COP ConocoPhillips (COP) Q1 FY26 earnings call
A Q&A-dominated call framed by the Middle East conflict, whose thesis is that structural tightening in both oil and LNG plays directly to ConocoPhillips's unhedged, low-cost, resource-rich portfolio. The forward stance is disciplined continuity — protect the balance sheet, grow the base dividend, hold the through-cycle return framework, and lean modestly into short-cycle Lower 48 and long-cycle Willow/LNG to drive the promised free-cash-flow inflection.
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COP operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Production | 2.183M boe/dWe produced 2,183,000 barrels of oil equivalent per day.Source: earnings call transcript | 2.389M boe/dWe produced 2,389,000 barrels of oil equivalent per day, exceeding the high end of our production guidance for the quarter.Source: earnings call transcript | 2.391M boe/dWe produced 2,391,000 barrels of oil equivalent per day, once again exceeding the high end of our production guidance.Source: earnings call transcript | 2.399M boe/dWe produced 2,399,000 barrels of oil equivalent per day, once again exceeding the high end of our production guidance.Source: earnings call transcript | 2.32M boe/dWe produced 2,320,000 barrels of oil equivalent per day, consistent with the midpoint of our production guidance.Source: earnings call transcript | 2.309M boe/dStarting with our first quarter performance, we produced 2,309,000 barrels of oil equivalent per day.Source: earnings call transcript | 2.248M boe/dWe produced 2,248,000 barrels of oil equivalent per day.Source: earnings call transcript | -2.6% |
| Production Lower 48 | 1.308M boe/dNow inclusive of one month of Marathon, Lower 48 produced 1,308,000 barrels of oil equivalent per day.Source: earnings call transcript | 1.462M boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | 1.508M boe/dIn the Lower 48, production averaged 1,508,000 barrels of oil equivalent per day.Source: earnings call transcript | — | — | 1.453M boe/dIn the Lower 48, we produced 1,453,000 barrels of oil equivalent per day, representing 4% year-over-year growth on an underlying basis.Source: earnings call transcript | — | — |
| Production Permian | 833K boe/dAnd by basin, we produced 833,000 in the Permian, 296,000 in Eagle Ford and 151,000 in the Bakken.Source: earnings call transcript | 816K boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | — | — | — | — | 920K boe/dWe hit 920,000 in second quarter, and that was a key driver for our outperformance and just seeing really just strong base and development well performance.Source: earnings call transcript | — |
| Production Eagle Ford | 296K boe/dAnd by basin, we produced 833,000 in the Permian, 296,000 in Eagle Ford and 151,000 in the Bakken.Source: earnings call transcript | 379K boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | — | — | — | — | — | +28% |
| Production Bakken | 151K boe/dAnd by basin, we produced 833,000 in the Permian, 296,000 in Eagle Ford and 151,000 in the Bakken.Source: earnings call transcript | 212K boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | — | — | — | — | — | +40.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.