0001163165FALSE00011631652026-11-052026-11-050001163165us-gaap:CommonStockMember2026-11-052026-11-050001163165cop:SevenPercentDebenturesDueTwentyTwentyNineMember2026-11-052026-11-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):  November 5, 2026
ConocoPhillips
(Exact name of registrant as specified in its charter)
Delaware001-3239501-0562944
(State or other jurisdiction of
incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
925 N. Eldridge Parkway
Houston, Texas 77079
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code:  (281) 293-1000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 Par ValueCOPNew York Stock Exchange
7% Debentures due 2029CUSIP-718507BK1New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, ConocoPhillips issued a press release announcing the company's financial and operating results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. Additional financial and operating information about the quarter is furnished as Exhibit 99.2 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
—
—
104—Cover Page Interactive Data File (formatted as Inline XBRL and filed herewith).
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CONOCOPHILLIPS
/s/ Greig Patterson
Greig Patterson
Vice President, Finance and Controller
November 5, 2026
3

Exhibit 99.1
ConocoPhillips announces third-quarter 2026 results and increases quarterly ordinary dividend by 11%
•Reported third-quarter 2026 earnings per share of $3.34 and adjusted earnings per share of $3.27.
•Generated cash provided by operating activities and cash from operations (CFO) of $7.2 billion.
•Increased shareholder distributions to $3.4 billion, including $2.4 billion of share repurchases; on track for 45% return of CFO in 2026.
•Raised quarterly ordinary dividend by 11% to $0.93 per share, consistent with top-quartile S&P 500 growth objective.
HOUSTON—Nov. 5, 2026—ConocoPhillips (NYSE: COP) today reported third-quarter 2026 earnings of $4.0 billion, or $3.34 per share, compared with third-quarter 2025 earnings of $1.7 billion, or $1.38 per share. Excluding special items, third-quarter 2026 adjusted earnings were $3.9 billion, or $3.27 per share, compared with third-quarter 2025 adjusted earnings of $2.0 billion, or $1.61 per share. Special items for the quarter primarily reflect the reversal of a tax reserve.

“ConocoPhillips is continuing to execute our differential strategy, with strong operational and financial performance across the portfolio,” said Andy O’Brien, president and chief executive officer. “We’re capturing efficiencies across our best-in-class Lower 48 assets, growing our strategic commercial LNG offtake portfolio and advancing Willow critical path items. We strengthened our balance sheet and continued progress toward our 45% return of CFO target for 2026, including increasing our ordinary dividend at a top-quartile S&P 500 growth rate. We also remain on track to deliver a peer-leading $7 billion free cash flow inflection by 2029. Importantly, 2029 is not the endpoint. Our differentiated value proposition, underpinned by the deepest, highest-quality upstream portfolio in the sector, positions us to deliver continued CFO and free cash flow growth at an advantaged reinvestment rate well into the next decade.”
Third-quarter highlights
•Delivered total company and Lower 48 production of 2,302 thousand barrels of oil equivalent per day (MBOED) and 1,517 MBOED, respectively.
•Distributed $3.4 billion to shareholders, consisting of $2.4 billion through share repurchases and $1.0 billion through the ordinary dividend.
•Advanced Willow critical path items with module fabrication scope over 75% complete; on track for first oil in early 2029.
•Realized record Permian completion efficiency with 15% more pumping hours than prior year average.
•Achieved first production ahead of schedule and under budget at Surmont Pad 104W-B in Canada.
•Expanded commercial LNG offtake portfolio to 13 MTPA.
•Ended the quarter with cash and short-term investments of $10.4 billion and long-term investments of $1.1 billion.
Quarterly dividend increase
ConocoPhillips raised its quarterly ordinary dividend by 11% to $0.93 per share, effective with the fourth-quarter dividend, payable Dec. 1, 2026, to stockholders of record at the close of business on Nov. 16, 2026.

ConocoPhillips announces third-quarter 2026 results and increases quarterly ordinary dividend by 11%





Third-quarter review
Production for the third quarter of 2026 was 2,302 MBOED, a decrease of 97 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, third-quarter 2026 production decreased 40 MBOED or 2% from the same period a year ago. Organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties.
Lower 48 delivered production of 1,517 MBOED, including 757 MBOED from the Delaware Basin, 197 MBOED from the Midland Basin, 369 MBOED from the Eagle Ford and 191 MBOED from the Bakken.
Earnings and adjusted earnings increased from the third quarter of 2025, primarily due to higher prices, partially offset by lower volumes. The company’s total average realized price was $61.40 per BOE, 32% higher than the $46.44 per BOE realized in the third quarter of 2025.
For the quarter, cash provided by operating activities and CFO were $7.2 billion. In addition, ConocoPhillips received $1.6 billion of disposition proceeds from the sale of noncore assets. The company funded $3.1 billion of capital expenditures and investments, repurchased $2.4 billion of shares, and paid $1.0 billion in ordinary dividends.
Outlook

Fourth-quarter 2026 production is expected to be 2.32 to 2.36 million barrels of oil equivalent per day. Full-year capital expenditures and adjusted operating cost guidance remain unchanged. Additional guidance items can be found on slide 11 of the company’s third-quarter 2026 earnings presentation, available on the company’s investor relations website.
ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to www.conocophillips.com/investor. A recording and transcript of the call will be posted afterward.
--- # # # ---
About ConocoPhillips
ConocoPhillips is a global exploration and production company with a deep, durable and diverse portfolio of oil and natural gas assets and a compelling pipeline of organic growth opportunities. We safely and responsibly develop the energy resources the world needs while delivering competitive returns to shareholders through the cycles. Our disciplined, returns-focused strategy is designed to create long-term value and position ConocoPhillips to thrive across a range of market conditions. Learn more at www.conocophillips.com.
Contacts
Media Relations
281-293-1149
media@conocophillips.com
Investor Relations
281-293-5000
investor.relations@conocophillips.com
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, costs and plans, and objectives of management for future operations. Words and phrases such as “ambition,” “anticipate,”

ConocoPhillips announces third-quarter 2026 results and increases quarterly ordinary dividend by 11%





“believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would,” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include, but are not limited to, the following: effects of volatile commodity prices, including prolonged periods of low commodity prices, which may adversely impact our operating results and our ability to execute on our strategy and could result in recognition of impairment charges on our long-lived assets, leaseholds and nonconsolidated equity investments; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes as a result of any ongoing military conflict and the global response to such conflict, security threats on facilities and infrastructure, global health crises, the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries or the resulting company or third-party actions in response to such changes; the potential for insufficient liquidity or other factors that could impact our ability to repurchase shares and declare and pay dividends; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance; reductions in our reserve replacement rates, whether as a result of significant declines in commodity prices or otherwise; unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage; failure to progress or complete announced and future development plans related to constructing, modifying or operating E&P and LNG facilities, or unexpected changes in costs, inflationary pressures or technical equipment related to such plans; significant operational or investment changes imposed by legislative and regulatory initiatives and international agreements addressing environmental concerns, including initiatives addressing the impact of global climate change, such as limiting or reducing GHG emissions, regulations concerning hydraulic fracturing, methane emissions, flaring or water disposal and prohibitions on commodity exports; substantial investment in and increased adoption of competing or alternative energy sources; risks, uncertainties and high costs that may prevent us from successfully executing on our Climate-related Risk Strategy; lack or inadequacy of, or disruptions in reliable transportation for our crude oil, bitumen, natural gas, LNG and NGLs; inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations; potential disruption or interruption of our operations and any resulting consequences due to accidents, extraordinary weather events, supply chain disruptions, civil unrest, political events, war, terrorism, cybersecurity threats or information technology failures, constraints or disruptions; liability for remedial actions, including removal and reclamation obligations, under existing or future environmental regulations and litigation; liability resulting from pending or future litigation or our failure to comply with applicable laws and regulations; general domestic and international economic, political and diplomatic developments, including deterioration of international trade relationships, the imposition of trade restrictions or tariffs relating to commodities and material or products (such as aluminum and steel) used in the operation of our business, expropriation of assets, changes in governmental policies relating to commodity pricing, including the imposition of price caps, sanctions or other adverse regulations or taxation policies; competition and consolidation in the oil and gas E&P industry, including competition for sources of supply, services, personnel and equipment; any limitations on our access to capital or increase in our cost of capital or insurance, including as a result of illiquidity, changes or uncertainty in domestic or international financial markets, foreign currency exchange rate fluctuations or investment sentiment; challenges or delays to our execution of, or successful implementation of any asset dispositions or acquisitions we elect to pursue; potential disruption of our operations, including the diversion of management time and attention; our inability to realize anticipated cost savings or capital expenditure reductions; difficulties integrating acquired businesses and technologies; or other unanticipated changes; our inability to deploy the net proceeds from any asset dispositions that are pending or that we elect to undertake in the future in the manner and timeframe we anticipate, if at all; the operation, financing and management of risks of our joint ventures; the ability of our customers and other contractual counterparties to satisfy their obligations to us, including our ability to collect payments when due from the government of Venezuela or PDVSA; uncertainty as to the long-term value of our common stock; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term “resource” in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.
Use of Non-GAAP Financial Information – To supplement the presentation of the company’s financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), this news release and the accompanying supplemental financial information contain certain financial measures that are not prepared in accordance with GAAP, including adjusted earnings (calculated on a consolidated and on a segment-level basis), adjusted earnings per share (EPS), adjusted operating costs, free cash flow (FCF), and cash from operations (CFO).
The company believes that the non-GAAP measure adjusted earnings (both on an aggregate and a per-share basis) and adjusted operating costs are useful to investors to help facilitate comparisons of the company’s operating performance associated with the company’s core business operations across periods on a consistent basis and with the performance and cost structures of peer companies by excluding items that do not directly relate to the company’s core business operations. Adjusted earnings is defined as earnings removing the impact of special items. Adjusted EPS is a measure of the company’s diluted net earnings per share excluding special items. Adjusted operating costs is defined as the sum of production and operating expenses and selling, general and administrative expenses, adjusted to exclude expenses that do not directly relate to the company’s core business operations and are

ConocoPhillips announces third-quarter 2026 results and increases quarterly ordinary dividend by 11%





included as adjustments to arrive at adjusted earnings to the extent those adjustments impact operating costs. The company believes the non-GAAP measure FCF is useful to investors in understanding how existing cash from operations is utilized as a source for sustaining our current capital plan and future development growth. FCF is defined as cash from operations net of capital expenditures and investments. The company believes that the non-GAAP measure CFO is useful to investors to help understand changes in cash provided by operating activities excluding the timing effects associated with operating working capital changes across periods on a consistent basis and for comparison with the performance of peer companies. The company believes that the above-mentioned non-GAAP measures, when viewed in combination with the company’s results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the company’s business and performance. The company’s Board of Directors and management also use these non-GAAP measures to analyze the company’s operating performance across periods when overseeing and managing the company’s business.
Each of the non-GAAP measures included in this news release and the accompanying supplemental financial information has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the company’s presentation of non-GAAP measures in this news release and the accompanying supplemental financial information may not be comparable to similarly titled measures disclosed by other companies, including companies in our industry. The company may also change the calculation of any of the non-GAAP measures included in this news release and the accompanying supplemental financial information from time to time in light of its then existing operations to include other adjustments that may impact its operations.
Reconciliations of each non-GAAP measure presented in this news release to the most directly comparable financial measure calculated in accordance with GAAP are included in the release.
For forward-looking non-GAAP measures, we are unable to provide a reconciliation to the most comparable GAAP financial measures because the information needed to reconcile these measures is dependent on future events, many of which are outside management’s control as described above. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.
Other Terms – This news release also may contain the term pro forma underlying production. Pro forma underlying production reflects the impact of closed acquisitions and closed dispositions as of September 30, 2026. The impact of closed acquisitions and dispositions assumes a closing date of Jan. 1, 2025. The company believes that underlying production is useful to investors to compare production reflecting the impact of closed acquisitions and dispositions on a consistent go-forward basis across periods and with peer companies. Return of capital is defined as the total of the ordinary dividend and share repurchases. References in the release to project capital exclude capitalized interest and references to earnings refer to net income.

ConocoPhillips announces third-quarter 2026 results and increases quarterly ordinary dividend by 11%






ConocoPhillips
Table 1: Reconciliation of earnings to adjusted earnings
$ millions, except as indicated
3Q263Q25
Pre-taxIncome
tax		After-taxPer share of common stock (dollars)Pre-taxIncome
tax		After-taxPer share of common stock (dollars)
Earnings$4,001 3.34 1,726 1.38 
Adjustments:
Transaction, integration and restructuring expenses29 (7)23 0.02 277 (65)212 0.18 
(Gain) loss in interest rate hedge¹(16)4 (13)(0.01)6 (2)4 — 
Pending claims and settlements43 (10)33 0.03 — — — — 
Other corporate charges— — — — 82 (17)65 0.05 
Tax adjustments2
(31)(95)(126)(0.11)— — — — 
Adjusted earnings / (loss)$3,918 3.27 2,007 1.61 
¹Interest rate hedging (gain) loss from PALNG Phase 1 Investment.
2Adjustment related to the reversal of a tax reserve.
The income tax effects of the special items are primarily calculated based on the statutory rate of the jurisdiction in which the discrete item resides.
Certain totals may differ from the sum of the underlying components due to rounding.

ConocoPhillips
Table 2: Reconciliation of net cash provided by operating activities to cash from operations and free cash flow
$ millions, except as indicated
3Q26
Net Cash Provided by Operating Activities$7,195 
Adjustments:
Net operating working capital changes23 
Cash from operations$7,172 
Capital expenditures and investments(3,133)
Free cash flow$4,039 

ConocoPhillips
Table 3: Reconciliation of reported production to pro forma underlying production
MBOED, except as indicated
3Q263Q25
Total reported ConocoPhillips production2,302 2,399 
Closed Dispositions1
(8)(65)
Closed Acquisitions
— — 
Total pro forma underlying production2,295 2,334 
1Includes production related to various Lower 48 noncore dispositions.
Certain totals may differ from the sum of the underlying components due to rounding.
Exhibit 99.2
conocophillipslogo23.jpg        
Third-Quarter 2026 Detailed Supplemental Information

20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions, Except as Indicated
CONSOLIDATED INCOME STATEMENT
Revenues and other income
  Sales and other operating revenues16,517 14,004 15,031 13,392 58,944 15,761 19,161 19,435 54,357 
  Equity in earnings of affiliates392 315 345 283 1,335 247 239 448 934 
  Gain (loss) on dispositions79 317 3 332 731 5 14 54 73 
  Other income113 104 143 178 538 41 108 120 269 
    Total revenues and other income17,101 14,740 15,522 14,185 61,548 16,054 19,522 20,057 55,633 
Costs and expenses
  Purchased commodities6,188 5,085 5,857 5,195 22,325 6,283 6,712 7,423 20,418 
  Production and operating expenses2,506 2,572 2,632 2,621 10,331 2,276 2,431 2,440 7,147 
  Selling, general and administrative expenses191 250 271 181 893 193 188 219 600 
  Exploration expenses117 81 71 138 407 109 75 60 244 
  Depreciation, depletion and amortization2,746 2,838 2,917 2,999 11,500 2,906 2,983 3,005 8,894 
  Impairments1 1 10 14 26 19 2 18 39 
  Taxes other than income taxes551 572 525 498 2,146 607 793 648 2,048 
  Accretion on discounted liabilities94 95 94 95 378 97 99 99 295 
  Interest and debt expense205 232 223 195 855 198 182 142 522 
  Foreign currency transactions (gain) loss30 (3)(6)(10)11 — (25)10 (15)
  Other expenses6 — — 14 20 3 — 11 14 
    Total costs and expenses12,635 11,723 12,594 11,940 48,892 12,691 13,440 14,075 40,206 
Income (loss) before income taxes4,466 3,017 2,928 2,245 12,656 3,363 6,082 5,982 15,427 
  Income tax provision (benefit)1,617 1,046 1,202 803 4,668 1,180 2,151 1,981 5,312 
Net income (loss)2,849 1,971 1,726 1,442 7,988 2,183 3,931 4,001 10,115 
Net income (loss) per share of common stock (dollars)
  Basic2.23 1.56 1.38 1.17 6.36 1.78 3.23 3.34 8.33 
  Diluted2.23 1.56 1.38 1.17 6.35 1.78 3.23 3.34 8.32 
Weighted-average common shares outstanding (in thousands)*
  Basic1,273,350 1,257,512 1,245,253 1,232,575 1,252,042 1,224,036 1,213,453 1,195,037 1,210,736 
  Diluted1,274,879 1,258,998 1,246,854 1,233,956 1,253,446 1,224,960 1,214,255 1,195,864 1,211,527 
*Ending common shares outstanding is 1,182,335 as of September 30, 2026, compared with 1,201,337 as of June 30, 2026.
INCOME (LOSS) BEFORE INCOME TAXES
Alaska466 182 191 162 1,001 386 681 555 1,622 
Lower 482,238 1,781 1,585 1,040 6,644 1,798 3,306 3,112 8,216 
Canada337 199 248 193 977 112 424 244 780 
Europe, Middle East and North Africa1,341 830 1,003 870 4,044 990 1,379 1,663 4,032 
Asia Pacific375 397 398 235 1,405 355 499 595 1,449 
Corporate and Other(291)(372)(497)(255)(1,415)(278)(207)(187)(672)
Consolidated4,466 3,017 2,928 2,245 12,656 3,363 6,082 5,982 15,427 


conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
EFFECTIVE INCOME TAX RATES
Alaska29.8 %26.0 %32.0 %14.3 %27.0 %23.8 %23.3 %23.9 %23.6 %
Lower 4820.0 %21.5 %21.7 %19.7 %20.8 %21.9 %21.9 %20.9 %21.5 %
Canada24.1 %25.2 %24.1 %23.2 %24.1 %24.2 %24.5 %26.7 %25.1 %
Europe, Middle East and North Africa68.8 %71.4 %67.4 %72.4 %69.7 %73.2 %74.9 %78.3 %75.9 %
Asia Pacific17.1 %16.8 %22.5 %7.5 %16.9 %17.0 %22.0 %11.2 %16.4 %
Corporate and Other12.7 %24.9 %5.8 %46.4 %19.6 %42.8 %(11.0)%126.0 %49.3 %
Consolidated36.2 %34.7 %41.0 %35.8 %36.9 %35.1 %35.4 %33.1 %34.4 %
Alaska including taxes other than income taxes37.8 %56.6 %58.8 %51.7 %49.2 %45.0 %39.5 %41.5 %41.5 %

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions
EARNINGS BY SEGMENT
Alaska327 135 130 138 730 294 522 423 1,239 
Lower 481,790 1,399 1,240 835 5,264 1,403 2,584 2,461 6,448 
Canada256 149 188 148 741 85 320 179 584 
Europe, Middle East and North Africa419 237 327 241 1,224 265 346 362 973 
Asia Pacific311 330 309 217 1,167 295 389 528 1,212 
Corporate and Other(254)(279)(468)(137)(1,138)(159)(230)48 (341)
Consolidated2,849 1,971 1,726 1,442 7,988 2,183 3,931 4,001 10,115 
SPECIAL ITEMS
Alaska58 — (26)(11)21 — — — — 
Lower 4893 207 (74)187 413 — — (33)(33)
Canada— — (18)45 27 (122)(58)(8)(188)
Europe, Middle East and North Africa— — (1)(13)(14)— — — — 
Asia Pacific— — — (5)(5)— — — — 
Corporate and Other19 (29)(162)(24)(196)(19)38 124 143 
Consolidated170 178 (281)179 246 (141)(20)83 (78)
Detailed reconciliation of these items is provided on page 5.
ADJUSTED EARNINGS
Alaska269 135 156 149 709 294 522 423 1,239 
Lower 481,697 1,192 1,314 648 4,851 1,403 2,584 2,494 6,481 
Canada256 149 206 103 714 207 378 187 772 
Europe, Middle East and North Africa419 237 328 254 1,238 265 346 362 973 
Asia Pacific311 330 309 222 1,172 295 389 528 1,212 
Corporate and Other(273)(250)(306)(113)(942)(140)(268)(76)(484)
Consolidated2,679 1,793 2,007 1,263 7,742 2,324 3,951 3,918 10,193 

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
ADJUSTED EFFECTIVE INCOME TAX RATES
Alaska30.8 %26.0 %30.7 %15.9 %27.2 %23.8 %23.3 %23.9 %23.6 %
Lower 4822.5 %21.1 %21.9 %18.6 %21.5 %21.9 %21.9 %21.0 %21.5 %
Canada24.1 %25.2 %24.1 %22.7 %24.1 %24.2 %24.4 %26.4 %24.8 %
Europe, Middle East and North Africa68.8 %71.4 %67.3 %72.4 %69.7 %73.2 %74.9 %78.3 %75.9 %
Asia Pacific17.1 %16.8 %22.5 %8.5 %17.1 %17.0 %22.0 %11.2 %16.4 %
Corporate and Other13.4 %25.3 %(4.7)%49.8 %19.3 %44.8 %(3.8)%64.8 %33.4 %
Consolidated37.9 %35.6 %39.0 %38.1 %37.7 %34.5 %35.3 %34.8 %34.9 %

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions
DETAILED SPECIAL ITEMS
Alaska
Transaction, integration and restructuring expenses— — (34)(16)(50)— — — — 
Pending claims and settlements77 — — — 77 — — — — 
Subtotal before income taxes77 — (34)(16)27 — — — — 
Income tax provision (benefit)19 — (8)(5)6 — — — — 
  Total58 — (26)(11)21 — — — — 
Lower 48
Transaction, integration and restructuring expenses(16)(4)(100)(6)(126)— — — — 
Gain (loss) on asset sales64 274 — 291 629 — — — — 
Pending claims and settlements— — — (40)(40)— — (43)(43)
Subtotal before income taxes48 270 (100)245 463 — — (43)(43)
Income tax provision (benefit)(45)63 (26)58 50 — — (10)(10)
  Total93 207 (74)187 413 — — (33)(33)
Canada
Pending claims and settlements— — — — — (83)(76)— (159)
Gain (loss) on contingent liability measurement1
— — — 60 60 (78)— — (78)
Transaction, integration and restructuring expenses— — (24)(1)(25)— — (10)(10)
Subtotal before income taxes— — (24)59 35 (161)(76)(10)(247)
Income tax provision (benefit)— — (6)14 8 (39)(18)(2)(59)
  Total— — (18)45 27 (122)(58)(8)(188)
Europe, Middle East and North Africa
Transaction, integration and restructuring expenses— — (2)(45)(47)— — — — 
Income tax provision (benefit)— — (1)(32)(33)— — — — 
  Total— — (1)(13)(14)— — — — 
Asia Pacific
Transaction, integration and restructuring expenses— — — (8)(8)— — — — 
Income tax provision (benefit)— — — (3)(3)— — — — 
  Total— — — (5)(5)— — — — 
Corporate and Other
Pending claims and settlements46 — — — 46 — 46 — 46 
Transaction, integration and restructuring expenses(37)(54)(117)(27)(235)(15)(32)(19)(66)
Other corporate charges— — (82)— (82)— — — — 
Gain (loss) on interest rate hedge2
15 18 (6)(9)18 (9)37 16 44 
Gain (loss) on asset sales— — — 6 6 — — — — 
Tax adjustment³— — — — — — — 31 31 
Subtotal before income taxes24 (36)(205)(30)(247)(24)51 28 55 
Income tax provision (benefit)³5 (7)(43)(6)(51)(5)13 (96)(88)
  Total19 (29)(162)(24)(196)(19)38 124 143 
Total Company170 178 (281)179 246 (141)(20)83 (78)
1Related to our Surmont acquisition.
2Interest rate hedging gain (loss) from PALNG Phase 1 investment.
3Includes an adjustment related to reversal of a tax reserve.

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
$ Millions
CONSOLIDATED BALANCE SHEET
Assets
  Cash and cash equivalents6,309 4,901 5,260 6,497 6,497 5,877 6,574 7,765 7,765 
  Short-term investments926 439 996 484 484 486 1,118 2,164 2,164 
  Accounts and notes receivable6,400 5,701 5,744 5,813 5,813 7,050 6,957 7,916 7,916 
  Inventories1,844 1,897 1,721 1,873 1,873 1,910 1,879 1,977 1,977 
  Prepaid expenses and other current assets1,427 1,001 2,163 865 865 906 2,667 1,046 1,046 
       Total current assets16,906 13,939 15,884 15,532 15,532 16,229 19,195 20,868 20,868 
  Investments and long-term receivables10,008 10,361 10,074 10,185 10,185 10,320 10,345 10,598 10,598 
  Net properties, plants and equipment94,316 95,242 93,498 93,239 93,239 93,141 91,248 91,148 91,148 
  Other assets3,024 3,057 3,016 2,983 2,983 3,035 3,473 3,459 3,459 
Total assets124,254 122,599 122,472 121,939 121,939 122,725 124,261 126,073 126,073 
Liabilities
  Accounts payable7,349 6,517 6,245 6,218 6,218 7,017 6,764 7,472 7,472 
  Short-term debt608 414 1,016 1,020 1,020 1,065 462 878 878 
  Accrued income and other taxes2,919 1,742 1,939 1,835 1,835 2,129 2,540 2,830 2,830 
  Employee benefit obligations652 710 1,020 1,136 1,136 505 593 695 695 
  Other accruals1,801 1,603 1,789 1,763 1,763 1,870 2,093 1,870 1,870 
       Total current liabilities13,329 10,986 12,009 11,972 11,972 12,586 12,452 13,745 13,745 
  Long-term debt23,176 23,115 22,466 22,424 22,424 22,262 22,828 22,384 22,384 
  Asset retirement obligations and accrued
  environmental costs		8,146 8,225 8,264 8,214 8,214 8,366 8,404 8,507 8,507 
  Deferred income taxes11,483 11,766 12,109 12,237 12,237 12,389 12,387 12,551 12,551 
  Employee benefit obligations999 999 950 969 969 944 933 969 969 
  Other liabilities and deferred credits1,883 1,936 1,751 1,636 1,636 1,637 1,908 1,926 1,926 
Total liabilities59,016 57,027 57,549 57,452 57,452 58,184 58,912 60,082 60,082 
Equity
  Common stock issued
    Par value23 23 23 23 23 23 23 23 23 
    Capital in excess of par77,554 77,643 77,701 77,728 77,728 77,761 77,832 77,881 77,881 
  Treasury stock(72,666)(73,899)(75,186)(76,217)(76,217)(77,231)(79,251)(81,675)(81,675)
  Accumulated other comprehensive income (loss)(6,394)(5,902)(6,074)(5,911)(5,911)(6,028)(6,176)(6,154)(6,154)
  Retained earnings66,721 67,707 68,459 68,864 68,864 70,016 72,921 75,916 75,916 
Total equity65,238 65,572 64,923 64,487 64,487 64,541 65,349 65,991 65,991 
Total liabilities and equity124,254 122,599 122,472 121,939 121,939 122,725 124,261 126,073 126,073 

conocophillipslogo23.jpg
20252026
$ Millions1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
CASH FLOW INFORMATION
Cash flows from operating activities
  Net income (loss)2,849 1,971 1,726 1,442 7,988 2,183 3,931 4,001 10,115 
  Depreciation, depletion and amortization2,746 2,838 2,917 2,999 11,500 2,906 2,983 3,005 8,894 
  Impairments1 1 10 14 26 19 2 18 39 
  Dry hole costs and leasehold impairments61 24 20 76 181 34 22 17 73 
  Accretion on discounted liabilities94 95 94 95 378 97 99 99 295 
  Deferred taxes(71)149 354 117 549 102 47 107 256 
  Distributions more (less) than income from equity
  affiliates		(19)(93)389 (77)200 7 103 (136)(26)
  (Gain) loss on dispositions(79)(317)(3)(332)(731)(5)(14)(54)(73)
  Other(115)53 (141)(16)(219)44 3 115 162 
  Net working capital changes648 (1,236)512 — (76)(1,092)258 23 (811)
Net cash provided by operating activities6,115 3,485 5,878 4,318 19,796 4,295 7,434 7,195 18,924 
Cash flows from investing activities
  Capital expenditures and investments(3,378)(3,286)(2,866)(3,023)(12,553)(2,948)(3,024)(3,133)(9,105)
  Working capital changes associated with investing
  activities		827 (276)(63)58 546 162 (8)46 200 
  Proceeds from asset dispositions635 706 291 1,616 3,248 9 181 1,566 1,756 
  Net sales (purchases) of investments(400)392 (548)501 (55)(30)(622)(1,025)(1,677)
  Other(30)3 7 (2)(22)(1)(38)26 (13)
Net cash used in investing activities(2,346)(2,461)(3,179)(850)(8,836)(2,808)(3,511)(2,520)(8,839)
Cash flows from financing activities
  Net issuance (repayment) of debt(547)(259)(45)(62)(913)(114)(61)(47)(222)
  Issuance of company common stock(52)(3)(10)(35)(100)(35)(4)(9)(48)
  Repurchase of company common stock(1,500)(1,222)(1,274)(1,022)(5,018)(1,006)(2,000)(2,401)(5,407)
  Dividends paid(998)(984)(975)(1,038)(3,995)(1,032)(1,025)(1,007)(3,064)
  Other(40)(15)(20)(1)(76)1 (80)(1)(80)
Net cash used in financing activities(3,137)(2,483)(2,324)(2,158)(10,102)(2,186)(3,170)(3,465)(8,821)
Effect of exchange rate changes83 65 (2)7 153 29 (34)42 37 
Net change in cash, cash equivalents and restricted cash715 (1,394)373 1,317 1,011 (670)719 1,252 1,301 
Cash, cash equivalents and restricted cash at beginning of period5,905 6,620 5,226 5,599 5,905 6,916 6,246 6,965 6,916 
Cash, cash equivalents and restricted cash at end of period6,620 5,226 5,599 6,916 6,916 6,246 6,965 8,217 8,217 
Restricted cash is included in the "Other assets" and "Prepaid expenses and other current assets" lines of our Consolidated Balance Sheet.
CAPITAL EXPENDITURES AND INVESTMENTS
 Alaska1,046 986 753 822 3,607 949 912 936 2,797 
 Lower 481,814 1,704 1,571 1,613 6,702 1,505 1,640 1,699 4,844 
 Canada165 144 152 132 593 121 89 155 365 
 Europe, Middle East and North Africa274 356 293 271 1,194 262 252 215 729 
 Asia Pacific54 64 70 154 342 82 91 97 270 
 Corporate and Other25 32 27 31 115 29 40 31 100 
Total capital expenditures and investments3,378 3,286 2,866 3,023 12,553 2,948 3,024 3,133 9,105 
Capitalized interest included in total capital expenditures and investments80 92 102 110 384 120 132 139 391 

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
TOTAL SEGMENTS
Production
Total (MBOED)2,389 2,391 2,399 2,320 2,375 2,309 2,248 2,302 2,286 
Crude Oil (MBD)
  Consolidated operations1,153 1,144 1,133 1,102 1,133 1,100 1,092 1,102 1,098 
  Equity affiliates13 11 13 13 12 11 2 7 7 
  Total1,166 1,155 1,146 1,115 1,145 1,111 1,094 1,109 1,105 
NGL (MBD)
  Consolidated operations394 418 428 405 411 408 419 435 421 
  Equity affiliates8 6 8 8 8 7 1 4 4 
  Total402 424 436 413 419 415 420 439 425 
Bitumen (MBD)
  Consolidated operations143 144 123 123 133 118 115 95 109 
  Total143 144 123 123 133 118 115 95 109 
Natural Gas (MMCFD)
  Consolidated operations2,840 2,855 2,941 2,796 2,859 2,822 2,845 2,951 2,873 
  Equity affiliates1,230 1,150 1,226 1,220 1,206 1,166 865 1,009 1,013 
  Total4,070 4,005 4,167 4,016 4,065 3,988 3,710 3,959 3,886 
Industry Prices
Crude Oil ($/BBL)
  WTI71.42 63.74 64.93 59.14 64.81 71.93 92.79 85.79 83.50 
  WCS58.75 53.52 54.54 47.95 53.69 57.76 78.16 71.92 69.28 
  Brent dated75.66 67.82 69.07 63.69 69.06 80.61 104.52 97.00 94.05 
  JCC ($/BBL)78.31 78.84 74.92 72.20 76.07 71.72 67.14 111.24 83.37 
Natural Gas ($/MMBTU)
  Henry Hub first of month3.65 3.44 3.07 3.55 3.43 5.05 2.90 2.96 3.64 
Average Realized Prices
Total ($/BOE)53.34 45.77 46.44 42.46 47.01 50.36 62.33 61.40 58.08 
Crude Oil ($/BBL)
  Consolidated operations71.61 64.21 66.12 60.15 65.58 73.52 99.47 88.93 87.46 
  Equity affiliates75.57 65.87 67.56 66.47 68.94 68.79 66.95 68.31 68.40 
  Total71.65 64.23 66.13 60.22 65.62 73.47 99.40 88.80 87.35 
NGL ($/BBL)
  Consolidated operations24.86 20.51 18.71 18.59 20.59 20.06 24.43 25.23 23.31 
  Equity affiliates52.34 48.93 44.39 40.10 46.20 46.27 45.20 21.48 37.39 
  Total25.40 20.98 19.20 19.02 21.07 20.42 24.54 25.19 23.45 
Bitumen ($/BBL)
  Consolidated operations45.29 39.43 41.58 36.52 40.74 50.37 61.01 57.58 56.25 
  Total45.29 39.43 41.58 36.52 40.74 50.37 61.01 57.58 56.25 
Natural Gas ($/MCF)
  Consolidated operations4.76 2.99 3.11 2.74 3.40 3.34 1.60 4.82 3.28 
  Equity affiliates7.56 6.91 7.00 5.87 6.83 5.87 5.62 7.73 6.51 
  Total5.62 4.16 4.28 3.72 4.44 4.09 2.58 5.70 4.20 

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
Exploration Expenses ($ Millions)
Dry holes43 6 — 41 90 9 4 — 13 
Leasehold impairment18 18 20 35 91 25 18 17 60 
Total noncash expenses61 24 20 76 181 34 22 17 73 
Other (G&A, G&G and lease rentals)56 57 51 62 226 75 53 43 171 
Total exploration expenses117 81 71 138 407 109 75 60 244 
U.S. exploration expenses42 55 47 66 210 86 56 47 189 
International exploration expenses75 26 24 72 197 23 19 13 55 
DD&A ($ Millions)
 Alaska355 361 327 356 1,399 352 346 353 1,051 
 Lower 481,904 2,003 2,079 2,135 8,121 2,051 2,147 2,155 6,353 
 Canada131 143 142 140 556 152 133 152 437 
 Europe, Middle East and North Africa219 198 245 250 912 239 241 232 712 
 Asia Pacific119 118 113 110 460 103 107 104 314 
 Corporate and Other18 15 11 8 52 9 9 9 27 
Total DD&A2,746 2,838 2,917 2,999 11,500 2,906 2,983 3,005 8,894 

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
PRODUCTION
Crude Oil (MBD)
  Consolidated operations
   Alaska184 182 164 178 177 176 169 170 172 
   Lower 48753 761 761 722 749 731 732 738 734 
   Canada17 20 17 15 17 16 11 20 16 
     Norway68 54 66 64 63 58 52 54 55 
     Libya60 59 60 60 60 54 61 61 59 
     Equatorial Guinea8 7 8 8 8 8 8 7 8 
   Europe, Middle East and North Africa136 120 134 132 131 121 122 122 122 
     China36 34 32 32 34 36 36 37 37 
     Malaysia27 27 25 23 25 20 22 15 19 
   Asia Pacific63 61 57 55 59 56 58 53 56 
  Total consolidated operations1,153 1,144 1,133 1,102 1,133 1,100 1,092 1,102 1,098 
  Equity affiliates13 11 13 13 12 11 2 7 7 
  Total1,166 1,155 1,146 1,115 1,145 1,111 1,094 1,109 1,105 
NGL (MBD)
  Consolidated operations
   Alaska16 15 12 15 15 15 14 12 14 
   Lower 48363 389 401 375 382 377 392 407 392 
   Canada6 6 7 7 6 7 6 8 7 
     Norway4 3 3 3 3 3 2 3 3 
     Equatorial Guinea5 5 5 5 5 5 5 5 5 
   Europe, Middle East and North Africa9 8 8 8 8 8 8 8 8 
  Total consolidated operations394 418 428 405 411 408 419 435 421 
  Equity affiliates8 6 8 8 8 7 1 4 4 
  Total402 424 436 413 419 415 420 439 425 
Bitumen (MBD)
  Canada143 144 123 123 133 118 115 95 109 
  Total143 144 123 123 133 118 115 95 109 
Natural Gas (MMCFD)
  Consolidated operations
   Alaska48 48 36 34 41 25 14 15 18 
   Lower 482,080 2,146 2,198 2,050 2,119 2,067 2,126 2,238 2,144 
   Canada109 124 134 133 125 131 117 150 133 
     Norway353 302 324 340 330 332 321 316 323 
     Libya30 31 33 33 32 36 36 43 38 
     Equatorial Guinea155 150 149 141 149 157 156 140 151 
   Europe, Middle East and North Africa538 483 506 514 511 525 514 499 512 
     Malaysia65 54 67 65 63 74 75 49 66 
   Asia Pacific65 54 67 65 63 74 75 49 66 
  Total consolidated operations2,840 2,855 2,941 2,796 2,859 2,822 2,845 2,951 2,873 
  Equity affiliates1,230 1,150 1,226 1,220 1,206 1,166 865 1,009 1,013 
  Total4,070 4,005 4,167 4,016 4,065 3,988 3,710 3,959 3,886 
Total (MBOED)
  Consolidated operations
   Alaska208 205 182 199 199 195 185 185 188 
   Lower 481,462 1,508 1,528 1,439 1,484 1,453 1,479 1,517 1,483 
   Canada184 191 169 167 177 164 152 147 154 
     Norway131 107 123 124 121 116 108 110 111 
     Libya65 64 66 65 65 60 67 68 65 
     Equatorial Guinea39 37 38 36 38 40 39 36 38 
   Europe, Middle East and North Africa235 208 227 225 224 216 215 213 215 
     China36 34 32 32 34 36 36 37 37 
     Malaysia38 36 36 34 36 33 34 24 30 
   Asia Pacific74 70 68 66 70 69 70 61 67 
  Total consolidated operations2,163 2,182 2,174 2,096 2,154 2,096 2,101 2,123 2,107 
  Equity affiliates226 209 225 224 221 212 147 179 179 
  Total2,389 2,391 2,399 2,320 2,375 2,309 2,248 2,302 2,286 

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
AVERAGE REALIZED PRICES
Crude Oil ($/BBL)
  Consolidated operations
   Alaska76.58 70.87 72.72 66.63 71.79 81.77 108.49 96.52 95.17 
   Lower 4869.47 61.90 63.71 57.46 63.18 70.30 96.24 85.63 84.31 
   Canada62.41 55.48 55.80 46.92 55.35 64.13 87.10 76.54 74.91 
     Norway75.80 68.78 70.89 66.27 70.52 75.47 105.48 100.71 94.30 
     Libya75.45 68.59 70.10 63.76 69.40 83.94 105.29 97.11 95.49 
     Equatorial Guinea59.91 52.66 43.47 50.34 52.81 44.71 85.20 63.01 70.76 
   Europe, Middle East and North Africa74.60 67.48 69.46 64.17 68.95 77.71 103.26 97.25 93.33 
     China74.65 68.03 70.05 63.52 69.33 79.87 104.51 90.93 91.73 
     Malaysia79.69 71.54 73.95 68.47 73.32 83.48 115.82 98.16 100.50 
   Asia Pacific76.64 69.65 71.72 65.68 71.05 81.14 108.99 92.64 94.61 
  Total consolidated operations71.61 64.21 66.12 60.15 65.58 73.52 99.47 88.93 87.46 
  Equity affiliates75.57 65.87 67.56 66.47 68.94 68.79 66.95 68.31 68.40 
  Total71.65 64.23 66.13 60.22 65.62 73.47 99.40 88.80 87.35 
NGL ($/BBL)
  Consolidated operations
   Lower 4824.84 20.52 18.81 18.76 20.64 19.82 24.30 25.35 23.25 
   Canada27.96 20.63 20.98 20.94 22.54 29.33 30.25 31.20 30.30 
     Norway45.58 39.02 39.00 30.15 41.39 48.72 72.73 49.80 57.52 
     Equatorial Guinea1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 
   Europe, Middle East and North Africa23.76 20.24 10.09 4.29 16.53 22.46 26.57 8.52 20.45 
  Total consolidated operations24.86 20.51 18.71 18.59 20.59 20.06 24.43 25.23 23.31 
  Equity affiliates52.34 48.93 44.39 40.10 46.20 46.27 45.20 21.48 37.39 
  Total25.40 20.98 19.20 19.02 21.07 20.42 24.54 25.19 23.45 
Bitumen ($/BBL)
  Canada45.29 39.43 41.58 36.52 40.74 50.37 61.01 57.58 56.25 
  Total45.29 39.43 41.58 36.52 40.74 50.37 61.01 57.58 56.25 
Natural Gas ($/MCF)
  Consolidated operations
   Alaska3.87 3.80 3.86 3.75 3.81 3.73 3.29 2.30 3.13 
   Lower 482.65 1.60 1.62 1.09 1.74 1.19 (1.44)2.05 0.62 
   Canada1.35 0.71 0.37 1.69 1.02 1.68 0.79 1.01 1.16 
     Norway14.86 11.65 11.22 10.43 12.08 13.40 16.03 21.14 16.85 
     Libya5.68 5.64 4.98 4.79 5.25 4.98 4.64 6.03 5.27 
     Equatorial Guinea11.10 7.41 9.50 8.24 9.30 10.02 13.65 15.35 12.75 
   Europe, Middle East and North Africa13.16 10.21 10.31 9.47 10.87 11.71 14.49 18.22 14.74 
     Malaysia3.67 3.70 3.60 3.41 3.59 3.34 3.34 4.03 3.51 
   Asia Pacific3.67 3.70 3.60 3.41 3.59 3.34 3.34 4.03 3.51 
  Total consolidated operations4.76 2.99 3.11 2.74 3.40 3.34 1.60 4.82 3.28 
  Equity affiliates7.56 6.91 7.00 5.87 6.83 5.87 5.62 7.73 6.51 
  Total5.62 4.16 4.28 3.72 4.44 4.09 2.58 5.70 4.20 

conocophillipslogo23.jpg
20252026
1st Qtr2nd Qtr3rd Qtr4th QtrFull Year1st Qtr2nd Qtr3rd Qtr4th QtrYTD
CORPORATE AND OTHER
Corporate and Other Earnings (Loss) ($ Millions)(254)(279)(468)(137)(1,138)(159)(230)48 (341)
Detail of Corporate and Other Earnings (Loss), net of tax ($ Millions)
Net interest expense(111)(139)(152)(92)(494)(78)(84)(34)(196)
Corporate G&A expenses(110)(147)(163)(66)(486)(97)(110)(83)(290)
Technology*(18)(22)(88)(16)(144)(7)(18)(17)(42)
Other(15)29 (65)37 (14)23 (18)182 187 
Total(254)(279)(468)(137)(1,138)(159)(230)48 (341)
*Includes investment in new technologies or businesses outside of our normal scope of operations and licensing revenues.
Corporate and Other Interest Expense, before-tax ($ Millions)
Incurred interest(285)(324)(325)(305)(1,239)(318)(314)(281)(913)
Capitalized interest*80 92 102 110 384 120 132 139 391 
Interest and debt expense(205)(232)(223)(195)(855)(198)(182)(142)(522)
Interest income74 65 60 104 303 109 80 104 293 
Net Interest Expense(131)(167)(163)(91)(552)(89)(102)(38)(229)
*Capitalized interest represents before-tax interest from external borrowings which is capitalized on major projects with an expected construction period of one year or longer.
Debt
Total debt ($ Millions)23,784 23,529 23,482 23,444 23,444 23,327 23,290 23,262 23,262 
Debt-to-capital ratio (%)27 %26 %27 %27 %27 %27 %26 %26 %26 %
Equity ($ Millions)65,238 65,572 64,923 64,487 64,487 64,541 65,349 65,991 65,991 
Certain totals and percentages may differ from the sum of the underlying components due to rounding.
REFERENCE
Commonly Used Abbreviations
EarningsNet Income (loss) Attributable to ConocoPhillips
DD&ADepreciation, Depletion and Amortization
G&GGeological and Geophysical
G&AGeneral and Administrative
JCCJapan Crude Cocktail
LNGLiquefied Natural Gas
NGLsNatural Gas Liquids
WCSWestern Canadian Select
WTIWest Texas Intermediate
Units of Measurement
BBLBarrel
BOEBarrel of Oil Equivalent
MMBBLMillion of Barrels
MBDThousand of Barrels per Day
MBOEDThousand of Barrels of Oil Equivalent per Day
MCFThousand Cubic Feet
MMBTUMillion British Thermal Units
MMCFDMillion Cubic Feet per Day