ConocoPhillips Raises Dividend 11% After $4 Billion Q3 Profit

ConocoPhillips reported third-quarter 2026 earnings of $4.0 billion, or $3.34 per share, and raised its quarterly ordinary dividend by 11% to $0.93 per share, the Houston explorer said Thursday in a company release.

Adjusted earnings, which exclude special items, were $3.9 billion, or $3.27 per share, compared with $2.0 billion, or $1.61 per share, a year earlier. Special items for the quarter primarily reflected the reversal of a tax reserve, the company said. Year-earlier reported earnings were $1.7 billion, or $1.38 per share.

Cash flow, buybacks and the dividend

Cash provided by operating activities and cash from operations were each $7.2 billion in the quarter. ConocoPhillips said it returned $3.4 billion to shareholders, including $2.4 billion of share repurchases and $1.0 billion through the ordinary dividend, and remains on track for a 45% return of cash from operations in 2026.

The higher $0.93 ordinary dividend takes effect with the fourth-quarter payment due Dec. 1, 2026, to stockholders of record on Nov. 16, 2026. The company’s dividend history page lists the new amount, up from $0.84 declared in August.

Production and prices

Total company production averaged 2,302 thousand barrels of oil equivalent per day, down 97 MBOED from a year earlier. After adjusting for closed acquisitions and dispositions, production fell 40 MBOED, or 2%, as Lower 48 organic growth was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties, the company said.

Lower 48 production was 1,517 MBOED, including 757 MBOED from the Delaware Basin. The company’s average realized price was $61.40 per barrel of oil equivalent, 32% higher than $46.44 a year earlier. ConocoPhillips ended the quarter with $10.4 billion in cash and short-term investments and guided fourth-quarter 2026 production to 2.32 to 2.36 million barrels of oil equivalent per day.

Sources: ConocoPhillips, ConocoPhillips dividend history