ConocoPhillips publishes Q3 2026 earnings call transcript
COP•ConocoPhillips expects modestly lower capital spending in 2027 and low-single-digit underlying production growth, and reiterated a $7 billion free cash flow inflection by 2029. Its quarterly dividend rose 11%, with distributions targeted at 45% of cash from operations this year and next.
1. Outlook and projects
ConocoPhillips held its third-quarter 2026 earnings call on November 5. Management expects modestly lower capital spending in 2027, with low-single-digit underlying production growth driven by the Lower 48. The company reiterated a $7 billion free cash flow inflection by 2029, with further growth into the next decade at lower reinvestment rates. Willow remains on track for first oil in early 2029, while Qatar's North Field East project is expected online in the first half of 2027.
2. Shareholder distributions
The quarterly dividend rose 11%. Management said shareholder distributions remain targeted at 45% of cash from operations in 2026 and 2027.
