Conocophillips (COP) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Jul 30, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

2.7

Last Year’s EPS

1.42

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 20 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 30, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call highlights strong financial and operational performance: meaningful free cash flow ($2.4B), substantial shareholder returns ($2.0B returned in Q1), solid liquidity, Lower 48 production growth (+4% YoY), progress on major projects (Willow 50% complete, Port Arthur on track), and tangible cost savings (guidance down $400M vs 2025 and a $1B run-rate target). Offsetting these positives are significant macro and geopolitical headwinds driven by the Middle East conflict (supply curtailments, Qatar disruption, and LNG tightness), modest near-term guidance impacts (Qatar exclusion ~20k boe/d and Surmont royalty ~15k boe/d), and a small increase in 2026 capex to preserve Permian efficiency. Overall, the company presents strong execution and financial positioning while appropriately communicating and planning around elevated geopolitical and market uncertainty.

Company Guidance

ConocoPhillips updated 2026 guidance with the annual production midpoint at 2.31 million BOE/d (Q2 midpoint 2.20 MM BOE/d), reflecting a 20k BOE/d annual impact from excluding Qatar and a 15k BOE/d royalty increase at Surmont; full‑year operating costs remain $10.2 billion (a $400 million reduction vs. 2025) with a $1 billion run‑rate savings target by year‑end; capital spending is now $12.0–$12.5 billion (vs. about $12 billion prior, ~2% higher at the midpoint, ~ $250 million incremental) including an added Permian rig to sustain efficiency; management expects cash from operations to be materially higher, will return ~45% of CFO to shareholders (with a ~30% floor and base dividend growth targeted competitive with the S&P 500 top quartile), remains unhedged (about 40% of crude linked to premium markets), and reiterated delivery of a $7 billion free cash flow inflection by 2029 (Willow 50% complete; Port Arthur on track for first LNG in 2027).

Strong Free Cash Flow and Shareholder Returns

Generated $2.4 billion of free cash flow in Q1 and returned $2.0 billion to shareholders ( $1.0B ordinary dividend + $1.0B share repurchases). First-quarter CFO was $5.4 billion and management remains committed to returning ~45% of CFO to shareholders.

Robust Production and Lower 48 Growth

Q1 production of 2.309 million barrels of oil equivalent per day (boe/d); Lower 48 production of 1.453 million boe/d, representing ~4% year-over-year underlying growth.

Solid Earnings, Liquidity and Capital Discipline

Adjusted earnings of $1.89 per share in Q1; quarter capex of $2.9 billion. Ended quarter with $6.7 billion cash and short-term investments plus $1.2 billion in liquid long-term investments. 2026 capex guidance updated to $12.0–$12.5 billion (≈2% increase at midpoint, ~+$250M) to modestly add Permian activity.

OpEx Reductions and Operational Efficiency

Full-year operating cost guidance of $10.2 billion, reflecting a $400 million reduction versus 2025. Company reiterated confidence in achieving a $1.0 billion run-rate saving by year-end. D&C operational efficiencies improved ~15% exiting 2025.

Willow Project Progress and Alaska Exploration

Willow project reported ~50% complete; gravel scope and bridges finished, summer mobilization underway, early oil expected in 2029. Completed a four-well Alaska exploration program (first in multi-year plan), found hydrocarbons and shot seismic and gravel exploration to support future pads.

LNG Commercial and Project Milestones

Executed a third-party tolling agreement at Equatorial Guinea LNG extending the facility's life into the next decade. Port Arthur LNG progressing with first LNG expected in 2027; company has already placed ~10 mtpa and the first 5 mtpa predominantly into Europe/Asia, improving commercial positioning amid tighter markets.

Lower 48 Inventory and Permian Execution

Maintaining peer-leading Lower 48 capital efficiency with increased three-mile-plus laterals; added a rig in the Delaware to preserve steady-state operations and avoid frac gaps, supporting continuity into 2027.

Progress on Divestitures

Announced $5 billion divestiture program with ~$3 billion already completed, continuing portfolio cleanup and non-core monetization.

Conocophillips (COP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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COP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 30, 2026	2026 (Q2)	2.70 / -	1.42	―	―	―
Apr 30, 2026	2026 (Q1)	1.68 / 1.89	2.09	-9.57% (-0.20)
Feb 05, 2026	2025 (Q4)	1.07 / 1.02	1.98	-48.48% (-0.96)
Nov 06, 2025	2025 (Q3)	1.41 / 1.61	1.78	-9.55% (-0.17)
Aug 08, 2025	2025 (Q2)	1.35 / 1.42	1.98	-28.28% (-0.56)
May 08, 2025	2025 (Q1)	2.05 / 2.09	2.03	2.96% (+0.06)
Feb 06, 2025	2024 (Q4)	1.84 / 1.98	2.4	-17.50% (-0.42)
Oct 31, 2024	2024 (Q3)	1.67 / 1.78	2.16	-17.59% (-0.38)
Aug 01, 2024	2024 (Q2)	1.96 / 1.98	1.84	7.61% (+0.14)
May 02, 2024	2024 (Q1)	2.04 / 2.03	2.38	-14.71% (-0.35)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

COP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 30, 2026	$128.25	$125.78	-1.93%
Feb 05, 2026	$106.76	$104.17	-2.43%
Nov 06, 2025	$86.22	$84.22	-2.33%
Aug 08, 2025	$90.30	$91.57	+1.41%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.