HOUSTON (dpa-AFX) - ConocoPhillips (COP) reported first-quarter earnings of $2.2 billion, or $1.78 per share, compared with $2.8 billion, or $2.23 per share, a year ago. Excluding special items, adjusted earnings were $2.3 billion, or $1.89 per share, compared with $2.7 billion, or $2.09 per share. The company said its earnings and adjusted earnings decreased primarily due to lower gas prices in Permian and lower volumes, partially offset by lower costs. Total revenues and other income declined to $16.05 billion from $17.10 billion.
Production for the first quarter was 2,309 MBOED, a decrease of 80 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter production decreased 14 MBOED or 1% from a year ago. Cash provided by operating activities was $4.3 billion. Excluding a $1.1 billion change in operating working capital, ConocoPhillips generated CFO of $5.4 billion.
For the second quarter, the company is excluding Qatar from production guidance, given uncertainty surrounding the conflict in the Middle East. Second-quarter production is expected to be 2.185 to 2.215 million barrels of oil equivalent per day. For full-year 2026, the company now expects production to be 2.295 to 2.325 MMBOED. This reflects 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. The company said the range reflects uncertainty around the macro environment and North Field East and North Field South capital timing in Qatar.
ConocoPhillips declared a second-quarter ordinary dividend of $0.84 per share, payable June 1, 2026, to stockholders of record at the close of business on May 11, 2026.
In pre-market trading on NYSE, ConocoPhillips shares are down 1.31 percent to $126.54.
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