ConocoPhillips stock: Q3 profit doubles, dividend rises 11%

ConocoPhillips reported a sharp increase in third-quarter earnings on Thursday, November 5, 2026, as higher realized prices more than offset lower production. The Houston-based producer also raised its quarterly ordinary dividend and left its full-year capital and adjusted operating-cost guidance unchanged, according to the company's earnings release published by Business Wire.

Higher prices lift quarterly profit

ConocoPhillips posted third-quarter net income of 4.001 billion US dollars, or 3.34 US dollars per share, compared with 1.726 billion US dollars, or 1.38 US dollars per share, a year earlier. Adjusted earnings rose to 3.918 billion US dollars, or 3.27 US dollars per share, from 2.007 billion US dollars, or 1.61 US dollars per share.

The company said special items mainly reflected the reversal of a tax reserve. That distinction matters for investors because the adjusted result is intended to show operating performance without selected one-time effects. ConocoPhillips attributed the year-over-year earnings increase primarily to higher prices, partly offset by lower volumes.

The average realized price reached 61.40 US dollars per barrel of oil equivalent, 32 percent above the 46.44 US dollars recorded in the third quarter of 2025. Reported production fell to 2.302 million barrels of oil equivalent per day from 2.399 million a year earlier. After adjusting for closed acquisitions and dispositions, the decline was 2 percent. Lower 48 growth was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties.

Cash supports dividend and buybacks

Cash from operations came to 7.172 billion US dollars, while capital expenditures and investments totaled 3.133 billion US dollars. The resulting free cash flow was 4.039 billion US dollars. ConocoPhillips also received 1.6 billion US dollars from noncore asset disposals during the quarter.

The company repurchased 2.4 billion US dollars of shares and paid 1.0 billion US dollars in ordinary dividends. The quarterly ordinary dividend will rise 11 percent to 0.93 US dollars per share for the fourth-quarter payment. It is payable on December 1, 2026, to shareholders of record at the close of business on November 16.

Chief Executive Andy O'Brien said the company was progressing toward its target of returning 45 percent of cash from operations to shareholders in 2026. Management also reiterated its aim of reaching a 7 billion US dollar free-cash-flow inflection by 2029, while pointing to efficiency gains in the Lower 48, LNG offtake growth and progress on Alaska's Willow project.

Production outlook remains constructive

ConocoPhillips expects fourth-quarter production of 2.32 million to 2.36 million barrels of oil equivalent per day. Full-year capital expenditure and adjusted operating-cost guidance remain unchanged. For investors, the combination of stronger pricing, substantial free cash flow and higher shareholder distributions supports the near-term cash-return case, while the production decline and exposure to geopolitical disruptions remain important operating risks.

The real-time quote of ConocoPhillips stock stood at 123.88 euros on Lang & Schwarz at 13:37 CET on Thursday, November 5, 2026, 1.14 percent above the Xetra close of Wednesday, November 4. The comparison uses the previous Xetra session because the quote was recorded before the current Xetra session had closed.

The S&P 500 remains the relevant broader-market benchmark for the U.S.-listed producer: Current market context.

More news and analyses on ConocoPhillips stock.