ConocoPhillips Boosts Dividend After Strong Third Quarter Earnings Beat

ConocoPhillips (NYSE: COP) connected Thursday raised its quarterly dividend by 8% arsenic it reported better-than-expected net for the 3rd quarter.

ConocoPhillips, the biggest U.S. autarkic lipid and state producer, reported adjusted net of $2 cardinal for the 3rd quarter, oregon $1.61 per share. The EPS easy bushed the expert statement estimation of $1.41 net per stock successful The Wall Street Journal.

Higher lipid and state accumulation and reduced costs helped ConocoPhillips partially offset the little lipid prices and terms realizations.

Total institution accumulation stood astatine 2.399 cardinal barrels of lipid equivalent per time (boed) and Lower 48 accumulation averaged 1.528 cardinal boed. Adjusting for closed acquisitions and dispositions, third-quarter lipid and state accumulation accrued by 4% from the aforesaid play a twelvemonth ago.

Compared to the 3rd 4th of 2024, little lipid prices weighed connected this year’s results.

ConocoPhillips’ full mean realized terms was $46.44 per tube of lipid equivalent (boe), down by 14% compared to the $54.18 per boe realized terms successful the 3rd 4th of 2024.

Yet, the diminution successful prices was “partially offset by the benefits of the Marathon Oil acquisition and higher underlying accumulation volumes,” ConocoPhillips said.

ConocoPhillips accrued its basal dividend by 8%, “consistent with our extremity to supply apical quartile dividend maturation successful the S&P 500,” president and main enforcement officer, Ryan Lance, said successful a statement.

The shaper besides offered a archetypal glimpse into its guidance for 2026 and it is accordant with the disciplined superior allocation crossed the U.S. shale spot amid uncertainties astir lipid prices, commercialized policies, and costs.

“Looking to 2026, we expect little superior and operating costs with level to humble accumulation growth,” Lance added.

Last week, the 2 U.S. supermajors, ExxonMobil and Chevron, some reported higher-than-forecast net for the 3rd quarter, connected the backmost of record-high lipid and state accumulation astatine their respective cardinal assets.

By Michael Kern for Oilprice.com

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