ConocoPhillips

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ConocoPhillips (COP) Reports Q1 Earnings: What Key Metrics Have to Say

AI-generated analysis

📉 ConocoPhillips reported Q1 revenue of $16.05 billion, a 6.1% year-over-year decline from the prior period.

📈 The company delivered strong earnings surprises, beating both analyst consensus for EPS and total revenue estimates.

💰 Earnings per share came in at $1.89 compared to the estimated $1.73, representing a +9.46% surprise.

🛢️ Total production averaged 2096 million barrels of oil equivalent per day against analyst expectations of 2289.29.

💧 Natural gas production reached 3988 million cubic feet per day, exceeding the average five-analyst estimate.

⛽ Crude oil output was 1111 million barrels per day, slightly below the 1159.75 million analyst projection.

🏭 Bitumen production stood at 118 million barrels per day, aligning closely with the three-analyst average forecast.

💰 Average crude oil sales price totaled $73.47 per barrel, slightly above the estimated $72.53.

⛽ Average natural gas sales price was $4.09 per unit versus an analyst estimate of $4.26.

📉 Revenues from affiliates decreased 37% year-over-year to $247 million compared to last quarter's figures.

📈 Operating revenues were reported at $15.76 billion, beating the three-analyst consensus estimate of $15.05 billion.

📊 ConocoPhillips shares fell -1.3% in the past month while the S&P 500 rose +8.2%.

🔝 The stock maintains a Zacks Rank #1 (Strong Buy), suggesting potential for outperformance over the broader market.

Bullish Signals
  • ConocoPhillips reported revenue of $16.05 billion, which beat the Zacks Consensus Estimate of $14.81 billion by +8.41%.
  • The company delivered an EPS surprise of +9.46%, exceeding the consensus estimate of $1.73 with actual EPS of $1.89.
  • Actual production for Natural gas liquids exceeded analyst estimates at 415 million barrels per day versus an average estimate of 409.83 million.
  • Total production of 2,096 million barrels of oil equivalent per day showed operational strength despite slight variance from estimates.
  • Average crude oil price achieved $73.47 per barrel, surpassing the analyst estimate of $72.53.
  • Bitumen production of 118 million barrels per day exceeded the three-analyst average estimate of 115.22 million.
  • ConocoPhillips holds a Zacks Rank #1 (Strong Buy), indicating potential to outperform the broader market in the near term.
  • The stock is included in a curated list of 7 elite stocks from Zacks' Strong Buys deemed 'Most Likely for Early Price Pops.'
  • Since 1988, the full list of Zacks Rank #1 stocks has beaten the market more than 2X over with an average annual gain of +23.9%.
Risk Factors
  • Revenue declined year-over-year by 6.1% despite missing analyst estimates on several key operational metrics.
  • EPS of $1.89 was lower than the prior year's $2.09, indicating a decline in profitability despite beating earnings estimates.
  • Total production fell significantly below analyst expectations at 2,096 million barrels of oil equivalent versus an estimated 2,289.29 million barrels.
  • Crude oil prices averaged $73.47 per barrel, which was below the average analyst estimate of $72.53 due to higher-than-expected volumes, but the sales price metric itself is slightly lower than expected.
  • Equity in earnings from affiliates dropped sharply by 37% compared to the year-ago quarter, signaling potential upstream or partner-related issues.
  • The stock has returned -1.3% over the past month while the broader market (S&P 500) gained +8.2%, indicating underperformance relative to the market.
Full Analysis
ConocoPhillips (COP) reported Q1 2026 results with revenue of $16.05 billion, marking a 6.1% year-over-year decline but beating the Zacks Consensus Estimate of $14.81 billion by +8.41%. Earnings per share came in at $1.89 against an expected $1.73, representing a +9.46% surprise. Production metrics largely met or exceeded analyst expectations, with natural gas liquids production totaling 415 million barrels per day compared to the estimated 409.83 million. However, total production slipped slightly below estimates at 2,096 million barrels of oil equivalent versus a consensus of 2,289.29 million. Crude oil output was 1,111 million barrels against an estimate of 1,159.75 million, while average crude sales prices reached $73.47 per barrel, slightly above the estimated $72.53. Regional breakdowns showed mixed performance in the Europe, Middle East, and Africa region, where total crude production was 121 million barrels per day compared to an analyst estimate of 131.39 million. Revenues from sales and operating activities stood at $15.76 billion versus a $15.05 billion estimate, while equity in earnings of affiliates totaled $247 million, down 37% from the previous year. Despite the stock posting a -1.3% return over the past month relative to the S&P 500’s +8.2%, Zacks maintains a Rank #1 (Strong Buy) rating on COP, suggesting potential outperformance. The report notes that earnings estimate revisions historically drive price action and highlights COP among elite stocks identified by Zacks Investment Research for early price pops. The article concludes with promotional material regarding Zacks’ investment tools, such as the Price Response Indicator and Earnings ESP, along with recommendations to download a free stock analysis report. It also briefly mentions other companies like NERA and Hess Midstream Partners in passing before directing readers to external resources for further data on COP. The content is sourced from Zacks Investment Research and originally published via sharewise.com, which includes standard cookie and privacy disclosures at the beginning and end of the text.