ConocoPhillips stock: Profit doubles as dividend rises 11%

ConocoPhillips reported stronger third-quarter earnings on Thursday, November 5, 2026, as higher realized prices more than offset lower production. In its official results release, the Houston-based producer reported earnings of 4.0 billion US dollars, or 3.34 US dollars per share, compared with 1.7 billion US dollars, or 1.38 US dollars per share, a year earlier.

Profit rises on stronger prices

Adjusted earnings increased to 3.9 billion US dollars from 2.0 billion US dollars in the prior-year quarter. Adjusted earnings per share rose to 3.27 US dollars from 1.61 US dollars. The company said the improvement was driven primarily by higher prices, partly offset by lower volumes. The special items in the quarter primarily reflected the reversal of a tax reserve, so the adjusted figures exclude that effect.

ConocoPhillips reported a total average realized price of 61.40 US dollars per barrel of oil equivalent, up 32% from 46.44 US dollars a year earlier. Total production declined to 2.302 million barrels of oil equivalent per day from 2.399 million. After adjusting for closed acquisitions and dispositions, production fell 2% year over year, or 40,000 barrels of oil equivalent per day.

Dividend increase sets next payout

The company raised its quarterly ordinary dividend by 11% to 0.93 US dollars per share. The increase applies to the fourth-quarter dividend, payable on December 1, 2026, to shareholders of record at the close of business on November 16.

ConocoPhillips distributed 3.4 billion US dollars to shareholders during the quarter, including 2.4 billion US dollars in share repurchases and 1.0 billion US dollars in ordinary dividends. Cash from operations reached 7.2 billion US dollars, while capital expenditures and investments totaled 3.1 billion US dollars. Management remains on track to return 45% of cash from operations to shareholders in 2026.

Production outlook stays constructive

Fourth-quarter production is expected to average between 2.32 million and 2.36 million barrels of oil equivalent per day. Full-year capital expenditure and adjusted operating-cost guidance remained unchanged. The company expects another quarter of sequential production growth in its Lower 48 operations.

Management also highlighted progress at the Willow project, where module fabrication was more than 75% complete and first oil remained on track for early 2029. The commercial liquefied natural gas portfolio expanded to 13 million tonnes per annum, while Surmont Pad 104W-B in Canada reached first production ahead of schedule and under budget.

Shareholder focus turns to execution

ConocoPhillips stock traded at 120.95 euros on Lang & Schwarz at 14:00 CET on Friday, November 6, 2026.

Investors will weigh the higher price realization and increased shareholder distributions against the year-on-year production decline. The unchanged spending guidance provides continuity, while the fourth-quarter production range and Lower 48 growth will be key operating markers for the next update.

Investors can follow the real-time quote of ConocoPhillips stock for the latest trading indication.

Broader sentiment for US energy shares is also influenced by the S&P 500.

More news and analyses on ConocoPhillips stock cover the company, its earnings and its production outlook.