ConocoPhillips Q3 profit beats on higher prices, hikes dividend
COP•COP•COP•COP•ConocoPhillips reported Q3 adjusted EPS of $3.27 and adjusted net income of $3.90 billion, beating analyst estimates of $2.97 and $3.54 billion. It raised its quarterly dividend 11% to $0.93 per share.
ConocoPhillips said Q3 earnings rose primarily because its average realized price per barrel of oil equivalent increased 32%. Adjusted EPS was $3.27, compared with the $2.97 analyst estimate, and adjusted net income was $3.90 billion, versus an estimated $3.54 billion. The company raised its quarterly dividend by 11% to $0.93 per share.
Production fell 2% year over year after asset adjustments, as Lower 48 organic growth was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties. ConocoPhillips expects Q4 2026 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. The company also reported record Permian completion efficiency, with 15% more pumping hours than the prior-year average.
