ConocoPhillips (COP) Q2 2026 Earnings
Adjusted EPS excludes special items: transaction, integration and restructuring expenses ($25 million after-tax, $0.02/share), pending claims and settlements ($23 million after-tax, $0.02/share), and a gain on PALNG Phase 1 interest rate hedge ($28 million after-tax, $0.02/share). GAAP diluted EPS was $3.23.
How Did COP Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: −0.34%.
Did COP Beat Earnings? Q2 2026 Results
Yes. ConocoPhillips reported Q2 2026 earnings of $3.24 a share on Aug 6, 2026, beating the $2.89 consensus estimate by 12.1%. Revenue was $19.5B against a $19.8B estimate.
ConocoPhillips delivered a strong second-quarter 2026 earnings beat powered by a sharp surge in commodity prices, with adjusted EPS of $3.24 clearing the $2.89 consensus estimate by 12.13%. The single biggest driver was a near-doubling in realized crude oil prices, which jumped to $99.40 per barrel from $64.23 a year earlier, lifting the total average realized price to $62.33 per BOE from $45.77 and propelling revenue 39.6% higher year over year to $19.52 billion, though that figure fell just short of the $19.83 billion Wall Street had expected. Production slipped to 2,248 MBOED from 2,391 MBOED, with the Middle East conflict's impact on Qatar equity affiliate volumes and higher Surmont royalties more than offsetting organic growth in the Lower 48. The company doubled quarterly buybacks to $2.00 billion and reiterated its target to return 45% of cash from operations to shareholders in 2026, while guiding third-quarter production to 2.29 to 2.32 million BOE per day and reaffirming its longer-term goal of a $7.00 billion free cash flow inflection by 2029. The stock hit a 52-week high near the earnings date, reflecting broad investor confidence in the company's price-leveraged model and capital returns framework.
- Total average realized price of $62.33 per BOE, 36% higher than $45.77 per BOE in 2Q25
- Realized crude oil price of $99.40/BBL vs $64.23/BBL in 2Q25; Brent dated averaged $104.52/BBL
- Record Permian production; Lower 48 production of 1,479 MBOED (Delaware 720, Eagle Ford 363, Midland 202, Bakken 189 MBOED)
- Lower 48 adjusted earnings of $2,584 million vs $1,192 million in 2Q25
- Alaska earnings of $522 million vs $135 million in 2Q25
- Cash from operations (CFO) of $7.2 billion; net cash provided by operating activities of $7.4 billion
“ConocoPhillips delivered strong second-quarter results with exceptional operational performance, record production from our peer-leading Permian position and disciplined execution across the business, all while continuing to progress our strategic priorities.”
ConocoPhillips CEO, on the earnings call
What Is ConocoPhillips's Outlook?
Third-quarter 2026 production is expected to be 2.29 to 2.32 million barrels of oil equivalent per day, and all full-year guidance items remain unchanged. The company says it is on track to return 45% of CFO to shareholders in 2026 and to achieve a $7 billion free cash flow inflection by 2029. The Kirkuk, Iraq joint venture acquisition is expected to close by year-end 2026.
COP YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $19.5B | $14.0B | +39.7% |
| Net Income | $3.9B | $2.0B | +100.2% |
When Does ConocoPhillips Report Next?
Figures from SEC filings and company reports. Not investment advice.