ConocoPhillips First-Quarter 2026 Financial and Operating Results

ConocoPhillips reported first-quarter 2026 earnings of $2.2 billion, or $1.78 per share, compared to $2.8 billion, or $2.23 per share, in the first quarter of 2025. Adjusted earnings were $2.3 billion, or $1.89 per share, down from $2.7 billion, or $2.09 per share, in the prior year's quarter. The company generated $4.3 billion in cash from operating activities, with cash from operations (CFO) at $5.4 billion. ConocoPhillips declared a second-quarter ordinary dividend of $0.84 per share and distributed $2.0 billion to shareholders, including $1.0 billion in share repurchases and $1.0 billion in dividends. Production for the quarter was 2,309 thousand barrels of oil equivalent per day (MBOED), a decrease from the previous year, partly due to the conflict in the Middle East impacting Qatar operations and higher royalties at Surmont. The company updated its full-year production and capital guidance, with production expected between 2.295 to 2.325 million barrels of oil equivalent per day (MMBOED) and capital spending projected at $12 to $12.5 billion.