ConocoPhillips Generates $2.4B Q1 Cash Flow, Grows Lower 48 Output 4%
ConocoPhillips generated $2.4 billion in Q1 free cash flow, returned $2 billion to shareholders and recorded adjusted EPS of $1.89 while holding $6.7 billion in cash. Production averaged 2.309 million boe/d with Lower 48 output up 4% year-over-year, and capex guidance was raised to $12–12.5 billion with Q2 production set at 2.2 million boe/d.
1. Q1 Financial Results
ConocoPhillips generated $2.4 billion in free cash flow during Q1 2026, returning $2 billion to shareholders through $1 billion in dividends and $1 billion in share repurchases. Adjusted EPS reached $1.89, and the balance sheet held $6.7 billion in cash and short-term investments at quarter-end.
2. Production and Projects
Total production averaged 2.309 million boe/d in Q1 2026, with Lower 48 output growing 4% year-over-year to 1.453 million boe/d. The Willow project in Alaska is now 50% complete, and a new tolling agreement in Equatorial Guinea has extended an LNG facility’s operational life.
3. Guidance and Outlook
The company maintained full-year operating cost guidance at $10.2 billion while raising capital spending guidance to $12–12.5 billion for 2026. Second-quarter production is forecast at 2.2 million boe/d, and ongoing Middle East volatility has led to exclusion of Qatar volumes and potential project delays.