COP earnings analysis
What we found in COP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
ConocoPhillips reported Q1 2026 earnings per share of $1.78, slightly surpassing estimates of $1.68. Revenue totaled $16.60 billion, exceeding expectations of $16.30 billion, despite lower production volumes impacting overall performance. The company generated robust operating cash flow of $5.4 billion and maintained a strong focus on shareholder returns, declaring a dividend of $0.84 per share.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong EPS Performance
- Reported EPS of $1.78 beat estimates of $1.68.
- Revenue Exceeds Expectations
- Q1 2026 revenue totaled $16.60 billion, above the estimated $16.30 billion.
- Robust Operating Cash Flow
- Generated operating cash flow of $5.4 billion, supporting shareholder initiatives.
- Continued Shareholder Returns
- Returned $2.0 billion to shareholders, including $1.0 billion in dividends.
- Efficient Capital Investment
- Capital expenditures reached $2.9 billion, with an emphasis on short-cycle projects.
- Updated Production Guidance
- Full-year production forecast adjusted to 2.295 to 2.325 MMBOED due to geopolitical concerns.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Geopolitical Tensions Impact
- Heightened geopolitical risks in the Middle East could affect operations and supply chains.
- Production Decline Year-over-Year
- Production decreased by 80 MBOED year-over-year, impacting revenue generation.
- Volatility in Commodity Prices
- Dependence on fluctuating energy prices creates significant revenue risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.78
- Segment
- Alaska
- Segment
- Lower 48
- Segment
- Canada
- Segment
- Europe, Middle East and North Africa
- Segment
- Asia Pacific
What they said about what is next.
Full-year production guidance updated to 2.295 to 2.325 MMBOED.
The filing reads better than the one before it.
What came before.
- 10-K · February 17, 2026
- ConocoPhillips grew production to 2,375 MBOED in 2025 (+388 MBOED, +20% vs 2024) while generating $19.8 billion of cash from operations and investing $12.6 billion, leaving implied free cash flow of ~$7.24 billion. The…
- 10-K · February 18, 2025
- ConocoPhillips closed the Marathon Oil acquisition in 2024 (≈$16.5 billion purchase), grew production to 1,987 MBOED (+161 MBOED, +9% vs. 2023) and generated strong operating cash flow of $20.1 billion while investing…
- 10-Q · May 2, 2024
- ConocoPhillips reported total revenues and other income of $14,476 million and diluted EPS of $2.15 for Q1 2024. Revenue and net income declined vs. Q1 2023, but operating cash flow remained strong at $4,985 million and…
- 10-Q · May 5, 2022
- ConocoPhillips reported a strong Q1 2022 driven by higher commodity realizations and portfolio activity: total revenues and other income rose to $19,291 million and diluted EPS was $4.39. Operating cash flow was healthy…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing COP makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever