ConocoPhillips Adjusted EPS Hits USD 3.24 on Record Permian Output, Buyback Doubled

ConocoPhillips reported adjusted earnings of USD 3.24 per share for the latest quarter, above the FactSet analyst consensus of USD 2.90, and doubled its share repurchase program. Adjusted profit a year earlier was USD 1.42 per share.

The US oil producer announced the results on Thursday, August 6, 2026, according to ABM Financial News. Output in the Permian basin drove the beat.

Adjusted net profit rose to USD 4 billion from USD 1.8 billion. Reported net profit nearly doubled year on year, to USD 3.9 billion from USD 2.0 billion, or USD 3.23 per share from USD 1.56.

Second-quarter production reached 2.25 million barrels per day against a market expectation of 2.21 million barrels per day. Chief executive Ryan Lance pointed to "record production from our leading position in the Permian basin".

The company hit its USD 5 billion divestment target earlier than planned and secured low-cost supply opportunities in the Middle East, Lance said.

The third-quarter dividend is set at USD 0.84, unchanged from the prior three months. ConocoPhillips said it remains on track to lift free cash flow to USD 7 billion by 2029.

The payout decision lands alongside a leadership change. Lance will be succeeded as chief executive on September 1 by current chief financial officer Andy O'Brien, and will stay on as executive chairman of the board.

Shares traded 1% higher before the market open.