On August 6, ConocoPhillips (NYSE: COP) reported Q2 2026 profit of $3.9 billion ($3.23 per share), compared with $2.0 billion ($1.56 per share) a year earlier.
Adjusted earnings per share were $3.24. Production totaled 2.248 million barrels of oil equivalent per day (MBOED), down 6% (or 143 MBOED) from a year ago. The market had previously expected adjusted earnings of $2.96 per share.
In Q3 2026, the company expects to produce between 2.29 and 2.32 MBOED. The company also reaffirmed its full-year 2026 guidance across all operational and financial metrics.
In addition, ConocoPhillips said it completed the sale of non-core assets across 48 U.S. states in July for $1.7 billion. The company also announced Ryan Lance’s transition from president and CEO to executive chairman of the board. His successor, effective September 1, will be current executive vice president and CFO Andy O’Brien.