ConocoPhillips boosts dividend after beating estimates on higher oil prices
ConocoPhillips lifted its quarterly dividend after beating Wall Street estimates for third-quarter adjusted profit, helped by stronger crude prices and cost-cutting measures that offset a decline in output
Investing
Friday, 6 November 2026
ConocoPhillips lifted its quarterly dividend after beating Wall Street estimates for third-quarter adjusted profit, helped by stronger crude prices and cost-cutting measures that offset a decline in output.
The Houston-based company posted adjusted profit of $3.27 per share for the three months ended September 30, surpassing the average analyst estimate of $2.97 per share, according to data compiled by LSEG.
Quarterly net income more than doubled to $4 billion year-on-year, boosted by higher oil prices amid supply concerns driven by the Middle East conflict.
The company said it remained on track to grow free cash flow by $7 billion in 2029 compared with 2025 levels. New CEO Andy O'Brien, who took the helm in September, said investors should expect free cash flow to keep growing beyond 2029 as the company starts producing oil at its Willow project in Alaska and improves cost efficiency in US shale.
"It's probably the question I've been asked the most since becoming CEO. What happens after the inflection?" he said during an earnings call with analysts. "Those opportunities can support growth through the next decade."
The company's average realized price was $61.40 per barrel of oil equivalent for the quarter, 32% higher than a year earlier.
Benchmark Brent crude averaged about $89.27 per barrel during the July-to-September period, up more than 31% from a year earlier, as the Iran war restricted energy supplies.
