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CONOCOPHILLIPS 8-K Report, Financial Results (Aug 6, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 6, 2026
Period End
August 6, 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 August 6, 2026. Cited figures are marked; the original filing is the authoritative source.

ConocoPhillips reported second-quarter 2026 earnings of $3.9 billiona, or $3.23 per share, versus $2.0 billion, or $1.56 per share, a year earlier.

Excluding special items, adjusted earnings were $4.0 billionb, or $3.24 per share, compared with $1.8 billion, or $1.42 per share, in Q2 2025. Earnings growth was driven primarily by a 36% increase in the company's realized price to $62.33 per BOE. Cash provided by operating activities was $7.4 billion, and cash from operations (a non-GAAP measure excluding working capital changes) was $7.2 billion.

Shareholder distributions doubled in the quarter to $3.0 billionc, including $2.0 billion of buybacks and $1.0 billion of ordinary dividends. The company declared a third-quarter dividend of $0.84 per share and says it is on track for a 45% return of CFO in 2026. Production was 2,248 MBOED, down 143 MBOED year over year, or 98 MBOED (4%) on a pro forma basis after adjusting for dispositions.

Lower 48 growth was more than offset by the Middle East conflict's impact on Qatar and higher Surmont royalties. Management reaffirmed all full-year guidance items and guided third-quarter 2026 production to 2.29 to 2.32 million BOE per day. Strategic progress included achieving the $5 billiond asset disposition target ahead of schedule with $1.7 billion of Lower 48 noncore sales (closed in July), signing agreements for a 42% stake in a Kirkuk joint venture in Iraq (closing expected by year-end 2026), agreeing to re-enter Syria, and expanding LNG offtake to 12 MTPA.

Management reiterated a $7 billion free cash flow inflection target by 2029. The quarter's results were materially supported by commodity prices, with Q2 WTI averaging $92.79/BBL versus $63.74 a year earlier.

Investors should weigh the strong earnings and return-of-capital momentum against the year-over-year production decline and the geopolitical exposure highlighted in the Middle East and Qatar disclosures. Total debt was $23.3 billion at a 26% debt-to-capital ratio, and the share count fell to 1,201 million at June 30, 2026.

02—Key points

Key Highlights

  1. Q2 2026 EPS of $3.23 (GAAP) and $3.24 (adjusted), up from $1.56 and $1.42 in Q2 2025.
  2. Total average realized price rose 36% year over year to $62.33 per BOE, the primary driver of higher earnings.
  3. Shareholder distributions doubled in Q2 to $3.0 billion ($2.0 billion buybacks, $1.0 billion dividends); company is on track for 45% of CFO returned in 2026.
  4. Production fell 143 MBOED year over year to 2,248 MBOED (down 4% pro forma), hit by the Middle East conflict's impact on Qatar and higher Surmont royalties.
  5. Achieved the $5 billion asset disposition target ahead of schedule with $1.7 billion in Lower 48 noncore sales, closed in July.
  6. Expanded strategic footprint: 42% Kirkuk (Iraq) JV interest pending by year-end 2026, Syria re-entry agreement, and LNG offtake raised to 12 MTPA.
  7. Declared $0.84 per share Q3 dividend (payable Sept. 1, 2026; record date Aug. 17, 2026); all full-year guidance reaffirmed and Q3 production guided to 2.29–2.32 MMBOED.

03—Questions

Frequently Asked Questions

  1. How did ConocoPhillips' earnings change in the second quarter of 2026?

    Reported earnings rose to $3.9 billion ($3.23 per share) from $2.0 billion ($1.56 per share) a year earlier. Adjusted earnings, which exclude special items, rose to $4.0 billion ($3.24 per share) from $1.8 billion ($1.42 per share). The increase was driven mainly by a 36% higher realized price, partly offset by lower production.

  2. Is the dividend safe, and what are the capital return plans?

    The company declared a $0.84 per share ordinary dividend for Q3 2026, payable Sept. 1, 2026. In Q2 it returned $3.0 billion through $2.0 billion of buybacks and $1.0 billion of dividends, and it says it is on track to return 45% of 2026 CFO to shareholders. Q2 CFO of $7.2 billion covered that distribution level comfortably.

  3. Why did production decline, and what is the outlook?

    Production was 2,248 MBOED, down 143 MBOED year over year, or 98 MBOED (4%) after adjusting for dispositions. Management attributed the decline to the Middle East conflict's impact on Qatar and higher Surmont royalties, partly offset by Lower 48 growth. Third-quarter 2026 production is guided to 2.29 to 2.32 MMBOED, and full-year guidance was reaffirmed.

  4. What are the company's main strategic moves and long-term targets?

    ConocoPhillips hit its $5 billion disposition target early by selling $1.7 billion of noncore Lower 48 assets, and it agreed to acquire a 42% interest in a Kirkuk joint venture in Iraq, expected to close by year-end 2026. It also signed a Syria re-entry agreement and raised LNG offtake to 12 MTPA. Management reiterated a target of a $7 billion free cash flow inflection by 2029.

  5. How strong is the balance sheet?

    At June 30, 2026, the company held $8.1 billion of cash and short-term investments and $1.2 billion of long-term investments. Total debt was $23.3 billion, a 26% debt-to-capital ratio, and the ending share count was about 1,201 million, down from 1,218 million at March 31, 2026.

04—Continue

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