusted earnings of $3.27 per share, topping the $2.99 consensus estimate. Reported earnings were $4.0 billion, or $3.34 per share, vs. $1.7 billion, or $1.38 per share, a year earlier. Special items primarily reflect the reversal of a tax reserve. Shares rose 1.6% at 10:11 a.m. ET, from a $136.94 close.

It raised its quarterly ordinary dividend 11% to 93 cents per share, effective with the fourth-quarter dividend.

Here's how the company did:

• Adjusted EPS: $3.27 vs. $1.61 a year earlier, against the $2.99 consensus estimate
• Reported EPS: $3.34 vs. $1.38 a year earlier
• Revenue: $19.44 billion vs. $15.03 billion a year earlier, against the $18.36 billion consensus estimate
• Cash from operations: $7.2 billion

Earnings rose primarily on higher prices, partly offset by lower volumes. The total average realized price was $61.40 per barrel of oil equivalent, 32% higher than $46.44 a year earlier.

Production was 2,302 thousand barrels of oil equivalent per day, down 97 thousand from a year ago, and down 2% after adjusting for closed acquisitions and dispositions. Organic Lower 48 growth was more than offset by the Middle East conflict's impact on Qatar and higher Surmont royalties.

Shareholder distributions

ConocoPhillips returned $3.4 billion to shareholders, $2.4 billion in share repurchases and $1.0 billion in ordinary dividends, and ended the quarter with $10.4 billion in cash and short-term investments. It is progressing toward its 45% return of CFO target for 2026.

The dividend is payable Dec. 1, 2026, to stockholders of record at the close of business on Nov. 16, 2026.

2026 guidance

Fourth-quarter 2026 production is expected to be 2.32 to 2.36 million barrels of oil equivalent per day.

Full-year capital expenditures and adjusted operating cost guidance are unchanged.

Operations

The company funded $3.1 billion of capital expenditures and investments and received $1.6 billion from noncore asset sales.

Willow module fabrication is over 75% complete, with first oil on track for early 2029. Surmont Pad 104W-B reached first production ahead of schedule and under budget. The LNG offtake portfolio expanded to 13 million tonnes per annum.