ConocoPhillips Q2 2026 earnings beat estimates on higher oil prices

Higher prices drove the net gain, the institution said. The mean realized terms for the 4th was $62.33 per tube of lipid equivalent, a 36% summation from the anterior year, according to the Wall Street Journal.

Output for the 4th came successful astatine 2,248 1000 barrels of lipid equivalent per day, down 143,000 barrels compared with the aforesaid 3 months successful 2025. When accounting for completed acquisitions and plus sales, volumes were down 4%, the institution said. The institution stood by its full-year guidance, projecting third-quarter output successful a scope of 2.29 cardinal to 2.32 cardinal barrels of lipid equivalent per day.

ConocoPhillips besides announced that Chief Executive Officer Ryan Lance volition discontinue aft 14 years starring the company. Chief Financial Officer Andy O'Brien volition win him arsenic CEO connected September 1 and articulation the committee of directors, the institution said. Lance volition presume an enforcement seat role. Konnie Haynes-Welsh, presently vice president of concern and controller, volition go main fiscal officer.

O'Brien has been with the institution since 1997, accumulating acquisition successful finance, planning, and strategy successful postings astir the world. He was elevated to the enforcement enactment squad successful 2022, the institution said.

ConocoPhillips besides said it completed the merchantability of $1.7 cardinal successful noncore Lower 48 assets successful July, reaching its $5 cardinal disposition people up of schedule. The institution accrued full shareholder distributions to $3.0 cardinal successful the quarter, including $2.0 cardinal successful stock repurchases and $1.0 cardinal done its mean dividend. It ended the 4th with currency and short-term investments of $8.1 billion.

The institution besides signed an statement to get a 42% involvement successful a associated task successful the Kirkuk country of bluish Iraq, with closing expected by year-end 2026, and executed an statement for re-entry into Syria. ConocoPhillips banal roseate 1.4% successful premarket trading.