ConocoPhillips Q1 Earnings Drop 21% to $2.2B; Q2 Guidance at 2.19–2.22 mboe/d
COP•ConocoPhillips reported Q1 2026 earnings of $2.2 billion, down 21% year-over-year, with EPS of $1.78 falling 20% and adjusted EPS of $1.89. Production totaled 2.31 million boe/d, off 80,000 boe/d, average realized price $50.36 (−6%), cash from operations reached $5.4 billion and Q2 production guidance is 2.19–2.22 mboe/d.
1. Q1 Financial Results
ConocoPhillips reported net earnings of $2.2 billion for the quarter ended March 31, down 21% from $2.8 billion a year earlier. EPS fell to $1.78, a 20% decline, while adjusted EPS was $1.89 versus $2.09 in Q1 2025.
2. Production and Pricing
Total production averaged 2.31 million barrels of oil equivalent per day, 80,000 barrels less than in Q1 2025; after acquisition and disposition adjustments, output declined by 14,000 boe/d. The average realized price per barrel of oil equivalent was $50.36, down 6% from $53.34.
3. Cash Flow and Capital Allocation
Cash from operations reached $5.4 billion after a $1.1 billion working capital adjustment, and the company spent $2.9 billion on capex. ConocoPhillips ended the quarter with $6.7 billion in cash and short-term investments and plans to return 45% of cash from operations to shareholders.
4. Guidance and Outlook
The company projects Q2 production of 2.19–2.22 million boe/d, excluding 20,000 boe/d of Qatar output. Full-year production is forecast at 2.30–2.33 million boe/d, incorporating a 15,000 boe/d Surmont royalty adjustment linked to higher oil prices.
