Skip to content
AnalystLens

ConocoPhillips 8-K Report, Financial Results (Apr 30, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 30, 2026
Period End
April 30, 2026
Security
COP
In the record · 2016–202610-K1110-Q338-K108

COP filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 108 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · May ’17May ’17
  2. Leadership change8-K · Dec ’18Dec ’18
  3. Deal closed8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.

ConocoPhillips (COP) reported first-quarter 2026 GAAP earnings of $2.2 billiona, or $1.78 per diluted share, down from $2.8 billion, or $2.23 per share, in the first quarter of 2025.

Excluding special items, adjusted earnings were $2.3 billionb, or $1.89 per share, versus $2.7 billion, or $2.09 per share, a year earlier. The decline was driven primarily by lower Permian gas prices and lower volumes, partially offset by lower costs. Realized prices fell 6% to $50.36 per BOE.

Cash provided by operating activities was $4.3 billionc, and cash from operations (CFO, a non-GAAP measure excluding a $1.1 billion working capital outflow) was $5.4 billion. Production totaled 2,309 MBOED, down 80 MBOED year over year, but only 14 MBOED (about 1%) after adjusting for divestitures. Organic Lower 48 growth was offset by downtime, including Middle East conflict impacts on Qatar, and higher Surmont royalties.

The company distributed $2.0 billiond to shareholders in the quarter ($1.0 billion buybacks and $1.0 billion dividends), declared a $0.84 per share second-quarter dividend, and reiterated its objective to return 45% of CFO to shareholders in 2026. Guidance was updated. Second-quarter production is expected at 2.185 to 2.215 MMBOED, excluding Qatar.

Full-year production is 2.295 to 2.325 MMBOED, reflecting a 20 MBOED Qatar adjustment and a 15 MBOED Surmont royalty adjustment tied to higher oil prices. Full-year capital spending is now $12.0 to $12.5 billion, including incremental Permian activity.

Operating cost guidance is unchanged. Special items this quarter were a net $141 million after-tax charge, primarily for pending claims and settlements and a loss on a contingent liability tied to the Surmont acquisition.

02—Key points

Key Highlights

  1. GAAP EPS of $1.78 vs. $2.23 a year ago; adjusted EPS of $1.89 vs. $2.09, a roughly 10% decline year over year.
  2. CFO of $5.4 billion ($4.3 billion operating cash flow after a $1.1 billion working capital outflow), supporting $2.0 billion in shareholder returns.
  3. Second-quarter ordinary dividend of $0.84 per share, payable June 1, 2026 to holders of record May 11, 2026; 45% of CFO return target reiterated for 2026.
  4. Production of 2,309 MBOED, down 80 MBOED reported but only 14 MBOED (1%) on a pro forma basis; Lower 48 at 1,453 MBOED.
  5. Full-year production guidance of 2.295 to 2.325 MMBOED, reflecting a Qatar exclusion and higher Surmont royalties; Q2 guidance excludes Qatar due to Middle East conflict.
  6. Full-year 2026 capital guidance of $12.0 to $12.5 billion, including incremental Permian activity; operating cost guidance unchanged.
  7. Ended the quarter with $6.7 billion in cash and short-term investments and $1.2 billion in long-term investments; total debt of $23.3 billion and debt-to-capital ratio of 27%.

03—Questions

Frequently Asked Questions

  1. Why did earnings decline year over year?

    Earnings fell from $2.8 billion to $2.2 billion, mainly due to lower gas prices in the Permian and lower volumes, partially offset by lower costs. Realized prices fell 6% to $50.36 per BOE, and special items reduced GAAP earnings by $141 million after tax in Q1 2026, compared with a $170 million benefit in Q1 2025.

  2. Is the dividend and shareholder return program on track?

    Yes. The company declared a $0.84 per share quarterly dividend and distributed $2.0 billion in Q1 ($1.0 billion buybacks and $1.0 billion dividends). Management reiterated its objective to return 45% of CFO to shareholders in 2026.

  3. What is the production outlook, and how is the Middle East conflict affecting it?

    Q2 2026 production guidance is 2.185 to 2.215 MMBOED, excluding Qatar because of uncertainty from the Middle East conflict. Full-year guidance is 2.295 to 2.325 MMBOED, which includes a 20 MBOED annual Qatar adjustment and a 15 MBOED Surmont royalty adjustment from higher oil prices. Q1 downtime also included Qatar impacts.

  4. Has capital spending guidance changed?

    Full-year 2026 capital spending is expected to be $12.0 to $12.5 billion, which includes incremental Permian activity. The range reflects macro uncertainty and the timing of North Field East and North Field South capital spending in Qatar. Q1 capital expenditures and investments totaled $2.9 billion.

  5. How strong is the balance sheet and cash flow profile?

    The company ended Q1 with $6.7 billion in cash and short-term investments, $1.2 billion in long-term investments, and total debt of $23.3 billion (27% debt-to-capital). Q1 free cash flow was not disclosed in the release; investors should note that CFO of $5.4 billion excludes a $1.1 billion working capital outflow, and reported operating cash flow was $4.3 billion.

04—Continue

← View all 8-K filings