Companies /Energy

Conoco Phillips

NYSE: COP Oil & Gas E&p
$134.26
▼ $1.46 (−1.08%) today
Markets closed · 4:01am ET

Q1 2026 Earnings

Reported Apr 30, 2026, 7:31am ET · SEC source
$1.89
Beat +10.84%
EPS · est. $1.71
$16.1B
Miss −0.78%
Revenue · est. $16.2B
−12.8%
Trailing market
COP vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%Apr 30May 1report 7:31am ETearnings+1.1%−1.2%
−2%0+2%Apr 30May 1earnings+1.1%−1.2%
COP −1.2%S&P 500 +1.1%
−2%0+2%Apr 30May 1report 7:31am ETearnings+1.4%−1.2%
−2%0+2%Apr 30May 1earnings+1.4%−1.2%
COP −1.2%NASDAQ +1.4%
−8%−4%0Apr 29May 8report 7:31am ETearnings+3.0%−8.1%
−8%−4%0Apr 29May 8earnings+3.0%−8.1%
COP −8.1%S&P 500 +3.0%
−8%−4%0+4%Apr 29May 8report 7:31am ETearnings+5.5%−8.1%
−8%−4%0+4%Apr 29May 8earnings+5.5%−8.1%
COP −8.1%NASDAQ +5.5%
−1.93%
Day of report
−2.06%
Next session
−8.67%
One week
−7.08%
30 days

S&P 500 over the same 30 days: +5.69%.

Did COP Beat Earnings? Q1 2026 Results

ConocoPhillips delivered a stronger-than-expected first quarter in 2026, with adjusted earnings per share of $1.89 clearing the consensus estimate of $1.69 by 11.62%, even as revenue of $16.05 billion came in 2.14% below expectations and slipped 2.5% from a year ago. The bottom-line beat came despite a meaningful headwind from commodity prices, as the company's total average realized price fell 6% year-over-year to $50.36 per BOE, compressing adjusted earnings to $2.32 billion from $2.68 billion in Q1 2025. Lower costs helped cushion the blow, while the Willow project in Alaska reached 50% completion, underscoring progress on longer-term production growth. Total production of 2,309 MBOED declined modestly on a reported basis but was nearly flat on a pro forma underlying basis. Looking ahead, ConocoPhillips set full-year 2026 production guidance at 2.295 to 2.325 MMBOED, with Qatar excluded from near-term targets amid ongoing geopolitical uncertainty, and raised capital spending guidance to $12.00 to $12.50 billion.

Key Takeaways
  • Lower realized commodity prices, particularly Permian gas prices
  • Lower production volumes partially offset by lower costs
  • 6% decline in total average realized price to $50.36 per BOE
  • Organic growth from Lower 48 offset by downtime including Middle East conflict impact on Qatar and higher Surmont royalties

“Our thoughts are with our team, partners and everyone impacted by the ongoing conflict in the Middle East.”

ConocoPhillips CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2026, ConocoPhillips expects production of 2.185–2.215 MMBOED, excluding Qatar due to uncertainty from the Middle East conflict. Full-year 2026 production guidance is 2.295–2.325 MMBOED, reflecting a 20 MBOED annual adjustment for Qatar and a 15 MBOED royalty rate adjustment at Surmont due to higher oil prices. Capital spending for 2026 is expected to be $12–$12.5 billion, including incremental Permian activity, with the range reflecting uncertainty around macro conditions and North Field East/South capital timing in Qatar. Operating cost guidance remains unchanged.

COP YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$5.0B$10.0B$15.0B$16.5B$16.1BRevenue$2.8B$2.2BNet Income
$0$5.0B$10.0B$15.0BRevenueNet Income

Figures from SEC filings and company reports. Not investment advice.