ConocoPhillips Q3 Profit Doubles, Raises Dividend 11%
6 sourcesUpdated Nov 5, 20261 min read
ConocoPhillips reported third-quarter net income of $4 billion and adjusted earnings of $3.27 per share, topping analyst expectations. Higher oil prices lifted its average realized price 32% to $61.40 per barrel of oil equivalent, helping offset production’s decline to 2.3 million barrels a day from 2.4 million a year earlier. The company generated $7.2 billion in cash from operations and returned $3.4 billion to shareholders through dividends and buybacks, while raising its quarterly dividend 11% to 93 cents a share. It forecast fourth-quarter production of 2.32 million to 2.36 million barrels of oil equivalent per day and reiterated its goal of returning 45% of operating cash flow to shareholders in 2026. ConocoPhillips is also evaluating offers for its Norway business and a U.K. asset, while pursuing cost reductions and advancing its Willow project in Alaska, which remains on track to begin production in early 2029.
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“ConocoPhillips raises dividend by 11% to $0.93 (COP:NYSE)”Lower production is a worry even with the profit jump, but returning billions via dividends and buybacks shows they are prioritizing investors.
Good to see ConocoPhillips doubling profits and hiking the dividend 11 percent. Oil price gains really paid off for shareholders this quarter.
