Conoco Phillips
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+ FollowMarket Cap$166.17B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Strong Q2 execution + record Permian; major cash return
- Q2 production: 2.248 million boe/d, above the top end of guidance; Permian hit a new record >900k boe/d.
- Financials: $7.2B cash from operations, $3B capex, resulting ~$4.2B free cash flow; adjusted earnings $3.02/share.
- Capital returns: shareholder distributions $3B, including $2B buybacks (about 2x the prior quarter) + $1B ordinary dividends.
- Balance sheet: leverage well below 1x; $8.1B cash & ST investments + $1.2B liquid LT investments.
Outlook maintained; key guidance numbers (forecasts)
- Full-year guidance items unchanged.
- Q3 production guidance: 2.290 to 2.320 million boe/d.
- Incremental drivers: Qatar ramp + continued Lower 48 growth.
- Offset: non-core asset sales ~15k boe/d in July (explicitly expected in the guide).
- Free cash flow inflection target: $7B by 2029 (repeat/affirmed; described as “well underway”).
Capital return policy: dividend growth + payout ratio + buyback behavior
- This year’s target: return 45% of CFO to shareholders; ~40% achieved in the first half, so expect higher payout in 2H.
- Management stance: not “quarter-to-quarter” managed to commodity volatility; the 45% payout ratio is the guide.
- Beyond 2029: they expect structurally lower reinvestment rate (not necessarily stopping all growth capex), enabling greater capital flexibility—they did not indicate “feathering back” the payout ratio; emphasis is on maintaining peer-leading distributions.
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$384.18
180.5% upside
Current Fair Value
180.5% upsideUndervalued by 180.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $166.17 Billion |
|---|---|
| Enterprise Value | $185.43 Billion |
| Annual dividend | $3.36 |
| Dividend yield | 2.18% |
| Earnings per Share | $6.36 |
| Beta | 0.13 |
| Outstanding Shares | 1,213,453,000 |
Return
| Return on Equity | 14.14% |
|---|---|
| Return on Assets | 7.44% |
| Return on Invested Capital | 13.49% |
Valuation & Multiples
| P/E Ratio | 20.37 |
|---|---|
| PEG | 20.34 |
| Price to Sales | 2.63 |
| Price to Book Ratio | 2.58 |
| Enterprise Value to Revenue | 2.9 |
| Enterprise Value to EBIT | 12.3 |
| Enterprise Value to Net Income | 20 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 0.4 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$2.41
Consensus analyst estimateRevenue Estimate
$17.23 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 77.10, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 77.0964▲ 7631.27% |
|---|---|
| Total Calls | 799▼ 99.99% |
| Total Puts | 61,600▼ 99.33% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.70%▼ 83.89% |
|---|---|
| Total Invested | $5.61B▼ 94.92% |
| Investors Holding | 1,113▼ 1461.00% |
About Conoco Phillips
9,900 employees
CEO: Andrew O'Brien
ConocoPhillips is a global energy corporation actively involved in the discovery, extraction, transportation, and commercialization of various hydrocarbons, including crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natu...