ConocoPhillips Doubles Profit to $4 Billion, Raises Dividend | OilPrice.com
Julianne Geiger
Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…
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By Julianne Geiger – Nov 05, 2026, 2:30 PM CST
ConocoPhillips more than doubled its third-quarter profit to $4 billion and raised its quarterly dividend by 11% on Thursday, joining a growing list of oil majors reporting enormous earnings gains as higher crude prices offset production disruptions caused by the Iran war.
The Houston-based producer reported adjusted earnings of $3.27 per share, comfortably beating Wall Street’s $2.97 estimate. Net income jumped from $1.7 billion a year earlier, despite a decline in production.
The company’s average realized price climbed 32% year over year to $61.40 per barrel of oil equivalent. Brent averaged $89.27 during the quarter, more than 31% above year-earlier levels.
Production slipped to 2.3 million barrels of oil equivalent per day from 2.4 million a year earlier. Although output from Qatar improved during the quarter, it remained below pre-war levels.
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ConocoPhillips increased its quarterly dividend from 84 cents to 93 cents per share. The company returned $3.4 billion to shareholders during the quarter, including $2.4 billion in share repurchases, while generating $7.2 billion in operating cash flow.
The results follow similarly outsized earnings from other oil majors. ExxonMobil reported $15.4 billion in third-quarter profit, more than double the $7.5 billion earned a year earlier. Chevron’s earnings nearly tripled to $9.9 billion from $3.5 billion, while BP reported $4.7 billion in profit attributable to shareholders, compared with $1.2 billion last year.
For ConocoPhillips, the focus remains on increasing cash flow rather than dramatically accelerating production. The company expects fourth-quarter output of 2.32 million to 2.36 million barrels of oil equivalent per day and reaffirmed its target of increasing annual free cash flow by $7 billion by 2029 compared with 2025.
Its Willow project in Alaska remains on schedule for first oil in early 2029, with module fabrication more than 75% complete.
CEO Andy O’Brien said additional efficiencies in U.S. shale and production from Willow should support further cash flow growth beyond 2029.
ConocoPhillips is also evaluating a potential sale of its Norwegian operations and the Teesside asset in the UK, although no decision has been made.
By Julianne Geiger for Oilprice.com
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Julianne Geiger
Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector. Her…
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