We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ConocoPhillips (COP - Free Report) has delivered adjusted earnings per share of $1.89 in the first quarter of 2026, down 9.6% from the year-ago level but beating the Zacks Consensus Estimate of $1.73 by 9.25%. Total revenues of $16.05 billion declined 6.1% year over year, but topped the consensus mark of $14.81 billion by 8.37%.
Operationally, the upstream major generated total production of 2,309 thousand barrels of oil-equivalent per day (MBOED).
Better-than-expected quarterly earnings can be attributed to the company’s low costs and improved operational efficiency, which helped offset weaker prices and volume dynamics.
COP's Revenue Mix Reflects Lower Sales, Added Income
ConocoPhillips’ top line was supported by sales and other operating revenues of $15.76 billion. That figure was lower than the comparable prior-year period, but the company benefited from contributions beyond core sales, including equity in earnings of affiliates and other income.
ConocoPhillips Absorbs Special Items as Earnings Ease
COP has posted first-quarter 2026 net income of $2.2 billion, translating to reported earnings per share of $1.78. Excluding special items, adjusted earnings were $2.3 billion compared with $2.7 billion in the prior-year quarter.
Management attributed the quarter’s special items primarily to pending claims and settlements and a loss on a contingent liability measurement. Those items weighed on comparability versus a cleaner earnings base and help explain why adjusted earnings per share trailed the year-ago level despite sequential improvement from fourth-quarter conditions.
COP's Segmental Results Show Lower 48 Normalization
ConocoPhillips’ segment picture highlighted a cooling in the Lower 48 contribution. Adjusted earnings in the Lower 48 were $1.4 billion, down from $1.7 billion in the first quarter of 2025, reflecting the impacts of weaker gas pricing in the Permian and lower volumes.
Alaska posted improved year-over-year adjusted earnings, while Europe, the Middle East and North Africa significantly declined from the prior-year quarter. Corporate and Other remained a drag, consistent with the company’s cost structure that includes net interest expenses, corporate G&A and technology investments.
COP reported that production decreased year over year, with organic growth from the Lower 48 more than offset by downtime, including the impacts tied to the Middle East conflict on Qatar, as well as higher Surmont royalties. Lower 48 output totaled 1,453 MBOED, including 698 MBOED from the Delaware Basin, 200 MBOED from the Midland Basin, 367 MBOED from Eagle Ford and 183 MBOED from the Bakken Basin.
Pricing and costs also shaped the narrative. The company’s total average realized price was $50.36 per BOE, down 6% from the prior-year quarter. COP also pointed to lower costs as a partial offset to weaker price and volume dynamics, underscoring the role of operating discipline in protecting profitability.
COP's Cash Generation Funds Dividends & Buybacks
ConocoPhillipsgenerated cash provided by operating activities of $4.3 billion in the quarter. Excluding the effect of operating working-capital timing, cash from operations (CFO) totaled $5.4 billion, supporting a capital program that included $2.9 billion in capital expenditure and investments.
Shareholder returns remained central. The company distributed $2 billion to shareholders, including $1 billion through share repurchases and $1 billion through the ordinary dividend. COP ended the quarter with $6.7 billion in cash and short-term investments, and $1.2 billion in long-term investments, maintaining balance-sheet flexibility, alongside continued payouts.
COP updated its outlook and adjusted second-quarter planning by excluding Qatar from production guidance, given uncertainty surrounding the Middle East conflict. Second-quarter production is expected to be 2.185-2.215 MMBOED.
For the year, COP expects a production of 2.295-2.325 MMBOED, reflecting an annual adjustment tied to Qatar and a Surmont royalty-rate adjustment tied to higher oil prices. Capital spending for 2026 is projected at $12-$12.5 billion, including incremental Permian activity, while the operating cost guidance was left unchanged as management reiterated its objective to return 45% of the CFO to shareholders in 2026.
Zacks Rank & Other Key Picks
COP currently flaunts a Zacks Rank #1 (Strong Buy).
TotalEnergies reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Cash and cash equivalents as of March 31, 2026, were $25.69 billion compared with $26.2 billion as of Dec. 31, 2025. TTE anticipates investing $15 billion in 2026, including sizeable investments for low-carbon energies.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13. The bottom line declined from the year-ago quarter’s 92 cents.
As of March 31, 2026, Eni had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion. Eni reaffirmed the 2026 gross capex of €7 billion and net capex of €5 billion, with expected underlying production growth of 3-4%.
Phillips 66 reported first-quarter 2026 adjusted earnings of 49 cents per share, topping the Zacks Consensus Estimate of a loss of 55 cents. The bottom line skyrocketed 154.4% year over year from an adjusted loss of 90 cents.
Phillips 66 ended the quarter with liquidity of approximately $6 billion, including $5.2 billion in cash and cash equivalents, and $800 million in committed capacity under credit facilities. PSX announced a quarterly dividend of $1.27 per share, payable June 1, 2026, to shareholders of record as of May 18.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Zacks
ConocoPhillips Q1 Earnings Beat on Low Costs & Cash Returns
Key Takeaways
ConocoPhillips (COP - Free Report) has delivered adjusted earnings per share of $1.89 in the first quarter of 2026, down 9.6% from the year-ago level but beating the Zacks Consensus Estimate of $1.73 by 9.25%. Total revenues of $16.05 billion declined 6.1% year over year, but topped the consensus mark of $14.81 billion by 8.37%.
Operationally, the upstream major generated total production of 2,309 thousand barrels of oil-equivalent per day (MBOED).
Better-than-expected quarterly earnings can be attributed to the company’s low costs and improved operational efficiency, which helped offset weaker prices and volume dynamics.
ConocoPhillips Price, Consensus and EPS Surprise
ConocoPhillips price-consensus-eps-surprise-chart | ConocoPhillips Quote
COP's Revenue Mix Reflects Lower Sales, Added Income
ConocoPhillips’ top line was supported by sales and other operating revenues of $15.76 billion. That figure was lower than the comparable prior-year period, but the company benefited from contributions beyond core sales, including equity in earnings of affiliates and other income.
ConocoPhillips Absorbs Special Items as Earnings Ease
COP has posted first-quarter 2026 net income of $2.2 billion, translating to reported earnings per share of $1.78. Excluding special items, adjusted earnings were $2.3 billion compared with $2.7 billion in the prior-year quarter.
Management attributed the quarter’s special items primarily to pending claims and settlements and a loss on a contingent liability measurement. Those items weighed on comparability versus a cleaner earnings base and help explain why adjusted earnings per share trailed the year-ago level despite sequential improvement from fourth-quarter conditions.
COP's Segmental Results Show Lower 48 Normalization
ConocoPhillips’ segment picture highlighted a cooling in the Lower 48 contribution. Adjusted earnings in the Lower 48 were $1.4 billion, down from $1.7 billion in the first quarter of 2025, reflecting the impacts of weaker gas pricing in the Permian and lower volumes.
Alaska posted improved year-over-year adjusted earnings, while Europe, the Middle East and North Africa significantly declined from the prior-year quarter. Corporate and Other remained a drag, consistent with the company’s cost structure that includes net interest expenses, corporate G&A and technology investments.
ConocoPhillips Details Production, Pricing & Key Drivers
COP reported that production decreased year over year, with organic growth from the Lower 48 more than offset by downtime, including the impacts tied to the Middle East conflict on Qatar, as well as higher Surmont royalties. Lower 48 output totaled 1,453 MBOED, including 698 MBOED from the Delaware Basin, 200 MBOED from the Midland Basin, 367 MBOED from Eagle Ford and 183 MBOED from the Bakken Basin.
Pricing and costs also shaped the narrative. The company’s total average realized price was $50.36 per BOE, down 6% from the prior-year quarter. COP also pointed to lower costs as a partial offset to weaker price and volume dynamics, underscoring the role of operating discipline in protecting profitability.
COP's Cash Generation Funds Dividends & Buybacks
ConocoPhillipsgenerated cash provided by operating activities of $4.3 billion in the quarter. Excluding the effect of operating working-capital timing, cash from operations (CFO) totaled $5.4 billion, supporting a capital program that included $2.9 billion in capital expenditure and investments.
Shareholder returns remained central. The company distributed $2 billion to shareholders, including $1 billion through share repurchases and $1 billion through the ordinary dividend. COP ended the quarter with $6.7 billion in cash and short-term investments, and $1.2 billion in long-term investments, maintaining balance-sheet flexibility, alongside continued payouts.
ConocoPhillips Updates 2026 Guidance Amid Qatar Uncertainty
COP updated its outlook and adjusted second-quarter planning by excluding Qatar from production guidance, given uncertainty surrounding the Middle East conflict. Second-quarter production is expected to be 2.185-2.215 MMBOED.
For the year, COP expects a production of 2.295-2.325 MMBOED, reflecting an annual adjustment tied to Qatar and a Surmont royalty-rate adjustment tied to higher oil prices. Capital spending for 2026 is projected at $12-$12.5 billion, including incremental Permian activity, while the operating cost guidance was left unchanged as management reiterated its objective to return 45% of the CFO to shareholders in 2026.
Zacks Rank & Other Key Picks
COP currently flaunts a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are TotalEnergies SE (TTE - Free Report) , Eni S.p.A (E - Free Report) and Phillips 66 (PSX - Free Report) , each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks Rank #1 stocks here.
TotalEnergies reported first-quarter 2026 operating earnings of $2.45 (€2.10) per share, which surpassed the Zacks Consensus Estimate of $1.99 by 23.1%. The bottom line improved 34% from the year-ago figure of $1.83 (€1.74).
Cash and cash equivalents as of March 31, 2026, were $25.69 billion compared with $26.2 billion as of Dec. 31, 2025. TTE anticipates investing $15 billion in 2026, including sizeable investments for low-carbon energies.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13. The bottom line declined from the year-ago quarter’s 92 cents.
As of March 31, 2026, Eni had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion. Eni reaffirmed the 2026 gross capex of €7 billion and net capex of €5 billion, with expected underlying production growth of 3-4%.
Phillips 66 reported first-quarter 2026 adjusted earnings of 49 cents per share, topping the Zacks Consensus Estimate of a loss of 55 cents. The bottom line skyrocketed 154.4% year over year from an adjusted loss of 90 cents.
Phillips 66 ended the quarter with liquidity of approximately $6 billion, including $5.2 billion in cash and cash equivalents, and $800 million in committed capacity under credit facilities. PSX announced a quarterly dividend of $1.27 per share, payable June 1, 2026, to shareholders of record as of May 18.