ConocoPhillips reported significant financial growth in its latest quarterly results, with total revenues reaching $19.5 billion for the three months ended June 30, 2026, compared to $14.7 billion for the same period in 2025. This represents a 32% increase year-over-year, driven primarily by higher crude oil and bitumen prices, which contributed approximately $3.7 billion to the revenue increase. Net income for the second quarter was $3.9 billion, or $3.23 per share, up from $2.0 billion, or $1.56 per share, in the prior year. For the first half of 2026, the company reported net income of $6.1 billion, compared to $4.8 billion in the same period of 2025.
The company’s operational performance showed a decrease in production, with total output at 2,248 thousand barrels of oil equivalent per day (MBOED) in the second quarter, down from 2,391 MBOED a year earlier. This decline was attributed to normal field decline and the impact of asset dispositions. However, production from new wells in the Lower 48, Canada, and Alaska partially offset these losses. ConocoPhillips also reported cash provided by operating activities of $7.4 billion for the quarter, contributing to a total of $11.7 billion for the first half of 2026, an increase from $9.6 billion in the same period last year.
Strategically, ConocoPhillips has been active in optimizing its asset portfolio. In the second quarter, the company entered into agreements to sell noncore assets in the Lower 48 segment for approximately $1.7 billion, achieving its $5 billion disposition target ahead of schedule. Additionally, in July 2026, ConocoPhillips announced plans to acquire a 42% equity stake in a joint venture in Iraq, which is expected to close by the end of 2026, subject to regulatory approvals. This acquisition aligns with the company's strategy to enhance its portfolio and access long-life, conventional redevelopment opportunities.
The company’s financial position remains strong, with total assets of $124.3 billion as of June 30, 2026, and total equity of $65.3 billion. ConocoPhillips ended the quarter with $8.1 billion in cash, cash equivalents, and short-term investments. The company has maintained a disciplined approach to capital expenditures, investing $6.0 billion in the first half of 2026, primarily in key operating activities and acquisitions. Looking ahead, ConocoPhillips expects third-quarter production to be between 2.29 and 2.32 million barrels of oil equivalent per day, with all full-year guidance items remaining unchanged.
Overall, ConocoPhillips continues to navigate a volatile commodity price environment while focusing on strategic growth and operational efficiency, positioning itself to deliver value to shareholders through disciplined investments and capital returns.
About CONOCOPHILLIPS
ConocoPhillips is an independent exploration and production company focused on discovering, developing, and marketing crude oil, natural gas, NGLs, and LNG globally. Its operations span North America, Europe, Africa, Asia, and Australia, with key assets in unconventional plays, oil sands, and LNG facilities. The company emphasizes safety, environmental responsibility, and technological innovation to maintain competitive advantages in a volatile industry.
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