Conoco Phillips
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+ FollowMarket Cap$170.13B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Strong Q3 financial + capital returns (good):
- Delivered $7.2B cash from operations and ~$4B free cash flow after $3.1B capex.
- Shareholder distributions: $3.4B total in the quarter, including $2.4B buybacks and $1.0B ordinary dividends.
- Dividend increased 11% (quarterly).
- Balance sheet strength: ended with $10.4B cash + $1.1B liquid long-term investments; net debt/CFO improved to 0.5x.
Operational momentum supporting the cash engine (good):
- Production: 2.302 million boe/d in Q3.
- Lower 48 / Permian: highlighted record completion efficiency, including 23 pump hours/day in August and ~20% improvement in simulated footage/day; continued progress on execution and completion efficiency.
- Willow (Alaska): progressing critical-path items with confidence for early 2029 start-up.
- Canada (Surmont): another pad online ahead of schedule and under budget.
- Commercial LNG portfolio: offtake expanded to 13 Mtpa (opportunity).
Full-year & Q4 outlook (expectations):
- Guidance unchanged.
- Q4 production: 2.32–2.36 million boe/d; full-year ~2.3 million boe/d.
- Turnaround impact: expected flat vs Q3.
- Qatar sensitivity: guidance includes a range of outcomes because production remains dependent on regional conditions.
- Capex: modestly higher sequentially in Q4 (Lower 48 spending profile + Alaska ramp ahead of winter construction + exploration campaign).
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$395.08
177.5% upside
Current Fair Value
177.5% upsideUndervalued by 177.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $170.13 Billion |
|---|---|
| Enterprise Value | $188.45 Billion |
| Annual dividend | $3.36 |
| Dividend yield | 2.36% |
| Earnings per Share | $6.36 |
| Beta | 0.13 |
| Outstanding Shares | 1,195,037,000 |
Return
| Return on Equity | 17.45% |
|---|---|
| Return on Assets | 9.13% |
| Return on Invested Capital | 16.07% |
Valuation & Multiples
| P/E Ratio | 14.95 |
|---|---|
| PEG | 11.34 |
| Price to Sales | 2.54 |
| Price to Book Ratio | 2.59 |
| Enterprise Value to Revenue | 2.78 |
| Enterprise Value to EBIT | 10.44 |
| Enterprise Value to Net Income | 16 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 0.4 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$3.27
Est. $3.05Revenue
$20.06 B
Est. $18.59 BNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$3.62
Consensus analyst estimateRevenue Estimate
$20.03 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.59, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5939▼ 18.99% |
|---|---|
| Total Calls | 4,721,346▼ 59.50% |
| Total Puts | 2,803,785▼ 69.31% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 61.96%▼ 25.63% |
|---|---|
| Total Invested | $94.43B▼ 14.64% |
| Investors Holding | 2,317▼ 257.00% |
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...