ConocoPhillips 8-K

Summary

Q3 2026 results with Q4 production guidance. Higher realized prices lifted earnings, partly offset by lower volumes: revenue growth slowed to +1.4% Q/Q from +21.6%, while net income and diluted EPS growth accelerated Y/Y to +132% and +142%, respectively, from +99% and +107%.

Q4 production guidance of 2.32M–2.36M barrels of oil equivalent per day has a midpoint 1.7% above Q3’s 2.302M. FY2026 capital expenditure and adjusted operating cost guidance remain unchanged, and the company reaffirmed its target to return 45% of cash from operations in 2026. It also raised the quarterly ordinary dividend 11% to $0.93 per share, payable 12/1/2026 to holders of record 11/16/2026; its free cash flow inflection target is $7B by FY2029.

Developments

• Willow module fabrication was more than 75% complete; first oil remains on track for early 2029.
• The commercial liquefied natural gas offtake portfolio expanded to 13 million tonnes per annum.
• Permian completions achieved record efficiency, with 15% more pumping hours than the prior-year average.
• Surmont Pad 104W-B in Canada began production ahead of schedule and under budget.

Results with guidance

Metric	Guided for Q3 2026	Q3 2026 actual	9M 2026	Q4 2026 guide	FY2026 guide
Production	2.29M-2.32M	2.30M (in line)-4.0% Y/Y	2.29M	2.32M-2.36M+1.7% Q/Q at midpoint (better than reported)	—
Capital expenditures	—	$3.13B+9.3% Y/Y, +3.6% Q/Q	$9.11B	—	guidance remain unchangedreaffirmed
Adjusted operating costs (non-GAAP)	—	—	—	—	guidance remain unchangedreaffirmed
Return of CFO (non-GAAP)	—	—	—	—	45%reaffirmed from 45%

Earlier guidance from the 8-K filed 2026-08-06.

Results without guidance

Metric	Q3 2026	Change	9M 2026
Revenue	$19.4B	+29% Y/Y, +1.4% Q/Q	$54.4B
Net income	$4.00B	+132% Y/Y, +1.8% Q/Q	$10.1B
Adjusted Earnings (non-GAAP)	$3.92B	+95% Y/Y, -0.8% Q/Q	$10.2B
Diluted EPS	$3.34	+142% Y/Y, +3.4% Q/Q	$8.32
Operating cash flow	$7.20B	+22% Y/Y, -3.2% Q/Q	$18.9B
Free cash flow (non-GAAP)	$4.04B	—	—
Cash and cash equivalents	$7.76B	+48% Y/Y, +18% Q/Q	—
Cash and marketable securities	$10.4B	+28% Q/Q	—
Total debt	$23.3B	-0.9% Y/Y, -0.1% Q/Q	—
Diluted shares	1.20B	-4.1% Y/Y, vs 1.21M Q/Q	1.21B

What moved the numbers

• Total production fell 97,000 barrels of oil equivalent per day Y/Y; excluding closed acquisitions and dispositions, underlying production declined 40,000 barrels per day, or 2%. Lower 48 organic growth was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties. The average realized price rose 32% Y/Y to $61.40 per barrel of oil equivalent.
• Lower 48 earnings were $2.46B vs $1.24B Y/Y, the largest segment increase; Asia Pacific earnings were $528M vs $309M.
• The largest identified adjustment between GAAP and adjusted earnings was a $126M after-tax tax adjustment related to reversal of a tax reserve.
• Shareholder distributions were $3.4B: $2.4B of repurchases and $1.0B of ordinary dividends. Ending common shares outstanding declined to 1.182B from 1.201B at 6/30/2026.
• Asset disposition proceeds were $1.566B during the quarter.

Other guidance (2)

Metric	Period	Guidance
Free cash flow inflection (non-GAAP)	FY2029	$7B
Quarterly ordinary dividend	Q4 2026	$0.93

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.