ConocoPhillips eyes Willow drilling in 2027 as Alaska project reaches key milestone

ConocoPhillips reported Q3 2026 adjusted earnings of $3.27 per share, beating estimates, with revenues of $20.05 billion. The company reaffirmed its $7 billion free cash flow target by 2029, outlined lower capital spending for 2027, and expects production growth. It plans to return 45% of cash from operations to shareholders in 2026, with increased repurchases in Q4. Management highlighted efficiency gains in the Lower 48 and progress on the Willow project, while expanding its LNG portfolio.

ConocoPhillips (COP) expects modestly higher Q4 capital spending and low-single-digit production growth in 2027. It aims for $7B more in free cash flow by 2029, with a reinvestment rate below 50% in the 2030s. Willow project is on track for 2029 production, and Qatar's North Field East expansion is expected in early 2027. The company completed a $5B divestment program and is reviewing offers for Norway assets. Permian operations saw record efficiency improvements.

Morgan Stanley analyst Devin McDermott maintained a Buy rating on Conocophillips (COP) with a $159.00 price target. The analyst consensus is Moderate Buy with an average target of $152.80. COP reported Q2 revenue of $19.16B and net profit of $3.93B, up from $14B and $1.97B last year. Insider sentiment is negative, with recent sales by executives.

ConocoPhillips (COP) reported Q3 2026 adjusted earnings of $3.27 per share, beating estimates by 6.9%. Revenue rose 29.2% to $20.06 billion, driven by higher commodity prices. Production fell 4% year-over-year. COP increased its dividend by 11% and maintained 2026 guidance, expecting 2027 capital spending to decline slightly.

ConocoPhillips reported Q3 2026 earnings of $4.0B ($3.34/ share) and adjusted earnings of $3.9B ($3.27/share). The company generated $7.2B in cash from operations, increased its dividend by 11% to $0.93/share, and returned $3.4B to shareholders. Production was 2,302 MBOED, down 97 MBOED YoY. The company expects Q4 production of 2.32-2.36M BOED and maintains full-year guidance.

ConocoPhillips reported $4 billion in free cash flow for Q3 2026, with CEO Andy O'Brien highlighting sustainable growth and lower reinvestment rates. The company expects $7 billion in free cash flow by 2029, driven by assets in the Lower 48, Alaska, Canada, and the Middle East. O'Brien also mentioned an 11% dividend increase and a commitment to top-quartile S&P 500 dividend growth, with distributions averaging 45% over the last decade.