Business
ConocoPhillips announces first-quarter 2026 results and quarterly dividend
HOUSTON, April 30, 2026--ConocoPhillips today reported first-quarter 2026 earnings of $2.2 billion, or $1.78 per share.
About this update from Conocophillips
HOUSTON, April 30, 2026--(BUSINESS WIRE)--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 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. E...