ConocoPhillips (NYSE: COP) reported third-quarter 2026 sales and other operating revenues of $19.435 billion, up from $15.031 billion a year earlier, and net income of $4.001 billion, compared with $1.726 billion in the same period of 2025. Earnings per share were $3.34, versus $1.38 a year earlier. The figures are taken from the company's quarterly report on Form 10-Q, dated November 5, 2026 and filed with the U.S.
Securities and Exchange Commission, as reproduced and summarized by StockTitan. The company attributed the revenue increase mainly to higher realized prices. The 10-Q reports average Brent crude at $97.00 per barrel in the third quarter of 2026, up 40% from $69.07 a year earlier, and average WTI at $85.79 per barrel, up 32% from $64.93.
Henry Hub natural gas averaged $2.96 per MMBTU, down 4% from $3.07. ConocoPhillips' average realized crude price was $88.80 per barrel, up 34% from $66.13, and its total realized price was $61.40 per barrel of oil equivalent (BOE), up 32% from $46.44. Total production fell 4% to 2.302 million barrels of oil equivalent per day from 2.399 million a year earlier.
Bitumen output dropped to 95 thousand barrels per day from 123 thousand. Lower 48 was the largest contributor to earnings, with segment net income of $2.461 billion, compared with $1.240 billion a year earlier. Alaska reported $423 million, up from $130 million, and Asia Pacific reported $528 million, up from $309 million.
StockTitan's summary of the filing states that ConocoPhillips generated $7.2 billion of operating cash flow in the quarter. The company returned $3.4 billion to shareholders, consisting of $2.4 billion in share repurchases and $1.0 billion in ordinary dividends. Cash, cash equivalents, restricted cash and short-term investments totaled $10.4 billion at quarter-end, according to the same summary.
The company sold Lower 48 noncore assets for net proceeds of $1.7 billion. It also plans to acquire a 42% stake in a non-operated joint venture in Iraq for $0.4 billion, before closing adjustments. The transaction is expected to close by year-end 2026, subject to regulatory approvals and customary conditions.
In November, ConocoPhillips declared a quarterly ordinary dividend increase of 11%, to $0.93 per share from the $0.84 per share declared in the third quarter. The company expects fourth-quarter 2026 production of 2.32 to 2.36 million barrels of oil equivalent per day. The filing also states that ConocoPhillips is evaluating a potential sale of its Norway business and its Teesside asset after receiving an unsolicited offer.
The company said it will retain the assets if no offer meets its value expectations. According to the filing summary, these assets accounted for about 5% of company production in 2025.
Source: stocktitan.net