ConocoPhillips Q2 Results Climb On Higher Prices; Names New CEO, CFO

(RTTNews) - Energy major ConocoPhillips reported Thursday higher profit and revenues in its second quarter, primarily due to higher prices, despite weak production. Further, the firm issued third-quarter production view, and backed fiscal 2026 outlook.

Separately, the Houston-based oil and gas producer announced the appointment of current Chief Financial Officer Andy O'Brien as its next President and Chief Executive Officer, succeeding longtime CEO Ryan Lance.

Further, Konnie Haynes-Welsh, currently Vice President of finance and controller, was named Senior Vice President and CFO. Both appointements are with effect from September 1.

In the early morning trading on the NYSE, the shares were gaining around 0.91 percent, trading at $116.10.

Regarding the leadership change, current CEO Lance, who has led ConocoPhillips since 2012, will retire as President and CEO and assume a transitional role as executive chair of the board.

O'Brien, who joined ConocoPhillips in 1997, has held finance, strategy and operating roles across the company. Haynes-Welsh joined ConocoPhillips in 2012 and has held finance and strategy roles including treasurer.

Looking ahead for the third quarter, ConocoPhillips' production is expected to be 2.29 to 2.32 million barrels of oil equivalent per day.

All fiscal 2026 guidance remain unchanged.

The company previously said it expects fiscal 2026 production to be 2.295 to 2.325 MMBOED, reflecting a 20 MBOED annual adjustment for Qatar, given the exclusion of Qatar production from second-quarter guidance, as well as a 15 MBOED annual royalty rate adjustment at Surmont due to higher oil prices.

Capital spending for 2026 is expected to be $12 to $12.5 billion, including incremental Permian activity.

Further, ConocoPhillips declared a third-quarter ordinary dividend of $0.84 per share, payable September 1, to stockholders of record at the close of business on August 17.

In the second quarter, net earnings were $3.93 billion or $3.23 per share, higher than last year's $1.97 billion or $1.56 per share.

Adjusted earnings were $4.0 billion or $3.24 per share, compared with adjusted earnings of $1.8 billion, or $1.42 per share a year ago.

Total revenues and other income climbed to $19.522 billion from last year's $14.740 billion. Sales and other operating revenues wre $19.161 billion, higher than prior year's $14.004 billion.

Production for the second quarter was 2,248 MBOED, a decrease of 143 MBOED from the same period a year ago.

The company's total average realized price was $62.33 per BOE, 36 percent higher than the prior year.

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