ConocoPhillips Tops EPS Estimates at $3.27 Adjusted as Dividend Rises 11%

ConocoPhillips (NYSE: COP) reported third-quarter 2026 adjusted earnings of $3.27 per share, above the $3.05 analysts expected, in an 8-K filed Thursday. Reported earnings were $3.34 per share, against $1.38 a year earlier. The release did not give a total revenue figure that could be set against the $18.96 billion analyst estimate.

The company reported earnings of $4.0 billion, up from $1.7 billion in the third quarter of 2025. Adjusted earnings were $3.9 billion, compared with $2.0 billion a year earlier. Special items primarily reflect the reversal of a tax reserve. 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, a decrease of 97 thousand from the same period a year ago. Adjusted for closed acquisitions and dispositions, production fell 40 thousand, or 2%. The company said organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties.

Shareholder returns

ConocoPhillips distributed $3.4 billion to shareholders, including $2.4 billion in share repurchases and $1.0 billion in ordinary dividends. It raised its quarterly ordinary dividend by 11% to $0.93 per share, payable Dec. 1, 2026, to holders of record on Nov. 16. The company said it is on track for a 45% return of cash from operations in 2026.

Cash provided by operating activities and cash from operations were each $7.2 billion. The company received $1.6 billion from noncore asset sales and funded $3.1 billion of capital expenditures and investments. Cash and short-term investments ended the quarter at $10.4 billion.

Outlook

Fourth-quarter 2026 production is expected to be 2.32 to 2.36 million barrels of oil equivalent per day. Full-year capital expenditure and adjusted operating cost guidance were unchanged. Analysts expected fourth-quarter earnings of $3.38 per share on average.

The company said Willow critical path items are advancing, with module fabrication more than 75% complete and first oil targeted for early 2029. It also expanded its commercial LNG offtake portfolio to 13 million tonnes per year and reiterated a peer-leading $7 billion free cash flow inflection by 2029.

The last close before the filing was $136.94 on Wednesday, Nov. 4, 2026.