ConocoPhillips earnings: next results
ConocoPhillips reports its next results on November 5, 2026. The key watch is how much cash remained after spending.
What has ConocoPhillips guided for 2026?
For 2026, management guides to production of 2.295–2.325 million barrels of oil equivalent per day and capital spending of $12.0–$12.5 billion. A barrel of oil equivalent, or BOE, converts oil and natural gas into one energy measure; it is not necessarily a barrel of oil earning the oil price. Production and spending are separate promises.
| period guided | low | high | date given | |
|---|---|---|---|---|
| Total Production (MMBOED) — FY2026 | FY2026 | 2.295 | 2.325 | Oct 2, 2026 |
| DD&A (US$ billions) — FY2026 | FY2026 | 11.7 | 11.9 | Oct 2, 2026 |
| Adjusted Corporate and Other Segment Net Loss (US$ billions) — FY2026 | FY2026 | -0.9 | -0.9 | Oct 2, 2026 |
| Adjusted Operating Costs (US$ billions) — FY2026 | FY2026 | 10.2 | 10.2 | Oct 2, 2026 |
| Capital Expenditures (US$ billions) — FY2026 | FY2026 | 12.0 | 12.5 | Oct 2, 2026 |
| Effective tax rate — FY2026 | FY2026 | 35.0% | 37.0% | Oct 2, 2026 |
Has ConocoPhillips kept its past promises?
The buyback promise is less comfortable. COP expected more than US$7 billion of repurchases in the first full year after the acquisition, subject to commodity prices, but actual repurchases fell short. COP nevertheless reported returning 45% of defined cash from operations to shareholders in 2025.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Stock pay | 336 | 268 | 334 | 377 | 304 |
| Stock pay, % of revenue (calculated) | 0.5% | 0.5% | 0.6% | 0.5% | 0.6% |
| Stock pay, % of free cash flow (calculated) | 4.6% | 3.3% | 3.8% | 2.1% | 2.6% |
| Share buybacks | 5,018 | 5,463 | 5,400 | 9,270 | 3,623 |
What is ConocoPhillips's revenue and profit trend?
Revenue rose from $14,740 million to $19,522 million. Net income nearly doubled, even though production fell from 2,391 to 2,248 thousand BOE a day. This is the clearest recent reminder that a producer can earn more while extracting less.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19,522 | 16,054 | 14,185 | 15,522 | 14,740 | 17,101 | 14,737 | 13,604 |
| Net income | 3,931 | 2,183 | 1,442 | 1,726 | 1,971 | 2,849 | 2,306 | 2,059 |
| EPS, diluted | 3.23 | 1.78 | 1.17 | 1.38 | 1.56 | 2.23 | 1.90 | 1.76 |
| Cash from operations | 7,434 | 4,295 | 4,318 | 5,878 | 3,485 | 6,115 | 4,457 | 5,763 |
| Capital spending | 3,024 | 2,948 | 3,023 | 2,866 | 3,286 | 3,378 | 3,317 | 2,916 |
What should I watch in ConocoPhillips's next results?
On November 5, 2026, COP reports third-quarter results. The report should show whether Qatar’s expected ramp occurred, whether production met guidance and how much cash remained after spending. Existing LNG recovery will not prove that construction at North Field East and South has recovered every lost week.