ConocoPhillips (NYSE:COP) shares are trading higher on Thursday after the company reported second-quarter fiscal 2026 results and disclosed leadership changes.
• ConocoPhillips stock is moving in positive territory. What’s driving COP shares up?
Earnings Snapshot
Adjusted EPS of $3.24, surpassing analyst expectations of $2.88. Revenue came in at $19.52 billion, beating the consensus estimate of $18.80 billion.
The company generated $7.4 billion in operating cash flow. ConocoPhillips ended the quarter with $8.1 billion in cash and short-term investments, along with $1.2 billion in long-term investments.
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Production Details
Total production stood at 2,248 thousand barrels of oil equivalent per day (MBOED), while Lower 48 production reached 1,479 MBOED.
The company executed an agreement to re-enter Syria, leveraging existing infrastructure to restore and increase production from onshore fields.
ConocoPhillips also expanded its LNG strategy by securing an additional 2 million tonnes per annum (MTPA) of offtake agreements, bringing total LNG offtake commitments to 12 MTPA.
Asset Sale & Acquisition
ConocoPhillips signed agreements to divest noncore Lower 48 assets for $1.7 billion, with the transactions closing in July and allowing the company to achieve its $5 billion disposition target ahead of schedule.
The company also agreed to acquire a 42% stake in a joint venture in Iraq’s Kirkuk region, providing access to long-life conventional redevelopment opportunities at an attractive entry cost and competitive supply economics, with closing expected by year-end 2026.
Leadership Change
In a separate release today, ConocoPhillips disclosed that Andy O’Brien, currently chief financial officer and executive vice president of Strategy and Commercial, will succeed Ryan Lance as president and chief executive officer effective Sept. 1, 2026. Ryan Lance will retire from his CEO role and transition to executive chair of the board, continuing to support the company during the leadership transition.
Also, Konnie Haynes-Welsh, currently vice president of Finance and Controller, will succeed O’Brien as senior vice president and chief financial officer, effective September 1, 2026.
Shareholder Returns
The company doubled share repurchases during the quarter, bringing total shareholder distributions to $3 billion. ConocoPhillips declared a third quarter dividend of 84 cents per share.
Outlook
For the third quarter, ConocoPhillips sees production of 2.29 to 2.32 million barrels of oil equivalent per day.
COP Stock Price Activity: ConocoPhillips shares were up 1.10% at $116.30 at the time of publication Thursday.
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