Jun 2026 (Q2 FY26) — Aug 6, 2026
ConocoPhillips Q2 FY26 — Record Permian Production and Leadership Transition
Read the full callConocoPhillips (COP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
ConocoPhillips earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 19,161 | +36.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 3,931 | +99.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 20 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Asset disposition proceeds ($5 billion program) | $5 billion of total dispositions by the end of 2026 | Jun 2025 | we achieved our $5 billion disposition target ahead of schedule, with $1.7 billion of noncore Lower 48 asset sales in July | Achieved |
| Full-year capital expenditures | about $12 billion | Sep 2025 | Our full year guidance items are unchanged. We remain on track to deliver our plan. | Revised Down |
| Full-year adjusted operating costs | approximately $10.2 billion | Sep 2025 | Our full year guidance items are unchanged. | On Track |
18 of CONOCOPHILLIPS's 38 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 35 more targets are in the full ledger.
Claimed
- Production exceeded guidance, reaching 2,248,000 boe/d, driven by strong operational performance.
- Permian production achieved a new record of over 900,000 boe/d, specifically 920,000 boe/d in Q2.
- Generated over $4 billion of free cash flow, translating to $4.2 billion after CapEx.
- Increased shareholder distributions to $3 billion, doubling share repurchases to $2 billion.
- Achieved $5 billion disposition target ahead of schedule, with $1.7 billion of noncore Lower 48 asset sales in July.
Qualified
- Qatar's Ras Laffan facility was largely shut in during Q2 due to conflict, impacting production volumes.
Price
$145.24 −0.87% · −$1.27
Performance +67.9% 1Y
1Y: $86.48 on 17 Oct 2025 → $145.24. High $146.51 (16 Oct 2026), low $85.66 (6 Nov 2025).
- Previous close
- $146.51
- 52-week range
- $85.66 – $146.51
- One year
- +66.83%
Overview
- Symbol
- COP
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 20 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Asset disposition proceeds ($5 billion program) | $5 billion of total dispositions by the end of 2026 | Jun 2025 | we achieved our $5 billion disposition target ahead of schedule, with $1.7 billion of noncore Lower 48 asset sales in July | Achieved |
| Full-year capital expenditures | about $12 billion | Sep 2025 | Our full year guidance items are unchanged. We remain on track to deliver our plan. | Revised Down |
| Full-year adjusted operating costs | approximately $10.2 billion | Sep 2025 | Our full year guidance items are unchanged. | On Track |
Claimed
- Production exceeded guidance, reaching 2,248,000 boe/d, driven by strong operational performance.
- Permian production achieved a new record of over 900,000 boe/d, specifically 920,000 boe/d in Q2.
- Generated over $4 billion of free cash flow, translating to $4.2 billion after CapEx.
- Increased shareholder distributions to $3 billion, doubling share repurchases to $2 billion.
- Achieved $5 billion disposition target ahead of schedule, with $1.7 billion of noncore Lower 48 asset sales in July.
Qualified
- Qatar's Ras Laffan facility was largely shut in during Q2 due to conflict, impacting production volumes.
The full ledger
Open CONOCOPHILLIPS’s full ledger
A free account opens 5 company ledgers a month. All 38 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
ConocoPhillips Q1 FY26 — Strong FCF and capital returns amid Middle East conflict; Willow 50% complete
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
ConocoPhillips Q4 FY25 — Strong Execution and Free Cash Flow Inflection Underway
Read the full callEvery analysed call
ConocoPhillips earnings calls (COP)
Financials
What the filings say
Net profit, year on year: +99% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 13,041 | 14,236 | 16,517 | 14,004 | 15,031 | 13,392 | 15,761 | 19,161 |
| Profit before tax | 3,235 | 2,970 | 4,466 | 3,017 | 2,928 | 2,245 | 3,363 | 6,082 |
| Tax rate | 36.4% | 22.4% | 36.2% | 34.7% | 41.0% | 35.8% | 35.1% | 35.4% |
| Net profit | 2,059 | 2,306 | 2,849 | 1,971 | 1,726 | 1,442 | 2,183 | 3,931 |
| EPS ($ per share) | 1.77 | — | 2.23 | 1.56 | 1.38 | — | 1.78 | 3.23 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 18 | 18 | 18 | 21 | 21 | 21 | 23 | 23 |
| Reserves | 34,010 | 39,742 | 35,213 | 40,674 | 53,029 | 59,268 | 64,869 | 68,864 |
| Total liabilities | 37,916 | 35,464 | 32,769 | 45,255 | 45,826 | 46,645 | 57,984 | 57,452 |
| Fixed assets | 45,698 | 42,269 | 39,893 | 64,911 | 64,866 | 70,044 | 94,356 | 93,239 |
| Investments | 248 | 3,028 | 3,609 | — | 2,785 | 971 | 507 | 484 |
| Total assets | 69,980 | 70,514 | 62,618 | 90,661 | 93,829 | 95,924 | 122,780 | 121,939 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 12,934 | 11,104 | 4,802 | 16,996 | 28,314 | 19,965 | 20,124 | 19,796 |
| Cash from investing | -3,843 | -6,618 | -4,121 | -8,544 | -8,741 | -12,000 | -11,150 | -8,836 |
| Cash from financing | -9,359 | -5,229 | -2,708 | -6,335 | -18,053 | -8,661 | -8,835 | -10,102 |
| Net cash flow | -385 | -789 | -2,047 | 2,083 | 1,296 | -795 | 6 | 1,011 |
| Capital expenditure | -6,750 | -6,636 | -4,715 | -5,324 | -10,159 | — | — | — |
| Free cash flow | 6,184 | 4,468 | 87 | 11,672 | 18,155 | — | — | — |
COP revenue by segment
Lower Forty Eight shrank from 70% to 68% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Lower Forty Eight | 70% | 67% | 70% | 71% | 70% | — | 70% | 68% | +30.8% |
| Europe Middle East and North Africa | — | — | 12% | 10% | 11% | 12% | 10% | 12% | +62.6% |
| Alaska | 11% | 11% | 10% | 9% | 10% | 9% | 10% | 10% | +42.4% |
| Canada Operating | 9% | -4% | 6% | 6% | 6% | 6% | 6% | 7% | +53.8% |
| Asia Pacific Operating | 4% | 2% | 3% | 3% | 3% | 3% | 3% | 4% | +43.1% |
| Corporate | — | — | <1% | <1% | <1% | 0% | <1% | <1% | -14.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
COP operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Production | 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 | 1.462M 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 | 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 | — |
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.
Revenue by region
Q2 FY2026 · share of revenue
- US 78% ↓ 3 pt
- Non Us 22% ↑ 22 pt
As COP cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
57 filings between Nov 10, 2025 and Aug 21, 2026.
Open market
decisions to buy or sellPurchases
$500.0K
1 purchase by 1 insider
Sales
$145.85M
15 sales by 8 insiders
Compensation
not trading decisions- 23
- Option exercise — converted options into shares
- 16
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Lance Ryan Michael | — | $125.83M | Mar 31, 2026 |
| LUNDQUIST ANDREW D | — | $5.41M | Aug 21, 2026 |
| LEACH TIMOTHY A | — | $4.75M | Mar 6, 2026 |
| Olds Nicholas G | — | $4.04M | Mar 23, 2026 |
| Rose Kelly Brunetti | — | $4.02M | Aug 20, 2026 |
| HAYNES WELSH KONTESSA S | — | $1.24M | Mar 12, 2026 |
| McRaven William H. | $500.0K | — | Nov 10, 2025 |
| Hrap Heather G. | — | $317.6K | Mar 13, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 21, 2026 | LUNDQUIST ANDREW D Senior Vice President | Sale | 9,487 | $1.28M |
| Aug 20, 2026 | Rose Kelly Brunetti SVP & General Counsel | Sale | 15,000 | $2.02M |
| Jun 10, 2026 | Mulligan Sharmila Director | Sale | 1,974 | $234.9K |
| Jun 1, 2026 | LUNDQUIST ANDREW D Senior Vice President | Option exercise | 2,936 | — |
| Jun 1, 2026 | LUNDQUIST ANDREW D Senior Vice President | Tax withheld | 1,325 | $154.3K |
| Apr 15, 2026 | McRaven William H. Director | Option exercise | 2,230 | — |
| Apr 15, 2026 | LEACH TIMOTHY A Director | Option exercise | 2,230 | — |
| Mar 31, 2026 | Olds Nicholas G Executive Vice President | Gift | 1,903 | $0 |
| Mar 31, 2026 | Lance Ryan Michael Chairman and CEO | Sale | 113,221 | $15.03M |
| Mar 24, 2026 | Rose Kelly Brunetti SVP & General Counsel | Sale | 7,700 | $1.00M |
| Mar 23, 2026 | Olds Nicholas G Executive Vice President | Sale | 6,994 | $888.7K |
| Mar 20, 2026 | Lance Ryan Michael Chairman and CEO | Sale | 506,800 | $64.49M |
| Mar 20, 2026 | Lance Ryan Michael Chairman and CEO | Option exercise | 506,800 | $25.22M |
| Mar 13, 2026 | LUNDQUIST ANDREW D Senior Vice President | Option exercise | 34,500 | $1.72M |
| Mar 13, 2026 | LUNDQUIST ANDREW D Senior Vice President | Sale | 34,500 | $4.13M |
| Mar 13, 2026 | Hrap Heather G. Senior Vice President | Sale | 2,654 | $317.6K |
| Mar 12, 2026 | Olds Nicholas G Executive Vice President | Sale | 14,522 | $1.73M |
| Mar 12, 2026 | HAYNES WELSH KONTESSA S VP & Controller | Sale | 10,339 | $1.24M |
| Mar 11, 2026 | Olds Nicholas G Executive Vice President | Option exercise | 12,150 | $604.5K |
| Mar 11, 2026 | Olds Nicholas G Executive Vice President | Sale | 12,150 | $1.41M |
| Mar 9, 2026 | Rose Kelly Brunetti SVP & General Counsel | Sale | 8,500 | $1.00M |
| Mar 6, 2026 | LEACH TIMOTHY A Director | Sale | 40,000 | $4.75M |
| Mar 4, 2026 | LEACH TIMOTHY A Director | Option exercise | 8,474 | — |
| Mar 4, 2026 | LEACH TIMOTHY A Director | Option exercise | 7,390 | — |
| Mar 4, 2026 | LEACH TIMOTHY A Director | Tax withheld | 5,871 | $680.7K |
| Feb 14, 2026 | Lance Ryan Michael Chairman and CEO | Option exercise | 48,990 | — |
| Feb 14, 2026 | Lance Ryan Michael Chairman and CEO | Tax withheld | 18,127 | $2.02M |
| Feb 14, 2026 | Olds Nicholas G Executive Vice President | Option exercise | 8,564 | — |
| Feb 14, 2026 | Olds Nicholas G Executive Vice President | Tax withheld | 3,169 | $352.5K |
| Feb 14, 2026 | Hrap Heather G. Senior Vice President | Option exercise | 4,260 | — |
| Feb 14, 2026 | Hrap Heather G. Senior Vice President | Tax withheld | 1,481 | $164.7K |
| Feb 14, 2026 | LUNDQUIST ANDREW D Senior Vice President | Option exercise | 3,693 | — |
| Feb 14, 2026 | LUNDQUIST ANDREW D Senior Vice President | Tax withheld | 1,438 | $159.9K |
| Feb 14, 2026 | LEACH TIMOTHY A Director | Option exercise | 7,251 | — |
| Feb 14, 2026 | LEACH TIMOTHY A Director | Tax withheld | 2,683 | $298.4K |
| Feb 14, 2026 | Rose Kelly Brunetti SVP & General Counsel | Option exercise | 10,050 | — |
| Feb 14, 2026 | Rose Kelly Brunetti SVP & General Counsel | Tax withheld | 3,719 | $413.7K |
| Feb 14, 2026 | JOHNSON KIRK L. Executive Vice President | Option exercise | 4,103 | — |
| Feb 14, 2026 | JOHNSON KIRK L. Executive Vice President | Tax withheld | 1,615 | $179.6K |
| Feb 14, 2026 | O'BRIEN ANDREW M. Executive Vice President & CFO | Option exercise | 4,009 | — |
| Feb 14, 2026 | O'BRIEN ANDREW M. Executive Vice President & CFO | Tax withheld | 1,578 | $175.5K |
| Feb 14, 2026 | HAYNES WELSH KONTESSA S VP & Controller | Option exercise | 2,000 | — |
| Feb 14, 2026 | HAYNES WELSH KONTESSA S VP & Controller | Tax withheld | 487 | $54.2K |
| Dec 19, 2025 | Lance Ryan Michael Chairman and CEO | Option exercise | 819,900 | $27.16M |
| Dec 19, 2025 | Lance Ryan Michael Chairman and CEO | Sale | 500,708 | $46.32M |
| Dec 2, 2025 | LEACH TIMOTHY A Director | Gift | 26,130 | $0 |
| Nov 14, 2025 | LEACH TIMOTHY A Director | Tax withheld | 324 | $29.2K |
| Nov 14, 2025 | Lance Ryan Michael Chairman and CEO | Option exercise | 2,195 | — |
| Nov 14, 2025 | Lance Ryan Michael Chairman and CEO | Tax withheld | 2,195 | $198.1K |
| Nov 14, 2025 | LEACH TIMOTHY A Director | Option exercise | 324 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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