ConocoPhillips reported first-quarter 2026 adjusted earnings of $2.3 billion, or $1.89 per share, on total revenues of $16.1 billion. The year-over-year decline in earnings was primarily driven by lower realized commodity prices and a decrease in production volumes.
Key Highlights
- First-quarter production was 2.31 million barrels of oil equivalent per day (MMBOED), a 1% decrease year-over-year on an adjusted basis, impacted by downtime in Qatar and higher royalties.
- The company lowered its full-year 2026 production guidance to a range of 2.295 to 2.325 MMBOED, citing uncertainty in Qatar and royalty rate adjustments.
- ConocoPhillips returned $2.0 billion to shareholders, split evenly between $1.0 billion in share repurchases and $1.0 billion in dividends.