ConocoPhillips (COP) reported net income of $4.0 billion in the third quarter of 2026, compared with $1.7 billion in the same period of 2025. Earnings per share (EPS) were $3.34, versus $1.38 a year earlier. The company attributes the increase mainly to higher prices, partially offset by lower volumes.
Adjusted earnings (non-GAAP, excluding special items) were $3.9 billion, or $3.27 per share, compared with $2.0 billion, or $1.61 per share, in 3Q25. Special items mainly reflect the reversal of a tax provision. The average realized price was $61.40 per barrel of oil equivalent, 32% above the $46.44 in 3Q25.
Cash provided by operating activities was $7.2 billion. The company invested $3.1 billion in capital and investments and received $1.6 billion from the sale of non-core assets. Production totaled 2,302 thousand barrels of oil equivalent per day, a decrease of 97 thousand from the prior year, partly due to the conflict in the Middle East, which affected Qatar, and higher royalties in Surmont. At the end of the quarter, cash and short-term investments totaled $10.4 billion.
ConocoPhillips returned $3.4 billion to shareholders, of which $2.4 billion was in share repurchases and $1.0 billion in dividends. The company increased its ordinary quarterly dividend by 11% to $0.93 per share, payable on December 1, 2026 to shareholders of record on November 16, 2026.
For 4Q26, the company projects production of 2.32 to 2.36 million barrels of oil equivalent per day. Full-year capital expenditure guidance and adjusted operating cost guidance were maintained.
