ConocoPhillips Q2 Net Profit Up 95% on Higher Crude Prices


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- ConocoPhillips almost doubled its net profit 
year-on-year in the second quarter of 2026, helped by higher realized prices 
for crude oil despite lower production volumes, the company reported Thursday 
(8/6).

Net profit jumped 95% to $3.9 billion from $2.0 billion in the second quarter 
of 2025; in the first quarter of 2026, it was $2.2 billion.Average realized 
price for crude in the second quarter of this year was $62.33 bbl, an increase 
of 36% from the $45.77 bbl realized a year ago.Adjusted earnings for the 
profiled quarter was $4.0 billion, versus $1.8 billion from the year 
prior.Quarterly production averaged 2.248 million bpd, down 143,000 bpd from 
second-quarter 2025 levels due to Middle East disruptions and higher 
royalties.Lower 48 operations delivered 1.479 million bpd, supported by record 
output across key domestic shale basins.Conoco reaffirmed its full-year 
guidance and targets third-quarter production between 2.29 million bpd and 2.32 
million bpd.


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