ConocoPhillips Profit More Than Doubles to $4 Billion

Adjusted earnings were $3.27 per share, above Wall Street’s estimate of $2.97. Net income rose from $1.7 billion a year earlier. The company’s average realized price increased 32% to $61.40 per barrel of oil equivalent, while Brent averaged $89.27, more than 31% above the year-earlier level.

Production fell to 2.3 million barrels of oil equivalent per day from 2.4 million a year earlier. Output from Qatar improved during the quarter but remained below pre-war levels. ConocoPhillips generated $7.2 billion in operating cash flow and raised its quarterly dividend from 84 cents to 93 cents per share.

The results followed large earnings gains at other oil majors. ExxonMobil reported third-quarter profit of $15.4 billion, up from $7.5 billion a year earlier. Chevron’s earnings nearly tripled to $9.9 billion from $3.5 billion, while BP reported $4.7 billion in profit attributable to shareholders, compared with $1.2 billion last year.

ConocoPhillips expects fourth-quarter production of 2.32 million to 2.36 million barrels of oil equivalent per day. It reaffirmed a target to increase annual free cash flow by $7 billion by 2029 compared with 2025. The Willow project in Alaska remains on schedule for first oil in early 2029, with module fabrication more than 75% complete. CEO Andy O’Brien said U.S. shale efficiencies and Willow production should support cash flow growth beyond 2029. The company is also evaluating a possible sale of its Norwegian operations and the Teesside asset in the UK; no decision has been made.