Conocophillips Stock Earnings Reports

ConocoPhillips reported strong Q1 2026 results with $2.4 billion of free cash flow, $5.4 billion of cash from operations, and $2.0 billion returned to shareholders ($1.0B ordinary dividends, $1.0B share repurchases). Production was 2.309 MMboe/d; Q2 guidance excludes Qatar volumes and reflects a modest Surmont royalty impact. The company raised 2026 CapEx guidance slightly to $12.0–12.5 billion (midpoint +2%) to add modest Permian activity (additional rig and higher non-operated spend) to preserve operational efficiency into 2027. OpEx guidance remains $10.2 billion for the year, with management confident in achieving a $1.0 billion run-rate cost reduction by year-end. Strategic project updates: Willow is 50% complete with gravel/civil works done and summer mobilization underway; Port Arthur LNG remains on track for first LNG in 2027; ConocoPhillips executed a tolling deal to extend EGLNG life in Equatorial Guinea. Management says the Middle East conflict has materially tightened crude and LNG markets, prompting removal of Qatar from Q2 guidance and creating structural upside for oil and LNG prices; the company remains unhedged and committed to returning 45% of cash from operations to shareholders while protecting an investment-grade balance sheet. Cash/short-term investments were $6.7 billion plus $1.2 billion in liquid long-term investments. The company continues to prioritize disciplined returns, balance-sheet protection, and selective reinvestment in high-return inventory.