ConocoPhillips (COP) announced its planned 2026 return of capital to shareholders of 45% of CFO. The company said its guidance for 2026 includes capital expenditures of approximately $12 billion and adjusted operating costs of $10.2 billion, consistent with preliminary guidance. The company said it is well positioned to deliver an expected $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028.
Ryan Lance, CEO, said: "Looking ahead, we're focused on driving a $1 billion reduction in our capital and costs in 2026, while returning 45% of our CFO to shareholders."
The company's 2026 production guidance is 2.33 to 2.36 million barrels of oil equivalent per day, or MMBOED. First-quarter production is expected to be 2.30 to 2.34 MMBOED, inclusive of weather-related downtime.
Fourth-quarter earnings were $1.4 billion, or $1.17 per share, compared with $2.3 billion, or $1.90 per share, prior year. Excluding special items, adjusted earnings were $1.3 billion, or $1.02 per share, compared with $2.4 billion, or $1.98 per share. Analysts on average expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items. Total revenues and other income was was $14.19 billion compared to $14.74 billion, last year. Sales and other operating revenues were $13.39 billion compared to $14.24 billion, prior year.
Production for the fourth quarter was 2,320 MBOED, an increase of 137 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, fourth-quarter production decreased 63 MBOED or 2.6% from the same period a year ago.
The company declared a first-quarter ordinary dividend of $0.84 per share payable March 2, 2026, to stockholders of record at the close of business on Feb. 18, 2026.
In pre-market trading on NYSE, ConocoPhillips shares are down 0.96% percent to $106.59.
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