• Reported first-quarter 2026 earnings per share of $1.78 and adjusted earnings per share of $1.89.
• Generated cash provided by operating activities of $4.3 billion and cash from operations (CFO) of $5.4 billion.
• Declared second-quarter ordinary dividend of $0.84 per share.
• Updated full-year production and capital guidance; operating cost guidance unchanged.

ConocoPhillips (NYSE: COP) today reported first-quarter 2026 earnings of $2.2 billion, or $1.78 per share, compared with first-quarter 2025 earnings of $2.8 billion, or $2.23 per share. Excluding special items, first-quarter 2026 adjusted earnings were $2.3 billion, or $1.89 per share, compared with first-quarter 2025 adjusted earnings of $2.7 billion, or $2.09 per share. Special items for the quarter primarily related to pending claims and settlements and a loss on a contingent liability measurement.

“Our thoughts are with our team, partners and everyone impacted by the ongoing conflict in the Middle East,” said Ryan Lance, chairman and chief executive officer. “Amid ongoing macro volatility, ConocoPhillips delivered another quarter of strong financial and operational performance. We remain focused on delivering our value proposition: operating safely; maximizing our returns on and of capital, reiterating our objective to return 45% of CFO to shareholders this year; and driving peer-leading free cash flow growth.”

First-quarter highlights and recent announcements

• Delivered total company and Lower 48 production of 2,309 thousand barrels of oil equivalent per day (MBOED) and 1,453 MBOED, respectively.
• Distributed $2.0 billion to shareholders, including $1.0 billion through share repurchases and $1.0 billion through the ordinary dividend.
• Conducted successful Willow winter construction season with project achieving 50% completion.
• Completed four-well Alaska winter exploration program with evaluation underway and secured high-priority acreage in NPR-A lease sale.
• Enhanced Lower 48 capital efficiency by more than doubling percentage of 3-mile plus lateral length wells drilled compared with prior year.
• Executed LNG tolling agreement for third-party operated gas volumes in Equatorial Guinea, extending life of LNG facility well into the next decade.
• Ended the quarter with cash and short-term investments of $6.7 billion and long-term investments of $1.2 billion.

Quarterly dividend

ConocoPhillips declared a second-quarter ordinary dividend of $0.84 per share, payable June 1, 2026, to stockholders of record at the close of business on May 11, 2026.

First-quarter review

Production for the first quarter of 2026 was 2,309 MBOED, a decrease of 80 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter 2026 production decreased 14 MBOED or 1% from the same period a year ago. Organic growth from Lower 48 was more than offset by downtime, which includes the impact of the Middle East conflict on Qatar, and higher Surmont royalties.

Lower 48 delivered production of 1,453 MBOED, including 698 MBOED from the Delaware Basin, 200 MBOED from the Midland Basin, 367 MBOED from the Eagle Ford and 183 MBOED from the Bakken.

Earnings and adjusted earnings decreased from the first quarter of 2025, primarily due to lower gas prices in Permian and lower volumes, partially offset by lower costs. Earnings were further impacted by special items (see Table 1). The company’s total average realized price was $50.36 per BOE, 6% lower than the $53.34 per BOE realized in the first quarter of 2025.

For the quarter, cash provided by operating activities was $4.3 billion. Excluding a $1.1 billion change in operating working capital, ConocoPhillips generated CFO of $5.4 billion. The company funded $2.9 billion of capital expenditures and investments, repurchased $1.0 billion of shares, paid $1.0 billion in ordinary dividends and retired debt of $0.1 billion at maturity.

Outlook

For the second quarter, the company is excluding Qatar from production guidance, given uncertainty surrounding the conflict in the Middle East. Second-quarter production is expected to be 2.185 to 2.215 million barrels of oil equivalent per day (MMBOED).

Full-year production is expected to be 2.295 to 2.325 MMBOED. This reflects a 20 MBOED annual adjustment for Qatar, given the exclusion of Qatar production from second-quarter guidance, as well as a 15 MBOED annual royalty rate adjustment at Surmont due to higher oil prices.

Capital spending for 2026 is expected to be $12 to $12.5 billion, including incremental Permian activity. The range reflects uncertainty around the macro environment and North Field East and North Field South capital timing in Qatar.

KeyFacts Energy: ConocoPhillips US country profile