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ConocoPhillips Q3 profit beats on higher prices, hikes dividend

By Reuters News


Overview

  • U.S. oil and gas producer's Q3 adjusted EPS and net income beat analyst expectations

  • Company raised quarterly dividend by 11% to $0.93 per share

  • Q3 production fell 2% yr/yr after asset adjustments, mainly due to Middle East conflict


Outlook

  • ConocoPhillips expects Q4 2026 production of 2.32-2.36 mln barrels of oil equivalent per day

  • Company says full-year capital expenditures and adjusted operating cost guidance remain unchanged


Result Drivers

  • HIGHER REALIZED PRICES - Co said increased earnings were primarily driven by a 32% rise in average realized price per BOE

  • LOWER PRODUCTION VOLUMES - Co said production fell 2% yr/yr after asset adjustments, as organic growth in Lower 48 was more than offset by impact of Middle East conflict on Qatar and higher Surmont royalties

  • EFFICIENCY GAINS - Co reported record Permian completion efficiency with 15% more pumping hours than prior year average


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted EPS

Beat

$3.27

$2.97 (26 Analysts)

Q3 EPS

$3.34

Q3 Adjusted Net Income

Beat

$3.90 bln

$3.54 bln (17 Analysts)


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy", 11 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

  • Wall Street's median 12-month price target for ConocoPhillips is $151.00, about 10.3% above its November 4 closing price of $136.94

  • The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago


Reuters Recommended Reads

  • Nov 2 - Diamondback Energy boosts production forecast amid elevated oil prices

  • Nov 3 - Ovintiv Q3 profit rises on higher energy prices, lower costs

  • Nov 3 - Matador Q3 adjusted EPS and net income beat estimates on record production


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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