ConocoPhillips cuts Q1 2026 production outlook, beats earnings

Full-year output guidance was trimmed to a scope of 2.295 cardinal to 2.325 cardinal barrels of lipid equivalent per day, pulling backmost from the anterior people of 2.33 cardinal to 2.36 million. The revised guidance reflects a 20,000-barrel-per-day yearly accommodation for the exclusion of Qatar. Qatar's volumes were besides stripped retired of the second-quarter outlook, wherever the institution projects output of 2.19 cardinal to 2.22 cardinal barrels of lipid equivalent per day.

Earnings for the archetypal 4th totaled $2.18 billion, oregon $1.78 a share, compared with $2.85 billion, oregon $2.23 a share, successful the year-ago quarter. On an adjusted basis, which backs retired charges tied to pending claims and settlements on with a contingent liability loss, the institution earned $1.89 a stock — good supra the $1.68 statement estimation analysts had anticipated, according to The Wall Street Journal.

Weakness successful Permian state prices and softer volumes drove the year-over-year nett drop, though outgo reductions provided a partial cushion, ConocoPhillips said. Realized prices averaged $50.36 per tube of lipid equivalent for the period, astir 5.6% beneath wherever they stood 12 months prior. Output came to astir 2.31 cardinal barrels of lipid equivalent per day, shedding astir 80,000 barrels per time compared with the aforesaid 4th successful 2025.

Cash provided by operating activities reached $4.3 cardinal for the quarter, portion currency from operations was $5.4 billion, the institution said. ConocoPhillips distributed $2.0 cardinal to shareholders, divided evenly betwixt stock repurchases and its mean dividend. The institution declared a second-quarter mean dividend of $0.84 a share.

"Our thoughts are with our team, partners and everyone impacted by the ongoing struggle successful the Middle East," CEO Ryan Lance said successful a statement.

The Middle East warfare has reverberated crossed the planetary vigor industry. BP, which much than doubled its first-quarter nett connected an surge successful lipid trading tied to the conflict, besides warned that the warfare has enactment its full-year accumulation connected a little trajectory and said ongoing determination disruptions would measurement connected upstream volumes successful the 2nd quarter.

Shares were trading down astir 1.7% earlier the marketplace open.