Earnings Highlights COP

SynMax Research:

ConocoPhillips (COP)

ConocoPhillips can ramp up Lower 48 production if it sees a call on oil. The company has more than 2 decades of low-cost supply in shale.

For 2026, Conoco is focused on driving a $1 billion reduction in CapEx, while returning 45% of cash flow from operations to shareholders. For 2025, the company achieved Lower 48 drilling and completion efficiency improvements of more than 15% year on year. ConocoPhillips expects continued capital efficiency improvement into 2026.

The company issued new full year guidance for 2026. The company's 2026 production is expected to be flat to slightly lower YOY. This also includes adjustments for Q1 2026 weather related curtailments.

Summary

ConocoPhillips’ flat to slightly lower YOY production expectations for 2026 will lower the long-term production forecast for 2026 as compared to the prior reporting quarter.