EarningsQ2 2026 Earnings Report
MX:COP Q2 2026 EPS Results
Actual EPS$55.55
Consensus EPS$49.74
Beat/MissBeat by +$5.81
One Year Ago EPS$24.35
MX:COP Q2 2026 Revenue Results
Actual Revenue$330.01B
Expected Revenue$322.09B
Beat/MissBeat by +$7.93B
YoY Revenue Growth+37.70%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:COP Upcoming Earnings
Conocophillips's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:COP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple strong operational and financial achievements: production above guidance, record Permian volumes, large free cash flow generation ($4.2B), completed disposition target early, expanded LNG commercial portfolio (now 12 mtpa), and a strong balance sheet ($8.1B cash). Management reiterated a clear path to a $7B free cash flow inflection by 2029, ongoing cost reductions, and lower structural breakevens. The primary negatives were controllable: short-term production impacts and uncertainty from Qatar-related disruptions, modest near-term production lost to asset sales (~15k boe/d), investor skepticism about execution/timing of the long-term cash flow inflection, and the usual project timing risks. Overall, the positives substantially outweigh the manageable near-term negatives, while management presented a coherent plan to deliver on targets.Company Guidance
Strong Production & Record Permian
Total company production of 2.248 million boe/d in Q2 (above the high end of guidance); Permian achieved a new record of over 900k boe/d and Permian production was ~10% year-over-year on an underlying basis through the first half of FY26.
Robust Cash Generation
Cash flow from operations of $7.2 billion; after CapEx of $3.0 billion, free cash flow of $4.2 billion generated in the quarter.
Material Increase in Shareholder Returns
Returned $3.0 billion to shareholders in Q2 (comprised of ~$2.0 billion of share repurchases and $1.0 billion of ordinary dividends); share repurchases doubled versus the prior quarter (100% increase). Company targets returning 45% of CFO to shareholders for the full year (averaged ~40% in H1).
Portfolio Optimization – Dispositions Achieved
Achieved the $5.0 billion disposition target ahead of schedule, including $1.7 billion of non-core Lower 48 asset sales in July; management will continue disciplined portfolio high-grading.
LNG Commercial Progress
Signed two additional LNG offtake agreements (1 mtpa in Indonesia and 1 mtpa on the U.S. Gulf Coast), bringing total commercial offtake to 12 mtpa to scale the LNG marketing business and monetize lower-value gas into premium international markets.
Balance Sheet & Financial Position
Cash and short-term investments of $8.1 billion plus $1.2 billion of liquid long-term investments; leverage reported as well below 1x, providing strong financial flexibility.
On Track for 2029 Free Cash Flow Inflection
Company reaffirmed pathway to a $7 billion free cash flow inflection by 2029 (projects like LNG expected to contribute starting 2027; Willow first oil expected early 2029). Management expects structural breakeven improvement from mid-$40s WTI today to low-$30s by 2029 and a materially lower reinvestment rate.
Operational & Technology Gains in Lower 48
Demonstrated efficiency and productivity gains: average lateral length up ~15% vs. 2025; continued ~15% D&C efficiency improvement; encouraging results from real-time fracture diagnostics, surfactants (up to ~20% uplift in near-term oil productivity in tests), and far-field diverters — all supporting capital efficiency and recovery improvements.
Attractive, Self-Funded International Opportunities
Signed strategic agreements in Iraq and Syria for low cost of supply redevelopment opportunities; Kirkuk acquisition expected to close around year-end with acquisition capital of roughly $300–$500 million and cost-of-supply around $30/bbl — structured to be largely self-funding with limited ConocoPhillips capital required.
MX:COP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed