Investing.com — ConocoPhillips (NYSE: COP) shares are trading more than 1% higher in premarket trading on Thursday after the company reported third-quarter adjusted earnings per share of $3.27, beating the analyst estimate of $2.97 by $0.30.
The company posted earnings of $4.0 billion, or $3.34 per share on a GAAP basis, compared with $1.7 billion, or $1.38 per share, in the third quarter of 2025.
The company’s adjusted earnings increased to $3.9 billion from $2.0 billion in the same quarter last year, driven primarily by higher commodity prices. ConocoPhillips’ total average realized price was $61.40 per barrel of oil equivalent, 32% higher than the $46.44 per barrel realized in the third quarter of 2025. Production for the quarter was 2,302 thousand barrels of oil equivalent per day, a decrease of 97 thousand barrels from the same period a year ago. Shares rose 1% following the results.
“ConocoPhillips is continuing to execute our differential strategy, with strong operational and financial performance across the portfolio,” said Andy O’Brien, president and chief executive officer. “We’re capturing efficiencies across our best-in-class Lower 48 assets, growing our strategic commercial LNG offtake portfolio and advancing Willow critical path items.”
ConocoPhillips raised its quarterly ordinary dividend by 11% to $0.93 per share, effective with the fourth-quarter dividend payable Dec. 1, 2026.
For the fourth quarter of 2026, ConocoPhillips expects production to be 2.32 to 2.36 million barrels of oil equivalent per day. The company maintained its full-year capital expenditures and adjusted operating cost guidance unchanged.
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