ConocoPhillips (NYSE:COP) reported first-quarter fiscal 2026 results that topped analyst expectations, supported by stronger-than-expected earnings and revenue.
Earnings Snapshot
The company posted earnings of $2.2 billion, or $1.78 per share, down from $2.8 billion, or $2.23 per share, in the same quarter last year. Adjusted earnings came in at $1.89 per share, beating the consensus estimate of $1.64. Revenue totaled $16.054 billion, exceeding expectations of $15.548 billion.
Production Details
Total production declined 80 MBOED year over year to 2.3 million barrels of oil equivalent per day. Excluding impacts from acquisitions and dispositions, production fell 1%, or 14 MBOED.
Lower 48 production reached 1,453 MBOED, including 698 MBOED from the Delaware Basin, 200 MBOED from the Midland Basin, 367 MBOED from the Eagle Ford and 183 MBOED from the Bakken.
The company reported an average realized price of $50.36 per barrel of oil equivalent, down 6% from a year earlier.
Shareholder Returns
ConocoPhillips declared a second-quarter dividend of 84 …