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Conocophillips (COP)
NYSE:COP
Earnings Data
Report Date
Apr 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.16Last Year’s EPS
2.09Same Quarter Last Year
Moderate Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized numerous operational and financial accomplishments — production growth, strong Q4 CFO, disciplined capital allocation, successful Marathon integration, robust liquidity and balance sheet improvements, multi-year reserve replacement, substantial progress on LNG and Willow projects, and clear 2026 cost and capital efficiency targets. The lowlights were largely manageable: single-year reserve replacement slightly below 100%, remaining pre-productive capital keeping breakeven elevated until projects ramp, an unresolved Venezuela recovery process, an incomplete divestiture target, one rig incident (no injuries), and ongoing commodity-price sensitivities. Overall, positive operational momentum and financial position materially outweigh the manageable risks and near-term headwinds.Company Guidance
Full-Year Production Growth and Q4 Delivery
Pro forma production grew 2.5% in 2025. Q4 production was 2,320,000 barrels of oil equivalent per day, consistent with the midpoint of guidance; 2026 production guidance set at 2,330,000–2,260,000 boe/d (modest growth).
Strong Q4 and FY Financials
Q4 adjusted earnings of $1.02 per share and fourth-quarter cash from operations (CFO) of $4.3 billion. Full-year capital expenditures totaled $12.6 billion.
Sector-Leading Return of Capital
Returned $2.1 billion in Q4 (just over $1 billion buybacks and ~$1 billion ordinary dividends). Full-year return of capital was $9 billion, equal to 45% of CFO, meeting the company's objective.
Balance Sheet and Liquidity Strength
Cash and short-term investments totaled $7.4 billion with an additional $1.1 billion in long-term liquid investments. Cash balances rose ~$1 billion year-over-year and the company paid down $900 million of debt in 2025, resulting in net debt reductions of nearly $2 billion.
Marathon Integration Outperformance
Successfully integrated Marathon Oil assets, outperforming the acquisition case on key metrics: captured doubled synergies, realized an additional ~$1 billion of one-time benefits, eliminated the Marathon Capital program, and sustained pro forma production growth.
Portfolio and Reserve Replacement
Organic reserve replacement for 2025 was just under 100%; trailing three-year organic reserve replacement was 106% and five-year was 133%. Excluding price revisions, organic replacement was ~110%, supporting the company’s resource-to-reserve conversion thesis.
LNG and Major Project Progress
Offtake portfolio grew to ~10 million tonnes per annum. Major LNG projects reported >80% completion for key projects (NFE noted to start in H2), and Willow nearing ~50% complete; management expects ~$1 billion incremental free cash flow (FCF) per year from 2026–2028 and an additional ~$4 billion from Willow in 2029, contributing to a $7 billion FCF inflection by 2029.
2026 Cost and Capital Efficiency Targets
2026 guidance targets ~$12 billion CapEx (down ~$600 million YoY, ≈4.8% decrease from $12.6B) and ~$10.2 billion operating costs (down ~$400 million YoY, ≈3.8%), aiming for a combined ~$1 billion reduction in CapEx and OpEx versus 2025.
Lower 48 Productivity and Capital Efficiency Gains
Drilling and completion efficiencies improved by more than 15% in 2025. Delaware oil productivity per foot rose ~8% YoY while average lateral length increased ~9% YoY; Eagle Ford oil productivity per foot rose ~7% YoY. Permian long-lateral inventory: ~80% of future wells ≥2 miles (up from 60% in 2023) and 2026 program ~90% ≥2 miles, driving substantial cost-of-supply reductions (1→2 mile ~25% improvement; 3–4 miles adds another 10–15%).
Progress on Divestitures and Asset Monetization
Closed over $3 billion of asset sales in 2025, including $1.6 billion in Q4, progressing against an upsized $5 billion divestiture target.
Operational Wins: Canada and Alaska
Surmont pad 104 WA delivered ahead of schedule with first oil roughly one month early; steady pad cadence (new pad expected every 12–18 months). Alaska exploration campaign commenced early with first of four wells spud, targeting tieback resources to Willow and existing infrastructure.
COP Earnings History
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 |
|---|---|---|---|
Nov 06, 2025 | $87.70 | $85.66 | -2.33% |
Aug 08, 2025 | $91.84 | $93.14 | +1.42% |
May 08, 2025 | $86.26 | $87.35 | +1.26% |
Feb 06, 2025 | $97.76 | $97.49 | -0.28% |
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.
FAQ
When does Conocophillips (COP) report earnings?
Conocophillips (COP) is schdueled to report earning on Apr 30, 2026, Before Open (Confirmed).
What is Conocophillips (COP) earnings time?
Conocophillips (COP) earnings time is at Apr 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is COP EPS forecast?
COP EPS forecast for the fiscal quarter 2026 (Q1) is 1.16.
