ConocoPhillips Q3 2026 earnings climb to $4B

A November declaration increases the quarterly ordinary dividend 11% to $0.93 per share; fourth-quarter production is expected at 2.32 to 2.36 MMBOED.

Available on EDGAR 11/05/2026 - 07:25 AM EST Accepted by SEC EDGAR 11/05/2026 - 07:24 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

ConocoPhillips (COP) reported third-quarter 2026 sales and other operating revenues of $19.435 billion, compared with $15.031 billion a year earlier, and net income of $4.001 billion, versus $1.726 billion. Earnings per share were $3.34, compared with $1.38. Higher realized prices contributed to the revenue increase; production fell 4% to 2.302 million barrels of oil equivalent per day from 2.399 million.

The company generated $7.2 billion in operating cash flow in the quarter and returned $3.4 billion to shareholders through $2.4 billion of repurchases and $1.0 billion of ordinary dividends. Cash, cash equivalents, restricted cash and short-term investments totaled $10.4 billion at quarter-end. It sold Lower 48 noncore assets for net proceeds of $1.7 billion. A planned purchase of a 42% stake in a non-operated Iraq joint venture for $0.4 billion, before closing adjustments, is expected to close by year-end 2026, subject to regulatory approvals and customary conditions. In November, the company declared an 11% quarterly dividend increase to $0.93 per share; fourth-quarter production is expected to be 2.32 to 2.36 MMBOED.

3 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

How the balance works

Positive

• Moderate pointThird-quarter revenue reached $19.435 billion, versus $15.031 billion a year earlier.
• Moderate pointThird-quarter net income reached $4.001 billion, versus $1.726 billion a year earlier.
• Moderate pointQuarterly ordinary dividend increased 11% to $0.93 per share.

Negative

• None.

Filing Explained

ConocoPhillips is evaluating a potential sale of its Norway business and Teesside asset after receiving an unsolicited offer, and says it will retain them if no offer meets its value expectations. If sold, those assets would leave the portfolio; they accounted for about 5% of company production in 2025.

Key Figures

Sales and other operating revenues: $19.435 billion Net income: $4.001 billion Earnings per share: $3.34 +5 more

8 metrics

Sales and other operating revenues $19.435 billion Three months ended September 30, 2026; $15.031 billion in 2025.

Net income $4.001 billion Three months ended September 30, 2026; $1.726 billion in 2025.

Earnings per share $3.34 Three months ended September 30, 2026; $1.38 in 2025.

Total production 2.302 million barrels of oil equivalent per day Three months ended September 30, 2026; 2.399 million barrels of oil equivalent per day in 2025.

Cash provided by operating activities $7.2 billion Third quarter of 2026.

Returned to shareholders $3.4 billion Third quarter of 2026; $2.4 billion through repurchases and $1.0 billion through ordinary dividends.

Quarterly ordinary dividend $0.93 per share Declared in November 2026; an 11% increase from $0.84 per share.

Expected production 2.32 to 2.36 MMBOED Fourth-quarter 2026 outlook.

Key Terms

MBOED, DD&A, equity method investment, non-operated joint venture

4 terms

MBOED technical

"Total Production (MBOED)"

mboed stands for “thousand barrels of oil equivalent per day,” a unit that combines oil, natural gas and other hydrocarbons into a single daily production measure by converting gas into an oil-equivalent amount. Think of it like converting different fruits into apple-equivalents so you can compare total output easily. Investors use it to gauge a producer’s scale, revenue potential and operating efficiency because higher mboed usually means more product to sell and greater cash flow.

DD&A financial

"capital expenditures and DD&A guidance"

DD&A stands for depreciation, depletion and amortization, a combined non-cash accounting charge that spreads the cost of long-lived assets, mined or pumped natural resources, and intangible items over their useful lives. Investors watch DD&A because it lowers reported profits without affecting cash flow, so comparing it to cash generation and replacement spending helps assess whether a business is reinvesting enough or steadily running down its asset base—like tracking how quickly a car’s value, fuel and warranty are being used up to predict future repair and replacement needs.

equity method investment financial

"carrying value of our equity method investment in APLNG"

An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.

non-operated joint venture technical

"42 percent direct equity holding in a non-operated joint venture"

A non-operated joint venture is an ownership arrangement where a company holds a stake in a project or business but does not run day-to-day operations; a partner called the operator manages the work while the non-operator shares costs, profits and risks. Investors should care because the non-operator’s returns depend on the operator’s decisions and performance—similar to owning a share of a rental building you don’t manage—so control, transparency, cash flow predictability and risk exposure differ from fully controlled investments.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue and net income did COP report in Q3 2026?

COP reported sales and other operating revenues of $19.435 billion and net income of $4.001 billion for the three months ended September 30, 2026. The corresponding 2025 figures were $15.031 billion and $1.726 billion.

What was COP's production in the third quarter of 2026?

COP reported total production of 2.302 million barrels of oil equivalent per day in the third quarter of 2026, a decrease of 97 MBOED, or 4%, from the same period of 2025.

What are the terms of COP's planned Iraq acquisition?

ConocoPhillips agreed to acquire a 42% direct equity holding in a non-operated joint venture supporting redevelopment of four producing oil fields in northern Iraq for $0.4 billion before closing adjustments. The price includes $0.2 billion in deferred payments due no later than three years after closing. Closing is expected by year-end 2026, subject to regulatory approvals and customary conditions.

What was COP's quarterly dividend before the November 2026 increase?

The November 2026 declaration raised the quarterly ordinary dividend from $0.84 per share to $0.93 per share, an 11% increase.

AI-generated analysis. How Rhea-AI works. Not financial advice.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

000116316512-312026Q3falseP6Y0M0DP1Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purecop:oil_fieldcop:affiliatecop:awardcop:platformutr:Bcfcop:segment00011631652026-01-012026-09-300001163165us-gaap:CommonStockMember2026-01-012026-09-300001163165cop:SevenPercentDebenturesDueTwentyTwentyNineMember2026-01-012026-09-3000011631652026-09-3000011631652026-07-012026-09-3000011631652025-07-012025-09-3000011631652025-01-012025-09-3000011631652025-12-3100011631652024-12-3100011631652025-09-300001163165cop:NonOperatedJointVentureSupportingOilFieldsInTheKirkukAreaOfNorthernIraqMember2026-07-010001163165cop:NonOperatedJointVentureSupportingOilFieldsInTheKirkukAreaOfNorthernIraqMember2026-07-012026-07-010001163165cop:CertainNoncoreAssetsMembercop:LowerFortyEightMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2026-07-012026-09-300001163165cop:VariableRateDebtBondsMembercop:A3.00SubSeries2017DBondsMember2026-07-010001163165cop:VariableRateDebtBondsMembercop:RevenueRefundingBondsDue2037Member2026-07-0100011631652026-01-012026-03-310001163165us-gaap:UnsecuredDebtMembercop:A6875DebenturesDue2026Member2026-03-310001163165cop:VariableRateDebtBondsMember2026-09-300001163165cop:AustraliaPacificAplngMember2026-09-300001163165cop:PortArthurLiquefactionHoldingsLLCMember2026-09-300001163165cop:QatarEnergyLNGN3Member2026-09-300001163165cop:QatarEnergyMembercop:QatarEnergyLNGN3Member2026-09-300001163165cop:MitsuiCoLtdMembercop:QatarEnergyLNGN3Member2026-09-300001163165cop:QatarEnergyLNGNFE4Member2026-09-300001163165cop:QatarEnergyMembercop:QatarEnergyLNGNFE4Member2026-09-300001163165cop:ChinaNationalPetroleumCorporationMembercop:QatarEnergyLNGNFE4Member2026-09-300001163165cop:QatarEnergyLNGNFS3Member2026-09-300001163165cop:QatarEnergyMembercop:QatarEnergyLNGNFS3Member2026-09-300001163165cop:QatarLiquifiedGasCompanyMember2026-09-300001163165cop:FinanceReserveGuaranteeMembersrt:MinimumMembercop:AustraliaPacificAplngMember2026-01-012026-09-300001163165cop:FinanceReserveGuaranteeMembersrt:MaximumMembercop:AustraliaPacificAplngMember2026-01-012026-09-300001163165cop:FinanceReserveGuaranteeMembercop:AustraliaPacificAplngMember2026-09-300001163165cop:JointVentureObligationGuaranteeMembercop:QatarEnergyLNGNFEAndQatarEnergyLNGNFS3Member2026-01-012026-09-300001163165cop:JointVentureObligationGuaranteeMembercop:QatarEnergyLNGNFEAndQatarEnergyLNGNFS3Member2026-09-300001163165us-gaap:PaymentGuaranteeMembercop:EquatorialGuineaGuranteesMember2026-01-012026-09-300001163165us-gaap:PaymentGuaranteeMembercop:EquatorialGuineaGuranteesMember2026-09-300001163165cop:OtherGuaranteesMember2026-09-300001163165cop:OtherGuaranteesMembersrt:MinimumMember2026-01-012026-09-300001163165cop:OtherGuaranteesMembersrt:MaximumMember2026-01-012026-09-300001163165us-gaap:IndemnificationGuaranteeMember2026-09-300001163165cop:UnitedStatesAndCanadaMembercop:CleanupRemediationActivitiesMember2026-01-012026-09-300001163165country:VEcop:ConocoPhillipsVersusPetroleosDeVenezuelaMember2019-03-012019-03-310001163165country:VEcop:ConocoPhillipsVersusPetroleosDeVenezuelaMember2026-09-300001163165country:VEcop:ConocoPhillipsVersusPetroleosDeVenezuela2Member2026-09-300001163165country:VEcop:ConocoPhillipsVersusPetroleosDeVenezuela2Member2018-04-012018-04-300001163165country:VEcop:ConocoPhillipsVersusPetroleosDeVenezuela2Member2019-08-022019-08-0200011631652020-11-012020-11-300001163165cop:OuterContinentalShelfLeaseMembercop:PhillipsPetroleumCompanyMember2020-11-300001163165cop:OuterContinentalShelfLeaseMembercop:PhillipsPetroleumCompanyMember2020-11-012020-11-3000011631652022-12-310001163165cop:AplngMember2022-12-310001163165us-gaap:PrepaidExpenseAndOtherAssetsCurrentus-gaap:CommodityContractMember2026-09-300001163165us-gaap:PrepaidExpenseAndOtherAssetsCurrentus-gaap:CommodityContractMember2025-12-310001163165us-gaap:OtherAssetsNoncurrentus-gaap:CommodityContractMember2026-09-300001163165us-gaap:OtherAssetsNoncurrentus-gaap:CommodityContractMember2025-12-310001163165us-gaap:OtherLiabilitiesCurrentus-gaap:CommodityContractMember2026-09-300001163165us-gaap:OtherLiabilitiesCurrentus-gaap:CommodityContractMember2025-12-310001163165us-gaap:DeferredCreditsAndOtherLiabilitiesus-gaap:CommodityContractMember2026-09-300001163165us-gaap:DeferredCreditsAndOtherLiabilitiesus-gaap:CommodityContractMember2025-12-310001163165us-gaap:CommodityContractMemberus-gaap:Revenues2026-07-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:Revenues2025-07-012025-09-300001163165us-gaap:CommodityContractMemberus-gaap:Revenues2026-01-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:Revenues2025-01-012025-09-300001163165us-gaap:CommodityContractMemberus-gaap:OtherOperatingIncomeExpenseNet2026-07-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:OtherOperatingIncomeExpenseNet2025-07-012025-09-300001163165us-gaap:CommodityContractMemberus-gaap:OtherOperatingIncomeExpenseNet2026-01-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:OtherOperatingIncomeExpenseNet2025-01-012025-09-300001163165us-gaap:CommodityContractMemberus-gaap:CostOfGoodsAndServicesSold2026-07-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:CostOfGoodsAndServicesSold2025-07-012025-09-300001163165us-gaap:CommodityContractMemberus-gaap:CostOfGoodsAndServicesSold2026-01-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:CostOfGoodsAndServicesSold2025-01-012025-09-300001163165us-gaap:CommodityContractMemberus-gaap:ShortMembercop:NaturalGasPowerAndCarbonDioxideEmissionsFlatPriceMember2026-01-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:ShortMembercop:NaturalGasPowerAndCarbonDioxideEmissionsFlatPriceMember2025-01-012025-12-310001163165us-gaap:CommodityContractMemberus-gaap:ShortMembercop:NaturalGasPowerAndCarbonDioxideEmissionsBasisMember2026-01-012026-09-300001163165us-gaap:CommodityContractMemberus-gaap:ShortMembercop:NaturalGasPowerAndCarbonDioxideEmissionsBasisMember2025-01-012025-12-310001163165us-gaap:InterestRateSwapMember2026-07-012026-09-300001163165us-gaap:InterestRateSwapMember2025-07-012025-09-300001163165us-gaap:InterestRateSwapMember2026-01-012026-09-300001163165us-gaap:InterestRateSwapMember2025-01-012025-09-300001163165us-gaap:CashMember2026-09-300001163165us-gaap:CashMember2025-12-310001163165us-gaap:DemandDepositsMember2026-09-300001163165us-gaap:DemandDepositsMember2025-12-310001163165us-gaap:BankTimeDepositsMembercop:RemainingMaturities1To90DaysMember2026-09-300001163165us-gaap:BankTimeDepositsMembercop:RemainingMaturities1To90DaysMember2025-12-310001163165us-gaap:BankTimeDepositsMembercop:RemainingMaturities91To180DaysMember2026-09-300001163165us-gaap:BankTimeDepositsMembercop:RemainingMaturities91To180DaysMember2025-12-310001163165us-gaap:BankTimeDepositsMembercop:RemainingMaturitiesWithinOneYearMember2025-12-310001163165us-gaap:USGovernmentDebtSecuritiesMembercop:RemainingMaturities1To90DaysMember2026-09-300001163165us-gaap:USGovernmentDebtSecuritiesMembercop:RemainingMaturities1To90DaysMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMembercop:RemainingMaturitiesWithinOneYearMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMembercop:RemainingMaturitiesWithinOneYearMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommercialPaperMembercop:RemainingMaturitiesWithinOneYearMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommercialPaperMembercop:RemainingMaturitiesWithinOneYearMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMembercop:RemainingMaturitiesWithinOneYearMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMembercop:RemainingMaturitiesWithinOneYearMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentDebtSecuritiesMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembercop:RemainingMaturitiesWithinOneYearMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMembercop:RemainingMaturitiesWithinOneYearMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMembercop:RemainingMaturitiesWithinOneYearMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ForeignGovernmentDebtMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembercop:RemainingMaturitiesWithinOneYearMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembercop:RemainingMaturitiesWithinOneYearMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetBackedSecuritiesMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMembercop:RemainingMaturitiesWithinOneYearMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMembercop:RemainingMaturitiesWithinOneYearMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMembercop:RemainingMaturitiesGreaterThanOneYearThroughEightYearsMember2025-12-310001163165srt:MinimumMember2026-01-012026-09-300001163165srt:MaximumMember2026-01-012026-09-300001163165us-gaap:CorporateDebtSecuritiesMember2026-09-300001163165us-gaap:CorporateDebtSecuritiesMember2025-12-310001163165us-gaap:CommercialPaperMember2026-09-300001163165us-gaap:CommercialPaperMember2025-12-310001163165us-gaap:USGovernmentDebtSecuritiesMember2026-09-300001163165us-gaap:USGovernmentDebtSecuritiesMember2025-12-310001163165us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2026-09-300001163165us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2025-12-310001163165us-gaap:ForeignGovernmentDebtMember2026-09-300001163165us-gaap:ForeignGovernmentDebtMember2025-12-310001163165us-gaap:AssetBackedSecuritiesMember2026-09-300001163165us-gaap:AssetBackedSecuritiesMember2025-12-310001163165cop:InEventOfDowngradeBelowInvestmentGradeMember2026-09-300001163165cop:SurmontMember2026-01-012026-09-300001163165cop:SurmontMember2023-10-012026-09-300001163165us-gaap:FairValueInputsLevel1Member2026-09-300001163165us-gaap:FairValueInputsLevel2Member2026-09-300001163165us-gaap:FairValueInputsLevel3Member2026-09-300001163165us-gaap:FairValueInputsLevel1Member2025-12-310001163165us-gaap:FairValueInputsLevel2Member2025-12-310001163165us-gaap:FairValueInputsLevel3Member2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommodityContractMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CommodityContractMember2025-12-310001163165us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommodityContractMember2026-09-300001163165us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommodityContractMember2025-12-310001163165us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-09-300001163165us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001163165us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001163165us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001163165us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310001163165us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-12-310001163165us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310001163165us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001163165us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-01-012026-09-300001163165us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-09-300001163165us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-09-300001163165us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-09-300001163165us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-09-300001163165us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-09-300001163165us-gaap:AccumulatedTranslationAdjustmentMember2026-09-300001163165us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-09-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-09-300001163165us-gaap:CommonStockMember2026-06-300001163165us-gaap:AdditionalPaidInCapitalMember2026-06-300001163165us-gaap:TreasuryStockCommonMember2026-06-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001163165us-gaap:RetainedEarningsMember2026-06-3000011631652026-06-300001163165us-gaap:RetainedEarningsMember2026-07-012026-09-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-07-012026-09-300001163165us-gaap:TreasuryStockCommonMember2026-07-012026-09-300001163165us-gaap:AdditionalPaidInCapitalMember2026-07-012026-09-300001163165us-gaap:CommonStockMember2026-09-300001163165us-gaap:AdditionalPaidInCapitalMember2026-09-300001163165us-gaap:TreasuryStockCommonMember2026-09-300001163165us-gaap:RetainedEarningsMember2026-09-300001163165us-gaap:CommonStockMember2025-12-310001163165us-gaap:AdditionalPaidInCapitalMember2025-12-310001163165us-gaap:TreasuryStockCommonMember2025-12-310001163165us-gaap:RetainedEarningsMember2025-12-310001163165us-gaap:RetainedEarningsMember2026-01-012026-09-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-09-300001163165us-gaap:TreasuryStockCommonMember2026-01-012026-09-300001163165us-gaap:AdditionalPaidInCapitalMember2026-01-012026-09-300001163165us-gaap:CommonStockMember2025-06-300001163165us-gaap:AdditionalPaidInCapitalMember2025-06-300001163165us-gaap:TreasuryStockCommonMember2025-06-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001163165us-gaap:RetainedEarningsMember2025-06-3000011631652025-06-300001163165us-gaap:RetainedEarningsMember2025-07-012025-09-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001163165us-gaap:TreasuryStockCommonMember2025-07-012025-09-300001163165us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001163165us-gaap:CommonStockMember2025-09-300001163165us-gaap:AdditionalPaidInCapitalMember2025-09-300001163165us-gaap:TreasuryStockCommonMember2025-09-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001163165us-gaap:RetainedEarningsMember2025-09-300001163165us-gaap:CommonStockMember2024-12-310001163165us-gaap:AdditionalPaidInCapitalMember2024-12-310001163165us-gaap:TreasuryStockCommonMember2024-12-310001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001163165us-gaap:RetainedEarningsMember2024-12-310001163165us-gaap:RetainedEarningsMember2025-01-012025-09-300001163165us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300001163165us-gaap:TreasuryStockCommonMember2025-01-012025-09-300001163165us-gaap:AdditionalPaidInCapitalMember2025-01-012025-09-300001163165us-gaap:RelatedPartyMember2026-09-300001163165us-gaap:RelatedPartyMember2025-12-310001163165us-gaap:RelatedPartyMember2026-07-012026-09-300001163165us-gaap:RelatedPartyMember2025-07-012025-09-300001163165us-gaap:RelatedPartyMember2026-01-012026-09-300001163165us-gaap:RelatedPartyMember2025-01-012025-09-300001163165country:USus-gaap:PensionPlansDefinedBenefitMember2026-07-012026-09-300001163165us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2026-07-012026-09-300001163165country:USus-gaap:PensionPlansDefinedBenefitMember2025-07-012025-09-300001163165us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-07-012025-09-300001163165us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-07-012026-09-300001163165us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-07-012025-09-300001163165country:USus-gaap:PensionPlansDefinedBenefitMember2026-01-012026-09-300001163165us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2026-01-012026-09-300001163165country:USus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-09-300001163165us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-09-300001163165us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-01-012026-09-300001163165us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-09-300001163165cop:PhysicalGasContractsMember2026-07-012026-09-300001163165cop:PhysicalGasContractsMember2025-07-012025-09-300001163165cop:PhysicalGasContractsMember2026-01-012026-09-300001163165cop:PhysicalGasContractsMember2025-01-012025-09-300001163165cop:FinancialDerivativeContractsMember2026-07-012026-09-300001163165cop:FinancialDerivativeContractsMember2025-07-012025-09-300001163165cop:FinancialDerivativeContractsMember2026-01-012026-09-300001163165cop:FinancialDerivativeContractsMember2025-01-012025-09-300001163165cop:AlaskaSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001163165cop:LowerFortyEightMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001163165cop:TotalSegmentsMemberus-gaap:OperatingSegmentsMember2026-07-012026-09-300001163165cop:CorporateSegmentMemberus-gaap:CorporateNonSegmentMember2026-07-012026-09-300001163165cop:OperatingSegmentsAndCorporateNonSegmentMember2026-07-012026-09-300001163165cop:AlaskaSegmentMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165cop:LowerFortyEightMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165cop:TotalSegmentsMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165cop:CorporateSegmentMemberus-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165us-gaap:IntersegmentEliminationMember2026-07-012026-09-300001163165cop:AlaskaSegmentMember2026-07-012026-09-300001163165cop:LowerFortyEightMember2026-07-012026-09-300001163165cop:CanadaOperatingSegmentMember2026-07-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMember2026-07-012026-09-300001163165cop:AsiaPacificOperatingSegmentMember2026-07-012026-09-300001163165cop:TotalSegmentsMember2026-07-012026-09-300001163165cop:CorporateSegmentMember2026-07-012026-09-300001163165cop:LowerFortyEightMembercop:PhysicalGasContractsMember2026-07-012026-09-300001163165cop:CanadaOperatingSegmentMembercop:PhysicalGasContractsMember2026-07-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMembercop:PhysicalGasContractsMember2026-07-012026-09-300001163165cop:AlaskaSegmentMemberus-gaap:OperatingSegmentsMember2026-09-300001163165cop:LowerFortyEightMemberus-gaap:OperatingSegmentsMember2026-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:OperatingSegmentsMember2026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:OperatingSegmentsMember2026-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:OperatingSegmentsMember2026-09-300001163165cop:TotalSegmentsMemberus-gaap:OperatingSegmentsMember2026-09-300001163165us-gaap:CorporateNonSegmentMember2026-09-300001163165us-gaap:CorporateNonSegmentMember2026-07-012026-09-300001163165cop:AlaskaSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001163165cop:LowerFortyEightMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001163165cop:TotalSegmentsMemberus-gaap:OperatingSegmentsMember2025-07-012025-09-300001163165cop:CorporateSegmentMemberus-gaap:CorporateNonSegmentMember2025-07-012025-09-300001163165cop:OperatingSegmentsAndCorporateNonSegmentMember2025-07-012025-09-300001163165cop:AlaskaSegmentMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165cop:LowerFortyEightMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165cop:TotalSegmentsMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165cop:CorporateSegmentMemberus-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165us-gaap:IntersegmentEliminationMember2025-07-012025-09-300001163165cop:AlaskaSegmentMember2025-07-012025-09-300001163165cop:LowerFortyEightMember2025-07-012025-09-300001163165cop:CanadaOperatingSegmentMember2025-07-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMember2025-07-012025-09-300001163165cop:AsiaPacificOperatingSegmentMember2025-07-012025-09-300001163165cop:TotalSegmentsMember2025-07-012025-09-300001163165cop:CorporateSegmentMember2025-07-012025-09-300001163165cop:LowerFortyEightMembercop:PhysicalGasContractsMember2025-07-012025-09-300001163165cop:CanadaOperatingSegmentMembercop:PhysicalGasContractsMember2025-07-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMembercop:PhysicalGasContractsMember2025-07-012025-09-300001163165cop:AlaskaSegmentMemberus-gaap:OperatingSegmentsMember2025-09-300001163165cop:LowerFortyEightMemberus-gaap:OperatingSegmentsMember2025-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:OperatingSegmentsMember2025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:OperatingSegmentsMember2025-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:OperatingSegmentsMember2025-09-300001163165cop:TotalSegmentsMemberus-gaap:OperatingSegmentsMember2025-09-300001163165us-gaap:CorporateNonSegmentMember2025-09-300001163165us-gaap:CorporateNonSegmentMember2025-07-012025-09-300001163165cop:AlaskaSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001163165cop:LowerFortyEightMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001163165cop:TotalSegmentsMemberus-gaap:OperatingSegmentsMember2026-01-012026-09-300001163165cop:CorporateSegmentMemberus-gaap:CorporateNonSegmentMember2026-01-012026-09-300001163165cop:OperatingSegmentsAndCorporateNonSegmentMember2026-01-012026-09-300001163165cop:AlaskaSegmentMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165cop:LowerFortyEightMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165cop:TotalSegmentsMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165cop:CorporateSegmentMemberus-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165us-gaap:IntersegmentEliminationMember2026-01-012026-09-300001163165cop:AlaskaSegmentMember2026-01-012026-09-300001163165cop:LowerFortyEightMember2026-01-012026-09-300001163165cop:CanadaOperatingSegmentMember2026-01-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMember2026-01-012026-09-300001163165cop:AsiaPacificOperatingSegmentMember2026-01-012026-09-300001163165cop:TotalSegmentsMember2026-01-012026-09-300001163165cop:CorporateSegmentMember2026-01-012026-09-300001163165cop:LowerFortyEightMembercop:PhysicalGasContractsMember2026-01-012026-09-300001163165cop:CanadaOperatingSegmentMembercop:PhysicalGasContractsMember2026-01-012026-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMembercop:PhysicalGasContractsMember2026-01-012026-09-300001163165us-gaap:CorporateNonSegmentMember2026-01-012026-09-300001163165cop:AlaskaSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001163165cop:LowerFortyEightMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001163165cop:TotalSegmentsMemberus-gaap:OperatingSegmentsMember2025-01-012025-09-300001163165cop:CorporateSegmentMemberus-gaap:CorporateNonSegmentMember2025-01-012025-09-300001163165cop:OperatingSegmentsAndCorporateNonSegmentMember2025-01-012025-09-300001163165cop:AlaskaSegmentMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165cop:LowerFortyEightMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165cop:CanadaOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165cop:AsiaPacificOperatingSegmentMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165cop:TotalSegmentsMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165cop:CorporateSegmentMemberus-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165us-gaap:IntersegmentEliminationMember2025-01-012025-09-300001163165cop:AlaskaSegmentMember2025-01-012025-09-300001163165cop:LowerFortyEightMember2025-01-012025-09-300001163165cop:CanadaOperatingSegmentMember2025-01-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMember2025-01-012025-09-300001163165cop:AsiaPacificOperatingSegmentMember2025-01-012025-09-300001163165cop:TotalSegmentsMember2025-01-012025-09-300001163165cop:CorporateSegmentMember2025-01-012025-09-300001163165cop:LowerFortyEightMembercop:PhysicalGasContractsMember2025-01-012025-09-300001163165cop:CanadaOperatingSegmentMembercop:PhysicalGasContractsMember2025-01-012025-09-300001163165cop:EuropeMiddleEastAndNorthAfricaSegmentMembercop:PhysicalGasContractsMember2025-01-012025-09-300001163165us-gaap:CorporateNonSegmentMember2025-01-012025-09-300001163165srt:CrudeOilMember2026-07-012026-09-300001163165srt:CrudeOilMember2025-07-012025-09-300001163165srt:CrudeOilMember2026-01-012026-09-300001163165srt:CrudeOilMember2025-01-012025-09-300001163165srt:NaturalGasReservesMember2026-07-012026-09-300001163165srt:NaturalGasReservesMember2025-07-012025-09-300001163165srt:NaturalGasReservesMember2026-01-012026-09-300001163165srt:NaturalGasReservesMember2025-01-012025-09-300001163165srt:NaturalGasLiquidsReservesMember2026-07-012026-09-300001163165srt:NaturalGasLiquidsReservesMember2025-07-012025-09-300001163165srt:NaturalGasLiquidsReservesMember2026-01-012026-09-300001163165srt:NaturalGasLiquidsReservesMember2025-01-012025-09-300001163165cop:OtherMember2026-07-012026-09-300001163165cop:OtherMember2025-07-012025-09-300001163165cop:OtherMember2026-01-012026-09-300001163165cop:OtherMember2025-01-012025-09-300001163165cop:CrudeOilProductLineMember2026-07-012026-09-300001163165cop:CrudeOilProductLineMember2025-07-012025-09-300001163165cop:CrudeOilProductLineMember2026-01-012026-09-300001163165cop:CrudeOilProductLineMember2025-01-012025-09-300001163165cop:NaturalGasProductLineMember2026-07-012026-09-300001163165cop:NaturalGasProductLineMember2025-07-012025-09-300001163165cop:NaturalGasProductLineMember2026-01-012026-09-300001163165cop:NaturalGasProductLineMember2025-01-012025-09-300001163165cop:PowerMember2026-07-012026-09-300001163165cop:PowerMember2025-07-012025-09-300001163165cop:PowerMember2026-01-012026-09-300001163165cop:PowerMember2025-01-012025-09-300001163165country:US2026-07-012026-09-300001163165country:US2025-07-012025-09-300001163165country:US2026-01-012026-09-300001163165country:US2025-01-012025-09-300001163165us-gaap:NonUsMember2026-07-012026-09-300001163165us-gaap:NonUsMember2025-07-012025-09-300001163165us-gaap:NonUsMember2026-01-012026-09-300001163165us-gaap:NonUsMember2025-01-012025-09-3000011631652025-01-012025-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission file number: 001-32395

ConocoPhillips

(Exact name of registrant as specified in its charter)

			Delaware			01-0562944
			(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

925 N. Eldridge Parkway, Houston, TX 77079

(Address of principal executive offices) (Zip Code)

281-293-1000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbols			Name of each exchange on which registered
Common Stock, $.01 Par Value			COP			New York Stock Exchange
7% Debentures due 2029			CUSIP—718507BK1			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒    Accelerated filer ☐    Non-accelerated filer ☐    Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had 1,182,335,057 shares of common stock, $.01 par value, outstanding at September 30, 2026.

Table of Contents

			Page
Commonly Used Abbreviations			1
Part I—Financial Information
Item 1. Financial Statements
Consolidated Income Statement			2
Consolidated Statement of Comprehensive Income			3
Consolidated Balance Sheet			4
Consolidated Statement of Cash Flows			5
Notes to Consolidated Financial Statements			6
Note 1—Basis of Presentation			6
Note 2—Inventories			6
Note 3—Acquisitions and Dispositions			6
Note 4—Debt			6
Note 5—Suspended Wells and Exploration Expenses			7
Note 6—Investments and Long-Term Receivables			7
Note 7—Guarantees			7
Note 8—Contingencies, Commitments and Accrued Environmental Costs			8
Note 9—Derivative and Financial Instruments			10
Note 10—Fair Value Measurement			14
Note 11—Accumulated Other Comprehensive Income (Loss)			16
Note 12—Changes in Equity			17
Note 13—Cash Flow Information			18
Note 14—Related Party Transactions			18
Note 15—Employee Benefit Plans			19
Note 16—Sales and Other Operating Revenues			20
Note 17—Earnings Per Share			21
Note 18—Segment Disclosures and Related Information			21
Note 19—Income Taxes			27
Note 20—New Accounting Standards			27
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Item 3. Quantitative and Qualitative Disclosures About Market Risk			49
Item 4. Controls and Procedures			49
Part II—Other Information
Item 1. Legal Proceedings			50
Item 1A. Risk Factors			50
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			50
Item 5. Other Information			50
Item 6. Exhibits			51
Signature			52

Commonly Used Abbreviations Table of Contents

Commonly Used Abbreviations

The following industry-specific, accounting and other terms, and abbreviations may be commonly used in this report.

Currencies						Accounting
$ or USD			U.S. dollar			ARO			asset retirement obligation
CAD			Canadian dollar			ASC			accounting standards codification
EUR			Euro			ASU			accounting standards update
GBP NOK			British pound Norwegian kroner			DD&A			depreciation, depletion and amortization
						EPS			earnings per share
Units of Measurement						FASB			Financial Accounting Standards Board
BBL			barrel
BCF			billion cubic feet			FIFO			first-in, first-out
BOE			barrel of oil equivalent			G&A			general and administrative
MBD			thousand barrels per day			GAAP			generally accepted accounting principles
MCF			thousand cubic feet
MM			million			LIFO			last-in, first-out
MMBOE			million barrels of oil equivalent			NPNS			normal purchase normal sale
MBOED			thousand barrels of oil equivalent per			PP&E			properties, plants and equipment
			day			VIE			variable interest entity
MMBOED			million barrels of oil equivalent per day
MMBTU			million British thermal units
MMCFD			million cubic feet per day			Miscellaneous
MTPA			million tonnes per annum			EPA			Environmental Protection Agency
						ESG			environmental, social and governance
Industry						EU			European Union
BLM			Bureau of Land Management			FERC			Federal Energy Regulatory Commission
CBM			coalbed methane
E&P			exploration and production			GHG			greenhouse gas
FEED			front-end engineering and design			HSE			health, safety and environment
FID			final investment decision			ICC			International Chamber of Commerce
FPS			floating production system			ICSID			World Bank’s International
FPSO			floating production, storage and						Centre for Settlement of
			offloading						Investment Disputes
G&G			geological and geophysical			IRS			Internal Revenue Service
JOA			joint operating agreement			OTC			over-the-counter
LNG			liquefied natural gas			NYSE			New York Stock Exchange
NGLs			natural gas liquids			SEC			U.S. Securities and Exchange
OPEC			Organization of Petroleum						Commission
			Exporting Countries			TSR			total shareholder return
PSC			production sharing contract			U.K.			United Kingdom
PUDs			proved undeveloped reserves			U.S.			United States of America
SAGD			steam-assisted gravity drainage
WCS			Western Canadian Select
WTI			West Texas Intermediate

1 ConocoPhillips      2026 Q3 10-Q

Financial Statements Table of Contents

PART I. Financial Information

Item 1.    Financial Statements

Consolidated Income Statement ConocoPhillips

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Revenues and other income
Sales and other operating revenues			$	19,435		15,031			54,357			45,552
Equity in earnings of affiliates			448			345			934			1,052
Gain (loss) on dispositions			54			3			73			399
Other income			120			143			269			360
Total revenues and other income			20,057			15,522			55,633			47,363
Costs and expenses
Purchased commodities			7,423			5,857			20,418			17,130
Production and operating expenses			2,440			2,632			7,147			7,710
Selling, general and administrative expenses			219			271			600			712
Exploration expenses			60			71			244			269
Depreciation, depletion and amortization			3,005			2,917			8,894			8,501
Impairments			18			10			39			12
Taxes other than income taxes			648			525			2,048			1,648
Accretion on discounted liabilities			99			94			295			283
Interest and debt expense			142			223			522			660
Foreign currency transaction (gain) loss			10			(6)			(15)			21
Other expenses			11			—			14			6
Total costs and expenses			14,075			12,594			40,206			36,952
Income (loss) before income taxes			5,982			2,928			15,427			10,411
Income tax provision (benefit)			1,981			1,202			5,312			3,865
Net income (loss)			$	4,001		1,726			10,115			6,546
Net income (loss) per share of common stock (dollars)
Basic			$	3.34		1.38			8.33			5.18
Diluted			3.34			1.38			8.32			5.18
Weighted-average common shares outstanding (in thousands)
Basic			1,195,037			1,245,253			1,210,736			1,258,602
Diluted			1,195,864			1,246,854			1,211,527			1,260,059

See Notes to Consolidated Financial Statements.

ConocoPhillips      2026 Q3 10-Q 2

Financial Statements Table of Contents

Consolidated Statement of Comprehensive Income ConocoPhillips

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Net income (loss)			$	4,001		1,726			10,115			6,546
Other comprehensive income (loss), net of tax:
Defined benefit plans			24			7			40			20
Unrealized holding gain (loss) on securities			(10)			1			(20)			5
Foreign currency translation adjustments			8			(180)			(263)			374
Other comprehensive income (loss), net of tax			22			(172)			(243)			399
Comprehensive income (loss)			$	4,023		1,554			9,872			6,945

See Notes to Consolidated Financial Statements.

3 ConocoPhillips      2026 Q3 10-Q

Financial Statements Table of Contents

Consolidated Balance Sheet ConocoPhillips

			Millions of Dollars
			September 30 2026			December 31 2025
Assets
Cash and cash equivalents			$	7,765		6,497
Short-term investments			2,164			484
Accounts and notes receivable, net			7,916			5,813
Inventories			1,977			1,873
Prepaid expenses and other current assets			1,046			865
Total current assets			20,868			15,532
Investments and long-term receivables			10,598			10,185
Net properties, plants and equipment (net of accumulated DD&A of $99,304 and      $90,396, respectively)			91,148			93,239
Other assets			3,459			2,983
Total assets			$	126,073		121,939
Liabilities
Accounts payable			$	7,472		6,218
Short-term debt			878			1,020
Accrued income and other taxes			2,830			1,835
Employee benefit obligations			695			1,136
Other accruals			1,870			1,763
Total current liabilities			13,745			11,972
Long-term debt			22,384			22,424
Asset retirement obligations and accrued environmental costs			8,507			8,214
Deferred income taxes			12,551			12,237
Employee benefit obligations			969			969
Other liabilities and deferred credits			1,926			1,636
Total liabilities			60,082			57,452
Equity
Common stock (2,500,000,000 shares authorized at $.01 par value)
Issued (2026—2,256,255,427 shares; 2025—2,253,518,282 shares)
Par value			23			23
Capital in excess of par			77,881			77,728
Treasury stock (at cost: 2026—1,073,920,370 shares; 2025—1,028,350,186 shares)			(81,675)			(76,217)
Accumulated other comprehensive income (loss)			(6,154)			(5,911)
Retained earnings			75,916			68,864
Total equity			65,991			64,487
Total liabilities and equity			$	126,073		121,939

See Notes to Consolidated Financial Statements.

ConocoPhillips      2026 Q3 10-Q 4

Financial Statements Table of Contents

Consolidated Statement of Cash Flows ConocoPhillips

			Millions of Dollars
			Nine Months Ended September 30
			2026			2025
Cash flows from operating activities
Net income (loss)			$	10,115		6,546
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization			8,894			8,501
Impairments			39			12
Dry hole costs and leasehold impairments			73			105
Accretion on discounted liabilities			295			283
Deferred taxes			256			432
Distributions more (less) than income from equity affiliates			(26)			277
(Gain) loss on dispositions			(73)			(399)
Other			162			(203)
Working capital adjustments
Decrease (increase) in accounts and notes receivable			(1,974)			921
Decrease (increase) in inventories			(116)			49
Decrease (increase) in prepaid expenses and other current assets			(211)			(117)
Increase (decrease) in accounts payable			943			(211)
Increase (decrease) in taxes and other accruals			547			(718)
Net cash provided by operating activities			18,924			15,478
Cash flows from investing activities
Capital expenditures and investments			(9,105)			(9,530)
Working capital changes associated with investing activities			200			488
Proceeds from asset dispositions			1,756			1,632
Net sales (purchases) of investments			(1,677)			(556)
Other			(13)			(20)
Net cash used in investing activities			(8,839)			(7,986)
Cash flows from financing activities
Issuance of debt			600			—
Repayment of debt			(822)			(851)
Issuance of company common stock			(48)			(65)
Repurchase of company common stock			(5,407)			(3,996)
Dividends paid			(3,064)			(2,957)
Other			(80)			(75)
Net cash used in financing activities			(8,821)			(7,944)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			37			146
Net change in cash, cash equivalents and restricted cash			1,301			(306)
Cash, cash equivalents and restricted cash at beginning of period			6,916			5,905
Cash, cash equivalents and restricted cash at end of period			$	8,217		5,599

Restricted cash of $43 million and $65 million is included in the "Prepaid expenses and other current assets" line of our Consolidated Balance Sheet at September 30, 2026, and December 31, 2025, respectively.

Restricted cash of $409 million and $354 million is included in the "Other assets" line of our Consolidated Balance Sheet at September 30, 2026, and December 31, 2025, respectively.

See Notes to Consolidated Financial Statements.

5 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Notes to Consolidated Financial Statements

Note 1—Basis of Presentation

The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature, unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report; therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2025 Annual Report on Form 10-K. Certain prior year financial statement line items have been reclassified to conform to the current year presentation.

Note 2—Inventories

			Millions of Dollars
			September 30 2026			December 31 2025
Crude oil and products			$	1,111		1,000
Materials and supplies			866			873
Total inventories			$	1,977		1,873
Inventories valued on the LIFO basis			$	637		609

Note 3—Acquisitions and Dispositions

Planned Acquisitions

In July 2026, we entered into an agreement with a wholly owned subsidiary of BP p.l.c. (bp) to acquire a 42 percent direct equity holding in a non-operated joint venture, supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. This transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. The purchase price is $0.4 billion, before closing adjustments, and includes deferred payments of $0.2 billion payable no later than three years from the date of close. The closing adjustments will include reimbursement of our proportionate share of bp's project costs incurred from the effective date of the agreement through close.

Assets Sold

In the third quarter of 2026, we sold our interests in certain noncore assets in the Lower 48 segment for net proceeds of approximately $1.7 billion. These transactions did not result in a material gain or loss. Net carrying value of our interest in these assets was comprised primarily of PP&E.

Note 4—Debt

Our debt balance at September 30, 2026, was $23.3 billion, compared with $23.4 billion at December 31, 2025.

On July 1, 2026, we completed a $600 million remarketing of sub-series 2017D bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana—Revenue Refunding Bonds Series 2017. The bonds are subject to an interest rate of 3.0% and a mandatory tender date of July 2, 2029. Subsequent to the mandatory tender date, we have the right to remarket these bonds at any time up to the 2037 maturity date. The new borrowings and repayments associated with the remarketed bonds are presented separately within "Issuance of debt" and "Repayment of debt," respectively, within the consolidated statement of cash flows.

In the first quarter of 2026, the company retired $67 million principal amount of our 6.875% Debentures at maturity.

At September 30, 2026, we had $283 million of certain variable rate demand bonds (VRDBs) outstanding, with maturities ranging through 2035. The VRDBs are redeemable at the option of the bondholders on any business day. If they are ever redeemed, we have the ability and intent to refinance them on a long-term basis; therefore, the VRDBs are included in the “Long-term debt” line on our consolidated balance sheet.

ConocoPhillips      2026 Q3 10-Q 6

Notes to Consolidated Financial Statements Table of Contents

Note 5—Suspended Wells and Exploration Expenses

The capitalized cost of suspended wells at September 30, 2026 was $352 million, an increase of $109 million from December 31, 2025. The increase was primarily due to multiple wells drilled in Alaska.

Note 6—Investments and Long-Term Receivables

Australia Pacific LNG Pty Ltd. (APLNG)

In Australia, we hold a 47.5 percent shareholding interest in APLNG. At September 30, 2026, the outstanding balance of APLNG's debt was $2.9 billion. The last principal and interest payment on the debt is due in September 2032. See Note 7.

At September 30, 2026, the carrying value of our equity method investment in APLNG was approximately $4.9 billion.

Port Arthur Liquefaction Holdings, LLC (PALNG)

We hold a 30 percent direct equity investment in PALNG, a joint venture for the development of a large-scale LNG facility.

At September 30, 2026, the carrying value of our equity method investment in PALNG was approximately $1.7 billion.

Qatar LNG

Our equity method investments in Qatar include the following:

•QatarEnergy LNG N(3) (N3)—30 percent owned joint venture with affiliates of QatarEnergy (68.5 percent) and Mitsui & Co., Ltd. (1.5 percent)—produces and liquefies natural gas from Qatar’s North Field, as well as exports LNG.

•QatarEnergy LNG NFE(4) (NFE4)—25 percent owned joint venture with affiliates of QatarEnergy (70 percent) and China National Petroleum Corporation (5 percent)—participant in the North Field East LNG project.

•QatarEnergy LNG NFS(3) (NFS3)—25 percent owned joint venture with an affiliate of QatarEnergy (75 percent)—participant in the North Field South LNG project.

At September 30, 2026, the carrying value of our equity method investments in Qatar was approximately $2.0 billion. See Note 7.

Note 7—Guarantees

At September 30, 2026, we were liable for certain contingent obligations under various contractual arrangements as described below. We recognize a liability, at inception, for the fair value of our obligation as a guarantor for newly issued or modified guarantees. Unless the carrying amount of the liability is noted below, we have not recognized a liability because the fair value of the obligation is immaterial. In addition, unless otherwise stated, we are not currently performing with any significance under the guarantee and expect future performance to be either immaterial or have only a remote chance of occurrence.

APLNG Guarantees

We have multiple outstanding guarantees in connection with our 47.5 percent ownership interest in APLNG. These guarantees have remaining terms of six to 19 years, and the maximum potential future payments related to these guarantees are approximately $1,620 million. At September 30, 2026, the carrying value of these guarantees was approximately $49 million.

QatarEnergy LNG Guarantees

We have guaranteed our portion of certain fiscal and other joint venture obligations as a shareholder in NFE4 and NFS3. These guarantees have an approximate 29-year term with no maximum limit. At September 30, 2026, the carrying value of these guarantees was approximately $14 million.

Equatorial Guinea Guarantees

We have guaranteed payment obligations as a shareholder in both Equatorial Guinea LNG Operations, S.A., a fully owned subsidiary of Equatorial Guinea LNG Holdings Limited, and Alba Plant LLC with regard to certain agreements to process third-party gas. These guarantees have approximately 11 years remaining, and the maximum potential future payments related to these guarantees are approximately $205 million. At September 30, 2026, the carrying value of these guarantees was approximately $14 million.

7 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Other Guarantees

We have other guarantees with maximum future potential payment amounts totaling approximately $560 million, which consist primarily of guarantees of the residual value of leased office buildings and guarantees of the residual value of corporate aircraft. These guarantees have remaining terms of one to five years and would become payable if certain asset values are lower than guaranteed amounts at the end of the lease or contract term, business conditions decline at guaranteed entities or as a result of nonperformance of contractual terms by guaranteed parties. At September 30, 2026, there was no liability recognized for these guarantees.

Indemnifications

Over the years, we have entered into agreements to sell ownership interests in certain legal entities, joint ventures and assets that gave rise to qualifying indemnifications. These agreements include indemnifications for taxes and environmental liabilities. The carrying amount recorded for these indemnification obligations at September 30, 2026, was approximately $30 million. Those related to environmental issues have terms that are generally indefinite, and the maximum amounts of future payments are generally unlimited. Although it is reasonably possible future payments may exceed amounts recorded, due to the nature of the indemnifications, it is not possible to make a reasonable estimate of the maximum potential amount of future payments. See Note 8 for additional information about environmental liabilities.

Note 8—Contingencies, Commitments and Accrued Environmental Costs

A number of lawsuits involving a variety of claims arising in the ordinary course of business have been filed against ConocoPhillips. We also may be required to remove or mitigate the effects on the environment of the placement, storage, disposal or release of certain chemical, mineral and petroleum substances at various active and inactive sites. We regularly assess the need for accounting recognition or disclosure of these contingencies. In the case of all known contingencies (other than those related to income taxes), we accrue a liability when the loss is probable and the amount is reasonably estimable. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the low end of the range is accrued. We do not reduce these liabilities for potential insurance or third-party recoveries. We accrue receivables for insurance or other third-party recoveries when applicable. With respect to income tax-related contingencies, we use a cumulative probability-weighted loss accrual in cases where sustaining a tax position is less than certain.

Based on currently available information, we believe it is remote that future costs related to known contingent liability exposures will exceed current accruals by an amount that would have a material adverse impact on our consolidated financial statements. As we learn new facts concerning contingencies, we reassess our position both with respect to accrued liabilities and other potential exposures. Estimates particularly sensitive to future changes include contingent liabilities recorded for environmental remediation, tax and legal matters. Estimated future environmental remediation costs are subject to change due to such factors as the uncertain magnitude of cleanup costs, the unknown time and extent of such remedial actions that may be required and the determination of our liability in proportion to that of other responsible parties. Estimated future costs related to tax and legal matters are subject to change as events evolve and as additional information becomes available during the administrative and litigation processes.

Environmental

We are subject to international, federal, state and local environmental laws and regulations and record accruals for environmental liabilities based on management’s best estimates. These estimates are based on currently available facts, existing technology and presently enacted laws and regulations, taking into account stakeholder and business considerations. When measuring environmental liabilities, we also consider our prior experience in remediation of contaminated sites, other companies’ cleanup experience and data released by the U.S. EPA or other organizations. We consider unasserted claims in our determination of environmental liabilities, and we accrue them in the period they are both probable and reasonably estimable.

Although liability of those potentially responsible for environmental remediation costs is generally joint and several for federal sites and frequently so for other sites, we are usually only one of many companies cited at a particular site. Due to the joint and several liabilities, we could be responsible for all cleanup costs related to any site at which we have been designated as a potentially responsible party. We have been successful to date in sharing cleanup costs with other financially sound companies. Many of the sites at which we are potentially responsible are still under investigation by the U.S. EPA or the agency concerned. Prior to actual cleanup, those potentially responsible normally assess the site conditions, apportion responsibility and determine the appropriate remediation. In some instances, we may have no liability or may attain a settlement of liability. Where it appears that other potentially responsible parties may be financially unable to bear their proportional share, we consider this inability in estimating our potential liability, and we adjust our accruals accordingly. As a result of various acquisitions in the past, we assumed certain environmental

ConocoPhillips      2026 Q3 10-Q 8

Notes to Consolidated Financial Statements Table of Contents

obligations. Some of these environmental obligations are mitigated by indemnifications made by others for our benefit, and some of the indemnifications are subject to dollar limits and time limits.

We are currently participating in environmental assessments and cleanups at numerous federal Superfund and other comparable state and international sites. After an assessment of environmental exposures for cleanup and other costs, we make accruals on an undiscounted basis (except those acquired in a business combination, which we record on a discounted basis) for planned investigation and remediation activities for sites where it is probable future costs will be incurred and these costs can be reasonably estimated. We have not reduced these accruals for possible insurance recoveries.

For remediation activities in the U.S. and Canada, our consolidated balance sheet includes total accrued environmental costs of $297 million at September 30, 2026, compared with $220 million at December 31, 2025. We expect to incur a substantial amount of these expenditures within the next 30 years. In the future, we may be involved in additional environmental assessments, cleanups and proceedings.

Litigation and Other Contingencies

We are subject to various lawsuits and claims including, but not limited to, matters involving oil and gas royalty and severance tax payments, gas measurement and valuation methods, contract disputes, environmental damages, climate change, personal injury and property damage. Our primary exposures for such matters relate to alleged royalty and tax underpayments on certain federal, state and privately owned properties, claims of alleged environmental contamination and damages from historic operations and climate change. We will continue to defend ourselves vigorously in these matters.

Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor the legal proceedings against us. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial and/or mediation. Based on professional judgment and experience in using these litigation management tools and available information about current developments in all our cases, our legal organization regularly assesses the adequacy of current accruals and determines if adjustment of existing accruals, or establishment of new accruals, is required.

We have contingent liabilities resulting from throughput agreements with pipeline and processing companies not associated with financing arrangements. Under these agreements, we may be required to provide any such company with additional funds through advances and penalties for fees related to throughput capacity not utilized. In addition, at September 30, 2026, we had performance obligations secured by letters of credit of $302 million (issued as direct bank letters of credit) related to various purchase commitments for materials, supplies, commercial activities and services incident to the ordinary conduct of business.

In 2007, the government of Venezuela expropriated ConocoPhillips’ interests in the Petrozuata and Hamaca heavy oil ventures, as well as the offshore Corocoro development project. In response, ConocoPhillips initiated international arbitration proceedings before the ICSID. In March 2019, an ICSID tribunal unanimously ordered the government of Venezuela to pay ConocoPhillips approximately $8.7 billion (later reduced to $8.5 billion) plus interest for the unlawful expropriation of the projects. On January 22, 2025, an ICSID annulment committee dismissed Venezuela’s application to annul the tribunal’s decision and upheld the $8.5 billion award plus interest in full. Separate arbitrations before the ICC resulted in additional awards against Petróleos de Venezuela, S.A. and three of its affiliates, including an award for approximately $2 billion, plus interest, for the Petrozuata and Hamaca projects and a $33 million award, plus interest, for the Corocoro project. Cumulatively, as of September 30, 2026, the company has received approximately $795 million in connection with the first ICC award. Collection actions for all three awards are ongoing. ConocoPhillips has ensured that all actions related to these arbitration awards meet all appropriate U.S. regulatory requirements, including those related to any applicable sanctions imposed by the U.S. against Venezuela.

Beginning in 2017, governmental entities and individuals in several states/territories in the U.S. have filed lawsuits against oil and gas companies, including ConocoPhillips, seeking compensatory damages and equitable relief to abate alleged climate change related impacts. Additional lawsuits with similar allegations are expected to be filed. The legal and factual issues are unprecedented; therefore, there is significant uncertainty about the scope of the claims and alleged damages and any potential impact on the company’s financial condition. ConocoPhillips believes these lawsuits are factually and legally meritless, and are an inappropriate vehicle to address the challenges associated with climate change and will vigorously defend against such lawsuits.

9 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

In November 2020, the Bureau of Safety and Environmental Enforcement (BSEE) ordered the prior owners of Outer Continental Shelf (OCS) Lease P-0166, including ConocoPhillips, to decommission the lease facilities, including two offshore platforms located near Carpinteria, California. This order was sent after the current owner of OCS Lease P-0166 relinquished the lease and abandoned the lease platforms and facilities. BSEE’s order to ConocoPhillips is premised on its connection to Phillips Petroleum Company, a legacy company of ConocoPhillips, which held a historical 25 percent interest in this lease and operated these facilities but sold its interest approximately 30 years ago. On June 9, 2026, the Interior Board of Land Appeals issued an order upholding BSEE's order. ConocoPhillips intends to appeal the decision while it continues to evaluate its exposure in this matter. On July 10, 2026, the Secretary of the U.S. Interior Department reunified the Bureau of Ocean Energy Management and BSEE into a single Bureau – the Marine Minerals Administration.

In July 2021, a federal securities class action was filed against Concho Resources Inc. (Concho), certain of Concho’s officers, and ConocoPhillips as Concho’s successor in the United States District Court for the Southern District of Texas. On October 21, 2021, the court issued an order appointing Utah Retirement Systems and the Construction Laborers Pension Trust for Southern California as lead plaintiffs (Lead Plaintiffs). On January 7, 2022, the Lead Plaintiffs filed their consolidated complaint alleging that Concho made materially false and misleading statements regarding its business and operations in violation of the federal securities laws and seeking unspecified damages, attorneys’ fees, costs, equitable/injunctive relief and such other relief that may be deemed appropriate. The defendants filed a motion to dismiss the consolidated complaint on March 8, 2022. On June 23, 2023, the court denied defendants’ motion as to most defendants including Concho/ConocoPhillips. On April 7, 2025, the court certified a class. We believe the allegations in the action are without merit and are vigorously defending this litigation.

Our equity method investee, APLNG, and certain of its subsidiaries are defendants in proceedings in the Supreme Court of Queensland, Australia, brought by Tri-Star entities (collectively, Tri-Star). In 2002, APLNG acquired interests in certain coal seam gas permits, permit applications and operating agreements from Tri-Star entities under a sale and purchase deed. Under the deed, the sellers retained a conditional reversionary interest in 45 percent of the assigned interests and a vendor royalty. If the contractual reversion trigger occurs, APLNG’s interest in the assigned interests would be reduced to 55 percent. Tri-Star alleges, among other things, that the reversion trigger occurred by November 1, 2008, or, alternatively, August 1, 2022, or September 1, 2023, and seeks declaratory relief, specific performance, damages, equitable compensation and additional royalty payments. APLNG disputes Tri-Star’s claims, has filed a counterclaim, and is defending the proceedings, which remain in the pre-trial phase.

Note 9—Derivative and Financial Instruments

We use futures, forwards, swaps and options in various markets to meet our customer needs, capture market opportunities and manage foreign exchange currency risk.

Commodity Derivative Instruments

Our commodity business primarily consists of natural gas, crude oil, bitumen, NGLs, LNG and power.

Commodity derivative instruments are held at fair value on our consolidated balance sheet. Where these balances have the right of setoff, they are presented on a net basis. Related cash flows are recorded as operating activities on our consolidated statement of cash flows. On our consolidated income statement, gains and losses are recognized either on a gross basis if directly related to our physical business or on a net basis if held for trading. Gains and losses related to contracts that meet and are designated with the NPNS exception are recognized upon settlement. We generally apply this exception to eligible crude contracts and certain gas contracts. We do not apply hedge accounting for our commodity derivatives.

ConocoPhillips      2026 Q3 10-Q 10

Notes to Consolidated Financial Statements Table of Contents

The following table presents the gross fair values of our commodity derivatives, excluding collateral, on our consolidated balance sheet:

			Millions of Dollars
			September 30 2026			December 31 2025
Assets
Prepaid expenses and other current assets			$	1,295		491
Other assets			208			113
Liabilities
Other accruals			1,177			438
Other liabilities and deferred credits			194			100

The gains (losses) from commodity derivatives included in our consolidated income statement are presented in the following table:

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Sales and other operating revenues			$	(85)		62			173			146
Other income			(3)			(3)			(12)			(6)
Purchased commodities			173			(6)			16			(52)

The table below summarizes our net exposures resulting from outstanding commodity derivative contracts:

			Open Position Long (Short)
			September 30 2026			December 31 2025
Commodity
Natural gas and power (BCF equivalent)
Fixed price			(54)			(15)
Basis			(3)			(17)

Interest Rate Derivative Instruments

Our equity method investee, PALNG, has certain interest rate swaps that are measured at fair value. The gains (losses) from these swaps included in our consolidated income statement are presented in the following table:

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Equity in earnings of affiliates			$	16		(6)			44			27

11 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Financial Instruments

We invest in financial instruments with maturities based on our cash forecasts for the various accounts and currency pools we manage. The types of financial instruments in which we currently invest include:

•Time deposits: Interest bearing deposits placed with financial institutions for a predetermined amount of time.

•Demand deposits: Interest bearing deposits placed with financial institutions. Deposited funds can be withdrawn without notice.

•Commercial paper: Unsecured promissory notes issued by a corporation, commercial bank or government agency purchased at a discount to mature at par.

•U.S. government or government agency obligations: Securities issued by the U.S. government or U.S. government agencies.

•Foreign government obligations: Securities issued by foreign governments.

•Corporate bonds: Unsecured debt securities issued by corporations.

•Asset-backed securities: Collateralized debt securities.

The following investments are carried on our consolidated balance sheet at cost plus accrued interest, and the table reflects remaining maturities at September 30, 2026, and December 31, 2025:

			Millions of Dollars
			Carrying Amount
			Cash and cash equivalents						Short-term investments
			September 30 2026			December 31 2025			September 30 2026			December 31 2025
Cash			$	513		543
Demand deposits			4,269			3,781
Time deposits
1 to 90 days			2,777			975			1,707			6
91 to 180 days									4			17
Within one year									—			8
U.S. government obligations
1 to 90 days			185			1,198			—			—
			$	7,744		6,497			1,711			31

ConocoPhillips      2026 Q3 10-Q 12

Notes to Consolidated Financial Statements Table of Contents

The following investments in debt securities classified as available for sale are carried at fair value on our consolidated balance sheet at September 30, 2026, and December 31, 2025:

			Millions of Dollars
			Carrying Amount
			Cash and cash equivalents						Short-term investments						Investments and long-term receivables
			September 30 2026			December 31 2025			September 30 2026			December 31 2025			September 30 2026			December 31 2025
Major Security Type
Corporate bonds			$	—		—			$	307		308			689			651
Commercial paper			21			—			86			72
U.S. government obligations			—			—			46			46			221			224
U.S. government agency obligations									1			—			—			1
Foreign government obligations									8			9			12			9
Asset-backed securities									5			18			201			263
			$	21		—			$	453		453			1,123			1,148

Cash and cash equivalents and short-term investments have remaining maturities within one year. Investments and long-term receivables have remaining maturities that vary from greater than one year through 12 years.

The following table summarizes the amortized cost basis and fair value of investments in debt securities classified as available for sale:

			Millions of Dollars
			Amortized Cost Basis						Fair Value
			September 30 2026			December 31 2025			September 30 2026			December 31 2025
Major Security Type
Corporate bonds			$	1,007		953			996			959
Commercial paper			107			72			107			72
U.S. government obligations			271			268			267			270
U.S. government agency obligations			1			1			1			1
Foreign government obligations			20			18			20			18
Asset-backed securities			207			280			206			281
			$	1,613		1,592			1,597			1,601

No allowance for credit losses has been recorded on investments in debt securities which are in an unrealized loss position.

For the three- and nine-month periods ended September 30, 2026, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $215 million and $693 million, respectively. For the three- and nine-month periods ended September 30, 2025, proceeds from sales and redemptions of investments in debt securities classified as available for sale were $271 million and $782 million, respectively. Gross realized gains and losses included in earnings from those sales and redemptions were negligible. The cost of securities sold and redeemed is determined using the specific identification method.

13 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Credit Risk

Financial instruments subject to concentrations of credit risk primarily include cash equivalents, short‑ and long‑term investments in high‑quality debt securities, OTC derivative contracts and trade receivables. Cash and investments are diversified across high‑quality commercial paper, government money market funds, U.S. government and agency obligations, high-quality corporate bonds and asset‑backed securities, foreign government obligations and deposits with major financial institutions. Credit risk from OTC derivatives is managed through counterparty credit limits, margining and collateral requirements, while exchange‑cleared derivatives carry minimal risk but expose us to broker receivables related to margin postings. Trade receivables are broadly diversified geographically, generally have short payment terms and are actively monitored with collateral and netting arrangements used where appropriate.

Certain of our derivative contracts require us to post collateral if exposure exceeds fixed or credit‑rating‑dependent thresholds, which generally decrease with lower ratings and fall to zero below investment grade, with cash as the primary form of collateral and letters of credit permitted in some cases. The aggregate fair value of all derivative instruments with such credit risk-related contingent features that were in a liability position at September 30, 2026, and December 31, 2025 was $125 million and $73 million, respectively. For these instruments, no collateral was posted at September 30, 2026, or December 31, 2025. If our credit rating had been downgraded below investment grade at September 30, 2026, we would have been required to post $22 million of additional collateral, either in cash or through letters of credit.

Note 10—Fair Value Measurement

We carry a portion of our assets and liabilities at fair value that are measured at the reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability) and disclosed according to the quality of valuation inputs under the fair value hierarchy.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those that are initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Assets and liabilities initially reported as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. There were no material transfers into or out of Level 3 during the nine-month period ended September 30, 2026, or during the year ended December 31, 2025.

Recurring Fair Value Measurement

Financial assets and liabilities reported at fair value on a recurring basis include our investments in debt securities classified as available for sale, commodity derivatives and our contingent consideration arrangement related to the Surmont acquisition.

•Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 financial assets also include our investments in U.S. government obligations classified as available for sale debt securities, which are valued using exchange prices.

•Level 2 derivative assets and liabilities primarily represent OTC swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers or pricing service companies that are all corroborated by market data. Level 2 financial assets also include our investments in debt securities classified as available for sale including investments in corporate bonds, commercial paper, asset-backed securities, U.S. government agency obligations and foreign government obligations that are valued using pricing provided by brokers or pricing service companies that are corroborated with market data.

•Level 3 derivative assets and liabilities consist of OTC swaps, options and forward purchase and sale contracts where a significant portion of fair value is calculated from underlying market data that is not readily available. The derived value uses industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, time value, volatility factors and other relevant economic measures. The use of these inputs results in management’s best estimate of fair value. Level 3 commodity derivative activity was not material for all periods presented.

•Level 3 liabilities previously included the fair value of future quarterly contingent payments associated with the Surmont acquisition. The fair value of the liability under the agreement was nil at December 31, 2025. During the nine-month period ended September 30, 2026, we made a final payment of $81 million USD under the contingent consideration arrangement, bringing cumulative payments since the acquisition date to $0.3 billion USD. Payments are included in the "Other" line within the financing activities section of our consolidated statement of cash flows.

ConocoPhillips      2026 Q3 10-Q 14

Notes to Consolidated Financial Statements Table of Contents

The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):

			Millions of Dollars
			September 30, 2026															December 31, 2025
			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Assets
Investments in debt securities			$	266		1,331			—			1,597						270			1,331			—			1,601
Commodity derivatives			1,001			465			37			1,503						306			230			68			604
Total assets			$	1,267		1,796			37			3,100						576			1,561			68			2,205
Liabilities
Commodity derivatives			979			288			104			1,371						354			124			60			538
Total liabilities			$	979		288			104			1,371						354			124			60			538

The following table summarizes those commodity derivative balances subject to the right of setoff as presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.

			Millions of Dollars
									Amounts Subject to Right of Setoff
			Gross Amounts Recognized			Amounts Not Subject to Right of Setoff			Gross Amounts			Gross Amounts Offset			Net Amounts Presented			Cash Collateral			Net Amounts
September 30, 2026
Assets			$	1,503		50			1,453			1,067			386			44			342
Liabilities			1,371			47			1,324			1,067			257			51			206
December 31, 2025
Assets			$	604		2			602			361			241			6			235
Liabilities			538			1			537			361			176			53			123

At September 30, 2026, and December 31, 2025, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.

15 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Reported Fair Values of Financial Instruments

We used the following methods and assumptions to estimate the fair value of financial instruments:

•Cash and cash equivalents and short-term investments: The carrying amount reported on the balance sheet approximates fair value. For those investments classified as available for sale debt securities, the carrying amount reported on the balance sheet is fair value.

•Accounts and notes receivable (including long-term and related parties): The carrying amount reported on the balance sheet approximates fair value.

•Investments in debt securities classified as available for sale: The fair value of investments in debt securities categorized as Level 1 in the fair value hierarchy is measured using exchange prices. The fair value of investments in debt securities categorized as Level 2 in the fair value hierarchy is measured using pricing provided by brokers or pricing service companies that are corroborated with market data. See Note 9.

•Accounts payable (including related parties) and floating-rate debt: The carrying amount of accounts payable and floating-rate debt reported on the balance sheet approximates fair value.

•Fixed-rate debt: The estimated fair value of fixed-rate debt is measured using prices available from a pricing service that is corroborated by market data; therefore, these liabilities are categorized as Level 2 in the fair value hierarchy.

•Commercial paper: The carrying amount of our commercial paper instruments approximates fair value and is reported on the balance sheet as short-term debt.

The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):

			Millions of Dollars
			Carrying Amount									Fair Value
			September 30 2026			December 31 2025						September 30 2026			December 31 2025
Financial assets
Commodity derivatives			$	392		237						392			237
Investments in debt securities			1,597			1,601						1,597			1,601
Financial liabilities
Total debt, excluding finance leases			22,546			22,643						21,327			22,698
Commodity derivatives			253			124						253			124

Note 11—Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) in the equity section of our consolidated balance sheet includes:

			Millions of Dollars
			Defined Benefit Plans			Unrealized Holding Gain/(Loss) on Securities			Foreign Currency Translation			Unrealized Gain/(Loss) on Hedging Activities			Accumulated Other Comprehensive Income/(Loss)
December 31, 2025			$	(335)		8			(5,602)			18			(5,911)
Other comprehensive income (loss)			40			(20)			(263)			—			(243)
September 30, 2026			$	(295)		(12)			(5,865)			18			(6,154)

ConocoPhillips      2026 Q3 10-Q 16

Notes to Consolidated Financial Statements Table of Contents

Note 12—Changes in Equity

			Millions of Dollars
			Common Stock
			Par Value			Capital in Excess of Par			Treasury Stock			Accum. Other Comprehensive Income (Loss)			Retained Earnings			Total
For the three months ended September 30, 2026
Balances at June 30, 2026			$	23		77,832			(79,251)			(6,176)			72,921			65,349
Net income (loss)															4,001			4,001
Other comprehensive income (loss)												22						22
Dividend declared ($0.84 per common share)															(1,007)			(1,007)
Repurchase of company common stock									(2,401)									(2,401)
Excise tax on share repurchases									(24)									(24)
Distributed under benefit plans						49												49
Other									1						1			2
Balances at September 30, 2026			$	23		77,881			(81,675)			(6,154)			75,916			65,991
For the nine months ended September 30, 2026
Balances at December 31, 2025			$	23		77,728			(76,217)			(5,911)			68,864			64,487
Net income (loss)															10,115			10,115
Other comprehensive income (loss)												(243)						(243)
Dividends declared ($2.52 per common share)															(3,064)			(3,064)
Repurchase of company common stock									(5,407)									(5,407)
Excise tax on share repurchases									(51)									(51)
Distributed under benefit plans						153												153
Other															1			1
Balances at September 30, 2026			$	23		77,881			(81,675)			(6,154)			75,916			65,991

			Millions of Dollars
			Common Stock
			Par Value			Capital in Excess of Par			Treasury Stock			Accum. Other Comprehensive Income (Loss)			Retained Earnings			Total
For the three months ended September 30, 2025
Balances at June 30, 2025			$	23		77,643			(73,899)			(5,902)			67,707			65,572
Net income (loss)															1,726			1,726
Other comprehensive income (loss)												(172)						(172)
Dividend declared ($0.78 per common share)															(975)			(975)
Repurchase of company common stock									(1,274)									(1,274)
Excise tax on share repurchases									(13)									(13)
Distributed under benefit plans						58												58
Other															1			1
Balances at September 30, 2025			$	23		77,701			(75,186)			(6,074)			68,459			64,923
For the nine months ended September 30, 2025
Balances at December 31, 2024			$	23		77,529			(71,152)			(6,473)			64,869			64,796
Net income (loss)															6,546			6,546
Other comprehensive income (loss)												399						399
Dividends declared ($2.34 per common share)															(2,957)			(2,957)
Repurchase of company common stock									(3,996)									(3,996)
Excise tax on share repurchases									(38)									(38)
Distributed under benefit plans						172												172
Other															1			1
Balances at September 30, 2025			$	23		77,701			(75,186)			(6,074)			68,459			64,923

17 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Note 13—Cash Flow Information

			Millions of Dollars
			Nine Months Ended September 30
			2026			2025
Cash payments
Interest			$	640		694
Income taxes*			$	4,085		3,896
*2026 includes $242 million related to purchased income tax credits.
Net Sales (Purchases) of Investments
Short-term investments purchased			$	(2,442)		(1,230)
Short-term investments sold			1,131			1,136
Long-term investments purchased			(578)			(675)
Long-term investments sold			212			213
Total sales (purchases) of investments			$	(1,677)		(556)

Note 14—Related Party Transactions

The following tables summarize the related party balances and activities which are primarily with equity affiliates:

			Millions of Dollars
			September 30 2026			December 31 2025
Balance Sheet
Accounts and notes receivable			$	79		79
Accounts payable			79			64

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Income Statement
Operating revenues and other income			$	13		12			35			60
Purchased commodities			11			(2)			6			—
Production and operating expenses and selling, general and administrative expenses			66			84			168			242

ConocoPhillips      2026 Q3 10-Q 18

Notes to Consolidated Financial Statements Table of Contents

Note 15—Employee Benefit Plans

Pension and Postretirement Plans

			Millions of Dollars
			Pension Benefits																								Other Benefits
			2026												2025												2026						2025
			U.S.						Int'l.						U.S.						Int'l.
Components of net periodic benefit cost
Three months ended September 30
Service cost			$	10					8						15						7						—						—
Interest cost			21						34						24						32						2						2
Expected return on plan assets			(18)						(53)						(20)						(46)
Amortization of prior service cost (credit)			—						1						—						1						—						(7)
Recognized net actuarial loss (gain)			2						9						3						12						—						—
Settlements			14						—						—						—						—						—
Net periodic benefit cost			$	29					(1)						22						6						2						(5)
Nine Months Ended September 30
Service cost			$	32					24						44						23						1						1
Interest cost			61						103						70						94						5						6
Expected return on plan assets			(56)						(159)						(58)						(135)
Amortization of prior service cost (credit)			—						3						—						2						(2)						(19)
Recognized net actuarial loss (gain)			6						27						8						35						—						—
Settlements			28						—						—						1						—						—
Net periodic benefit cost			$	71					(2)						64						20						4						(12)

The components of net periodic benefit cost, other than the service cost component, are included in the "Other expenses" line of our consolidated income statement.

We recognized a proportionate share of prior actuarial losses from other comprehensive income as pension settlement expense of $14 million and $28 million for the three- and nine-month periods ended September 30, 2026, respectively. In conjunction with the recognition of pension settlement expense, the fair market value of the pension plan assets was updated, and the pension benefit obligations of the U.S. qualified pension plan and the U.S. non-qualified supplemental retirement plan were remeasured at September 30, 2026. At the measurement date, the net pension liability decreased by $5 million, primarily due to an increase in the discount rate resulting in a corresponding increase to other comprehensive income.

Severance Accrual

The following table summarizes our severance accrual activity for the nine-month period ended September 30, 2026:

			Millions of Dollars
Balance at December 31, 2025			$	378
Accruals			46
Benefit payments			(296)
Balance at September 30, 2026*			$	128

*Of the balance at September 30, 2026, $71 million is classified as short-term.

19 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Note 16—Sales and Other Operating Revenues

Revenue from Contracts with Customers

The following table provides further disaggregation of our consolidated sales and other operating revenues:

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Revenue from contracts with customers			$	17,201		13,337			48,789			40,437
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative			2,234			1,758			5,381			5,173
Financial derivative contracts			—			(64)			187			(58)
Consolidated sales and other operating revenues			$	19,435		15,031			54,357			45,552

We apply the practical expedient allowed in ASC Topic 606, “Revenue from Contracts with Customers,” and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied as of the end of the reporting period.

Revenues from contracts outside the scope of ASC Topic 606 relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. Further disaggregation of revenues is provided in Note 18—Segment Disclosures and Related Information.

Receivables from Contracts with Customers

At September 30, 2026, and December 31, 2025, the “Accounts and notes receivable, net” line on our consolidated balance sheet, presented net of allowances of $3 million and $4 million, respectively, included trade receivables of $6,655 million compared with $4,416 million at December 31, 2025, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical natural gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with natural gas sold under contracts for which NPNS has not been elected compared with trade receivables where NPNS has been elected.

ConocoPhillips      2026 Q3 10-Q 20

Notes to Consolidated Financial Statements Table of Contents

Note 17—Earnings Per Share

The following table presents the calculation of net income (loss) available to common shareholders and basic and diluted EPS. For the periods presented in the table below, diluted EPS calculated under the two-class method was more dilutive.

			Millions of Dollars (except per share amounts)
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Basic earnings per share
Net income (loss)			$	4,001		1,726			10,115			6,546
Less: Dividends and undistributed earnings
allocated to participating securities			12			6			31			22
Net income (loss) available to common shareholders			$	3,989		1,720			10,084			6,524
Weighted-average common shares outstanding (in millions)			1,195			1,245			1,211			1,259
Net income (loss) per share of common stock			$	3.34		1.38			8.33			5.18
Diluted earnings per share
Net income (loss) available to common shareholders			$	3,989		1,720			10,084			6,524
Weighted-average common shares outstanding (in millions)			1,195			1,245			1,211			1,259
Add: Dilutive impact of options and unvested
non-participating RSU/PSUs (in millions)			1			2			1			1
Weighted-average diluted shares outstanding (in millions)			1,196			1,247			1,212			1,260
Net income (loss) per share of common stock			$	3.34		1.38			8.32			5.18

Note 18—Segment Disclosures and Related Information

We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through five operating segments, which are primarily defined by geographic region: Alaska; Lower 48 (L48); Canada; Europe, Middle East and North Africa (EMENA); and Asia Pacific (AP).

Corporate and Other (Corporate) represents income and costs not directly associated with an operating segment, such as most interest expense, premiums on early retirement of debt, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments.

Our chief operating decision maker (CODM) is our President and Chief Executive Officer, who evaluates performance and allocates resources among our operating segments based on each segment's net income (loss). This is done through the annual budget and forecasting process.

Intersegment sales are at prices that approximate market.

21 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Analysis of Results by Operating Segment

Three Months Ended September 30, 2026			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues			$	1,782		13,234			1,879			2,564			630			20,089			16			20,105
Intersegment eliminations			—			(3)			(658)			—			—			(661)			(9)			(670)
Consolidated sales and other operating revenues#			1,782			13,231			1,221			2,564			630			19,428			7			19,435
Significant segment expenses*
Production and operating expenses			500			1,335			203			275			96			2,409			31			2,440
Depreciation, depletion and amortization			353			2,155			152			232			104			2,996			9			3,005
Income tax provision (benefit)			132			651			65			1,301			67			2,216			(235)			1,981
Total			985			4,141			420			1,808			267			7,621			(195)			7,426
Other segment items
Equity in earnings of affiliates			—			—			—			(56)			(366)			(422)			(26)			(448)
Interest income			—			—			—			—			—			—			(104)			(104)
Interest and debt expense			—			—			—			—			—			—			142			142
Other**			374			6,629			622			450			201			8,276			142			8,418
Total			374			6,629			622			394			(165)			7,854			154			8,008
Net income (loss)			$	423		2,461			179			362			528			3,953			48			4,001
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $1.6 billion, $0.1 billion and $0.5 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 and Corporate
Other income: L48, EMENA and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: Alaska
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate

Other Segment Disclosures

Three Months Ended September 30, 2026			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Equity investments			$	3		1			—			2,563			4,930			7,497			1,745			9,242
Total assets			22,188			60,187			9,633			11,453			8,397			111,858			14,215			126,073
Capital expenditures and investments			936			1,699			155			215			97			3,102			31			3,133

ConocoPhillips      2026 Q3 10-Q 22

Notes to Consolidated Financial Statements Table of Contents

Three Months Ended September 30, 2025			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues			$	1,443		10,541			1,414			1,578			515			15,491			24			15,515
Intersegment eliminations			—			(3)			(473)			—			—			(476)			(8)			(484)
Consolidated sales and other operating revenues#			1,443			10,538			941			1,578			515			15,015			16			15,031
Significant segment expenses*
Production and operating expenses			564			1,434			218			213			101			2,530			102			2,632
Depreciation, depletion and amortization			327			2,079			142			245			113			2,906			11			2,917
Income tax provision (benefit)			61			345			60			676			89			1,231			(29)			1,202
Total			952			3,858			420			1,134			303			6,667			84			6,751
Other segment items
Equity in earnings of affiliates			—			(3)			—			(157)			(194)			(354)			9			(345)
Interest income			—			—			—			—			(2)			(2)			(60)			(62)
Interest and debt expense			—			—			—			—			—			—			223			223
Other**			361			5,443			333			274			99			6,510			228			6,738
Total			361			5,440			333			117			(97)			6,154			400			6,554
Net income (loss)			$	130		1,240			188			327			309			2,194			(468)			1,726
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $1.5 billion, $0.1 billion and $0.1 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 and Corporate
Other income and Selling, general and administrative expenses: L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: L48
Foreign currency transaction (gain) loss: Canada, AP and Corporate
Other expenses: L48, EMENA and Corporate

Other Segment Disclosures

Three Months Ended September 30, 2025			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Equity investments			$	3		127			—			2,163			4,820			7,113			1,624			8,737
Total assets			19,736			64,387			9,801			10,405			8,052			112,381			10,091			122,472
Capital expenditures and investments			753			1,571			152			293			70			2,839			27			2,866

23 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

Nine Months Ended September 30, 2026			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues			$	5,178		37,351			5,477			6,467			1,805			56,278			53			56,331
Intersegment eliminations			—			(12)			(1,935)			—			—			(1,947)			(27)			(1,974)
Consolidated sales and other operating revenues#			5,178			37,339			3,542			6,467			1,805			54,331			26			54,357
Significant segment expenses*
Production and operating expenses			1,497			3,864			682			802			263			7,108			39			7,147
Depreciation, depletion and amortization			1,051			6,353			437			712			314			8,867			27			8,894
Income tax provision (benefit)			383			1,768			196			3,059			237			5,643			(331)			5,312
Total			2,931			11,985			1,315			4,573			814			21,618			(265)			21,353
Other segment items
Equity in earnings of affiliates			—			—			—			(196)			(697)			(893)			(41)			(934)
Interest income			—			—			—			—			—			—			(293)			(293)
Interest and debt expense			—			—			—			—			—			—			522			522
Other**			1,008			18,906			1,643			1,117			476			23,150			444			23,594
Total			1,008			18,906			1,643			921			(221)			22,257			632			22,889
Net income (loss)			$	1,239		6,448			584			973			1,212			10,456			(341)			10,115
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $3.7 billion, $0.5 billion and $1.1 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 and Corporate
Other income: Alaska, L48, Canada, EMENA and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: Alaska and L48
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate

Other Segment Disclosures

Nine Months Ended September 30, 2026			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Equity investments			$	3		1			—			2,563			4,930			7,497			1,745			9,242
Total assets			22,188			60,187			9,633			11,453			8,397			111,858			14,215			126,073
Capital expenditures and investments			2,797			4,844			365			729			270			9,005			100			9,105

ConocoPhillips      2026 Q3 10-Q 24

Notes to Consolidated Financial Statements Table of Contents

Nine Months Ended September 30, 2025			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues			$	4,368		32,055			4,280			4,918			1,410			47,031			56			47,087
Intersegment eliminations			—			(6)			(1,506)			—			—			(1,512)			(23)			(1,535)
Consolidated sales and other operating revenues#			4,368			32,049			2,774			4,918			1,410			45,519			33			45,552
Significant segment expenses*
Production and operating expenses			1,616			4,399			635			669			251			7,570			140			7,710
Depreciation, depletion and amortization			1,043			5,986			416			662			350			8,457			44			8,501
Income tax provision (benefit)			247			1,175			191			2,191			220			4,024			(159)			3,865
Total			2,906			11,560			1,242			3,522			821			20,051			25			20,076
Other segment items
Equity in earnings of affiliates			—			(11)			—			(445)			(585)			(1,041)			(11)			(1,052)
Interest income			—			—			—			—			(6)			(6)			(199)			(205)
Interest and debt expense			—			—			—			—			—			—			660			660
Other**			870			16,071			939			858			230			18,968			559			19,527
Total			870			16,060			939			413			(361)			17,921			1,009			18,930
Net income (loss)			$	592		4,429			593			983			950			7,547			(1,001)			6,546
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $4.2 billion, $0.5 billion and $0.5 billion, respectively.
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48 and Corporate
Other income: L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: L48 and EMENA
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate

Other Segment Disclosures

Nine Months Ended September 30, 2025			Millions of Dollars
			Alaska			L48			Canada			EMENA			AP			Segment Totals			Corporate			Consolidated Total
Equity investments			$	3		127			—			2,163			4,820			7,113			1,624			8,737
Total assets			19,736			64,387			9,801			10,405			8,052			112,381			10,091			122,472
Capital expenditures and investments			2,785			5,089			461			923			188			9,446			84			9,530

25 ConocoPhillips      2026 Q3 10-Q

Notes to Consolidated Financial Statements Table of Contents

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Consolidated sales and other operating revenues
Crude oil			$	12,959		10,010			37,488			30,371
Natural gas			2,925			2,020			6,578			6,782
Natural gas liquids			1,254			886			3,293			2,879
Other*			2,297			2,115			6,998			5,520
Total			$	19,435		15,031			54,357			45,552

*Includes bitumen, power and LNG.

						Millions of Dollars
						Three Months Ended September 30						Nine Months Ended September 30
						2026			2025			2026			2025
			Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606
			Crude oil			$	171		101			459			258
			Natural gas			1,678			1,231			4,028			3,994
			Power			385			426			894			921
			Total			$	2,234		1,758			5,381			5,173

Sales and other operating revenues by geographic location*			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
U.S.			$	14,943		11,887			42,310			36,136
International			4,492			3,144			12,047			9,416
Worldwide consolidated			$	19,435		15,031			54,357			45,552

*Sales and other operating revenues are attributable to countries based on the location of the selling operation.

ConocoPhillips      2026 Q3 10-Q 26

Notes to Consolidated Financial Statements Table of Contents

Note 19—Income Taxes

Our effective tax rate for the three-month periods ended September 30, 2026, and September 30, 2025, was 33.1 percent and 41.0 percent, respectively. The change in the effective tax rate for the three-month period ended September 30, 2026, is primarily due to a shift in our mix of income among taxing jurisdictions and the release of unrecognized tax benefits in the current quarter, as described below.

Our effective tax rate for the nine-month periods ended September 30, 2026, and September 30, 2025, was 34.4 percent and 37.1 percent, respectively. The change in the effective tax rate for the nine-month period ended September 30, 2026, is primarily due to a shift in our mix of income among taxing jurisdictions and the release of unrecognized benefits in the current quarter, partly offset by a change to our valuation allowance in the prior year, both described below.

For the three-month period ended September 30, 2026, we recognized a benefit of $101 million from the release of unrecognized tax benefits due to the expiration of applicable statutes of limitations in certain jurisdictions.

During the first quarter of 2025, our valuation allowance decreased $56 million, relating to the expected utilization of previously unrecognized capital loss carryforwards due to our agreement to sell our interests in the Ursa and Europa fields, and the Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP, respectively.

The company has ongoing income tax audits in a number of jurisdictions. The government agents in charge of these audits regularly request additional time to complete audits, which we generally grant, and conversely, occasionally close audits unpredictably.

Note 20—New Accounting Standards

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses” to disaggregate the disclosures about a public business entity’s expenses (including purchases of inventory, employee compensation, depreciation, depletion and amortization) in commonly presented expense captions. The ASU will impact our financial statement disclosures only and will be applied prospectively with retrospective application permitted. The ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

In May 2026, the FASB issued ASU No. 2026-02, “Accounting for Environmental Credit Programs” to provide recognition, measurement, presentation and disclosure requirements for all entities that generate, purchase or receive environmental credits or will have a regulatory compliance obligation that may be settled with environmental credits (including renewable energy and carbon offset credits). This ASU will be applied on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the annual reporting period of adoption. The ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We are currently evaluating the impact of the adoption of this ASU.

27 ConocoPhillips      2026 Q3 10-Q

Management’s Discussion and Analysis Table of Contents

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis is the company’s analysis of its financial performance and of significant trends that may affect future performance. It should be read in conjunction with the financial statements and notes. It contains forward-looking statements including, without limitation, statements relating to the company’s plans, strategies, objectives, expectations and intentions that are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The words “ambition,” “anticipate,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would” and similar expressions identify forward-looking statements. The company does not undertake to update, revise or correct any of the forward-looking information unless required to do so under the federal securities laws. Readers are cautioned that such forward-looking statements should be read in conjunction with the company’s disclosures under the heading: “CAUTIONARY STATEMENT FOR THE PURPOSES OF THE ‘SAFE HARBOR’ PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995,” beginning on page 48.

The terms “earnings” and “loss” as used in Management’s Discussion and Analysis refer to net income (loss). Throughout this quarterly report on Form 10-Q, certain totals and percentages may differ from the precise sum of the underlying components due to rounding.

Business Environment and Executive Overview

ConocoPhillips is one of the world’s leading E&P companies based on production and reserves, with operations and activities in 15 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects. Headquartered in Houston, Texas, at September 30, 2026, we employed approximately 9,600 people worldwide and had total assets of $126 billion.

Overview

At ConocoPhillips, we anticipate that commodity prices will continue to be cyclical and volatile, and our view is that a successful business strategy in the E&P industry must be resilient in lower price environments while also retaining upside during periods of higher prices. As such, we are unhedged, remain committed to our disciplined investment framework and continually monitor market fundamentals, including the impacts associated with geopolitical tensions and conflicts, global demand for our products, oil and gas inventory levels, governmental policies, tariffs, inflation and supply chain disruptions. We continue to closely monitor the macroeconomic environment and the ongoing market volatility in the energy landscape and across global markets for implications to our business, results of operations and financial condition.

Geopolitical tensions in the Middle East, including the ongoing conflict involving Iran, have increased volatility in global energy markets and may elevate risks to regional operations, infrastructure and shipping routes. We have investments in LNG facilities in Qatar, including one producing asset and two projects under construction. Our investments have not been physically damaged. While production remained constrained through the third quarter of 2026, we have not identified indicators of impairment for our investments in the region as of September 30, 2026. However, further escalation could adversely affect operations, LNG transportation and construction and have broader supply chain impacts. Production from our Qatar investments was approximately four percent of total company production volumes in 2025. The company continues to monitor developments and prioritize the safety of personnel and the integrity of our operations. See Note 6.

As the global energy industry continues to evolve, we remain committed to creating long-term value for our stockholders. We believe ConocoPhillips plays an essential role in responsibly meeting the global demand for energy, while continuing to deliver competitive returns on and of capital and working to meet our previously established emissions-reduction targets. Our value proposition to deliver competitive returns to stockholders through price cycles is guided by our foundational principles which consist of maintaining balance sheet strength, providing peer-leading distributions, making disciplined investments and demonstrating responsible and reliable ESG performance.

In 2025, we made clear commitments to enhance portfolio value and structural profitability, and we remain focused on

seeing those commitments through to completion. In the second half of 2025, we announced incremental cost reductions

and margin enhancements exceeding $1 billion anticipated on a run-rate basis by year-end 2026, reflecting continued

progress toward delivering sustainable improvements in our cost structure and margins.

ConocoPhillips      2026 Q3 10-Q 28

Management’s Discussion and Analysis Table of Contents

In the third quarter of 2025, we announced a total disposition target of $5 billion by year-end 2026. In the third quarter of 2026, we sold our interests in certain noncore assets in the Lower 48 segment for approximately $1.7 billion after customary adjustments. As a result of these transactions, coupled with our 2025 dispositions, we achieved the $5 billion disposition target. See Note 3.

In July 2026, we entered into an agreement with a wholly owned subsidiary of BP p.l.c. (bp) to acquire a 42 percent direct equity holding in a non-operated joint venture, supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. This transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. See Note 3.

In October 2026, we notified employees, partners and regulators that we are evaluating a potential sale of our Norway business and Teesside asset after receiving an unsolicited offer. This evaluation is consistent with our disciplined strategy to optimize and high-grade our portfolio. If we do not receive an offer that meets our expectations for value, we will retain the assets. Production from these assets was approximately five percent of total company production volumes in 2025.

Operationally, we remain focused on safely executing the business while also progressing key strategic initiatives.

In September 2026, we reached first production from Surmont Pad 104W-B in Canada, ahead of schedule. During the quarter, we also entered into a commercial LNG agreement, expanding our commercial offtake from 12.2 MTPA to 13.2 MTPA.

Production was 2,302 MBOED in the third quarter of 2026, a decrease of 97 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, third-quarter 2026 production decreased by 40 MBOED or two percent from the same period a year ago.

During the third quarter of 2026, we generated $7.2 billion of cash provided by operating activities. We returned $3.4 billion to shareholders, consisting of $2.4 billion through share repurchases and $1.0 billion through our ordinary dividend. We ended the quarter with cash, cash equivalents and restricted cash and short-term investments totaling $10.4 billion and long-term investments in debt securities of $1.1 billion.

Also in the third quarter of 2026, we reinvested $3.1 billion into the business in the form of capital expenditures and investments, with over half of the expenditures related to flexible, short-cycle unconventional plays in the Lower 48 segment.

In November 2026, we declared an increase to our quarterly ordinary dividend from $0.84 per share to $0.93 per share, representing an 11 percent increase.

Business Environment

Commodity prices are the most significant factor impacting our profitability and related returns on and of capital to our shareholders. Dynamics that could influence world energy markets and commodity prices include, but are not limited to, global economic health, supply or demand disruptions or fears thereof caused by civil unrest, global pandemics, military conflicts, actions taken by OPEC Plus and other major oil producing countries, environmental laws, tariffs, governmental policies and weather-related disruptions. Our strategy is to create value through price cycles by delivering on the financial, operational and ESG priorities that underpin our value proposition.

Our earnings and operating cash flows generally correlate with price levels for crude oil and natural gas, which are subject to factors external to the company and over which we have no control. The following graph depicts the trend in average benchmark prices for WTI crude oil, Brent crude oil and U.S. Henry Hub natural gas:

29 ConocoPhillips      2026 Q3 10-Q

Management’s Discussion and Analysis Table of Contents

The following table presents average prices for the third quarter of 2026 compared to the third quarter of 2025.

			Three Months Ended September 30
Industry Prices			2026			2025			Change
Brent ($ per BBL)			97.00			69.07			40		%
WTI ($ per BBL)			85.79			64.93			32		%
Henry Hub ($ per MMBTU)			2.96			3.07			(4)		%
Average Realized Prices
Crude ($ per BBL)			88.80			66.13			34		%
Bitumen ($ per BBL)			57.58			41.58			38		%
Gas ($ per MCF)			5.70			4.28			33		%
Total ($ per BOE)			61.40			46.44			32		%

Oil and bitumen prices were higher in the third quarter of 2026 compared with the same period of 2025 as Middle East supply disruptions that began in the first quarter of 2026 persisted through the third quarter.

U.S. Henry Hub prices were slightly lower relative to the same period of 2025 as rising domestic production contributed to a well-supplied market. The risk of volatility in regional markers remains throughout 2026.

Total realized prices were higher in the third quarter of 2026 compared with the same period of 2025 primarily driven by higher industry prices for oil.

ConocoPhillips      2026 Q3 10-Q 30

Management’s Discussion and Analysis Table of Contents

Key Operating and Financial Summary

•Reported third-quarter 2026 earnings per share of $3.34;

•Generated cash provided by operating activities of $7.2 billion;

•Distributed $3.4 billion to shareholders, consisting of $2.4 billion through share repurchases and $1.0 billion through the ordinary dividend;

•Raised quarterly ordinary dividend by 11% to $0.93 per share, consistent with top-quartile S&P 500 growth objective;

•Delivered total company and Lower 48 production of 2,302 MBOED and 1,517 MBOED, respectively;

•Advanced Willow critical path items with module fabrication scope over 75% complete; on track for first oil in early 2029;

•Realized record Permian completion efficiency with 15% more pumping hours than prior year average;

•Achieved first production ahead of schedule and under budget at Surmont Pad 104W-B in Canada;

•Expanded commercial LNG offtake portfolio to 13 MTPA;

•Ended the quarter with cash, cash equivalents and restricted cash and short-term investments of $10.4 billion and long-term investments of $1.1 billion.

Outlook

Fourth-quarter 2026 production is expected to be 2.32 to 2.36 MMBOED.

Full-year 2026 capital expenditures and DD&A guidance is unchanged.

31 ConocoPhillips      2026 Q3 10-Q

Results of Operations Table of Contents

Results of Operations

Unless otherwise indicated, discussion of consolidated results for the three- and nine-month periods ended September 30, 2026, is based on a comparison with the corresponding period of 2025.

Consolidated Results

Summary Operating Statistics

			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Average Net Production
Crude oil (MBD)
Consolidated operations			1,102			1,133			1,098			1,144
Equity affiliates			7			13			7			12
Total crude oil			1,109			1,146			1,105			1,156
Natural gas liquids (MBD)
Consolidated operations			435			428			421			413
Equity affiliates			4			8			4			7
Total natural gas liquids			439			436			425			420
Bitumen (MBD)			95			123			109			137
Natural gas (MMCFD)
Consolidated operations			2,951			2,941			2,873			2,879
Equity affiliates			1,009			1,226			1,013			1,202
Total natural gas			3,959			4,167			3,886			4,081
Total Production (MBOED)			2,302			2,399			2,286			2,393
Total Production (MMBOE)			212			221			624			653

			Dollars Per Unit
Average Realized Prices
Crude oil (per BBL)
Consolidated operations			$	88.93		66.12			87.46			67.31
Equity affiliates			68.31			67.56			68.40			69.85
Total crude oil			88.80			66.13			87.35			67.34
Natural gas liquids (per BBL)
Consolidated operations			25.23			18.71			23.31			21.24
Equity affiliates			21.48			44.39			37.39			48.42
Total natural gas liquids			25.19			19.20			23.45			21.74
Bitumen (per BBL)			57.58			41.58			56.25			42.07
Natural gas (per MCF)
Consolidated operations			4.82			3.11			3.28			3.61
Equity affiliates			7.73			7.00			6.51			7.16
Total natural gas			$	5.70		4.28			4.20			4.69

ConocoPhillips      2026 Q3 10-Q 32

Results of Operations Table of Contents

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Exploration Expenses
General administrative, geological and geophysical,    lease rental and other			$	43		51			171			164
Leasehold impairment			17			20			60			56
Dry hole			—			—			13			49
Total exploration expenses			$	60		71			244			269

Total Company Production

We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. In the quarter ended September 30, 2026, our operations were producing in the U.S., Australia, Canada, China, Equatorial Guinea, Libya, Malaysia, Norway and Qatar.

Total production in the third quarter of 2026 was 2,302 MBOED, a decrease of 97 MBOED or four percent from the same period a year ago. Total production in the nine-month period ended September 30, 2026, was 2,286 MBOED, a decrease of 107 MBOED or four percent from the same period a year ago. Production decreases were primarily driven by normal field decline.

Production decreases were partly offset by new wells online in the Lower 48, Canada, Alaska, China, Australia and Libya.

After adjusting for impacts from closed acquisitions and dispositions, third-quarter 2026 production decreased by 40 MBOED or two percent from the same period a year ago. After adjusting for closed acquisitions and dispositions, production in the nine-month period ended September 30, 2026, decreased by 49 MBOED or two percent.

33 ConocoPhillips      2026 Q3 10-Q

Results of Operations Table of Contents

Income Statement Analysis

Unless otherwise indicated, all results in Income Statement Analysis are before-tax.

Below is select financial data provided on a consolidated basis. The full Income Statement can be found in Item 1. Financial Statements.

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Sales and other operating revenues			$	19,435		15,031			54,357			45,552
Purchased commodities			7,423			5,857			20,418			17,130
Production and operating expenses			2,440			2,632			7,147			7,710
Depreciation, depletion and amortization			3,005			2,917			8,894			8,501
Taxes other than income taxes			648			525			2,048			1,648

Sales and other operating revenues for the three- and nine-month periods ended September 30, 2026, increased $4,404 million and $8,805 million, respectively. Increases for the three- and nine-month periods include higher realized prices of $3,178 million and $6,700 million, respectively. For the three- and nine-month periods, these increases were partly offset by lower produced volumes of $281 million and $1,126 million, respectively.

Purchased commodities for the three- and nine-month periods ended September 30, 2026, increased $1,566 million and $3,288 million, respectively. Increases in the third quarter were primarily due to higher crude and gas prices and volumes. Increases in the nine-month period ended September 30, 2026, were primarily due to higher crude prices and volumes and higher gas volumes, partly offset by lower gas prices.

Production and operating expenses for the three- and nine-month periods ended September 30, 2026, decreased $192 million and $563 million, respectively, primarily due to increased efficiencies.

DD&A for the three- and nine-month periods ended September 30, 2026, increased $88 million and $393 million, respectively, primarily due to higher DD&A rates, driven by higher net book values from the finalized allocations of our Marathon Oil purchase price to specific assets and lower proved developed reserves as of December 31, 2025.

ConocoPhillips      2026 Q3 10-Q 34

Results of Operations Table of Contents

Segment Results

Unless otherwise indicated, discussion of segment results for the three- and nine-month periods ended September 30, 2026, is based on a comparison with the corresponding period of 2025 and is shown after-tax.

A summary of the company's net income (loss) by business segment follows:

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Alaska			$	423		130			1,239			592
Lower 48			2,461			1,240			6,448			4,429
Canada			179			188			584			593
Europe, Middle East and North Africa			362			327			973			983
Asia Pacific			528			309			1,212			950
Segment Totals			3,953			2,194			10,456			7,547
Corporate and Other			48			(468)			(341)			(1,001)
Net income (loss)			$	4,001		1,726			10,115			6,546

For further discussion of segment results, see the following pages.

35 ConocoPhillips      2026 Q3 10-Q

Results of Operations Table of Contents

Alaska

			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Select financial data by segment before-tax ($MM)
Sales and other operating revenues			$	1,782		1,443			5,178			4,368
Production and operating expenses			500			564			1,497			1,616
Depreciation, depletion and amortization			353			327			1,051			1,043
Taxes other than income taxes			166			126			496			314
Net income (loss) ($MM)			$	423		130			1,239			592
Average Net Production
Crude oil (MBD)			170			164			172			177
Natural gas liquids (MBD)			12			12			14			14
Natural gas (MMCFD)			15			36			18			44
Total Production (MBOED)			185			182			188			198
Total Production (MMBOE)			17			17			51			54
Average Realized Prices
Crude oil ($ per BBL)			$	96.52		72.72			95.17			73.50
Natural gas ($ per MCF)			2.30			3.86			3.13			3.85

The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas. As of September 30, 2026, Alaska contributed 11 percent of our consolidated liquids production and one percent of our consolidated natural gas production.

Net Income (Loss)

Alaska reported earnings of $423 million and $1,239 million in the three- and nine-month periods ended September 30, 2026, respectively, compared with earnings of $130 million and $592 million for the same periods of 2025.

Earnings in the third quarter of 2026 included higher sales revenues resulting from higher realized prices of $302 million and higher produced volumes of $25 million.

Earnings in the nine-month period ended September 30, 2026, included higher sales revenues resulting from higher realized prices of $838 million. This increase was partly offset by lower produced volumes of $98 million. Other decreases to earnings include higher taxes other than income taxes of $139 million primarily driven by the absence of an impact from the settlement of a contingent matter, higher property taxes and higher production taxes driven by higher prices.

Production

Average production increased three MBOED and decreased 10 MBOED in the three- and nine-month periods ended September 30, 2026, respectively. Production in the three-month period increased due to improved base performance and new wells online, partly offset by normal field decline.

Production in the nine-month period decreased due to normal field decline, partly offset by improved base performance and new wells online.

Coyote Expansion Pad First Production

In August 2026, the Coyote expansion pad project in the Greater Kuparuk area achieved first production.

ConocoPhillips      2026 Q3 10-Q 36

Results of Operations Table of Contents

Lower 48

			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Select financial data by segment before-tax ($MM)
Sales and other operating revenues			$	13,231		10,538			37,339			32,049
Production and operating expenses			1,335			1,434			3,864			4,399
Depreciation, depletion and amortization			2,155			2,079			6,353			5,986
Taxes other than income taxes			415			353			1,322			1,178
Net income (loss) ($MM)			$	2,461		1,240			6,448			4,429
Average Net Production
Crude oil (MBD)			738			761			734			759
Natural gas liquids (MBD)			407			401			392			385
Natural gas (MMCFD)			2,238			2,198			2,144			2,142
Total Production (MBOED)			1,517			1,528			1,483			1,501
Total Production (MMBOE)			140			141			405			410
Average Realized Prices
Crude oil ($ per BBL)			$	85.63		63.71			84.31			64.96
Natural gas liquids ($ per BBL)			25.35			18.81			23.25			21.26
Natural gas ($ per MCF)			2.05			1.62			0.62			1.95

The Lower 48 segment consists of operations located in the U.S. Lower 48 states and commercial operations. As of September 30, 2026, the Lower 48 contributed 69 percent of our consolidated liquids production and 75 percent of our consolidated natural gas production.

Net Income (Loss)

Lower 48 reported earnings of $2,461 million and $6,448 million in the three- and nine-month periods ended September 30, 2026, respectively, compared with earnings of $1,240 million and $4,429 million for the same periods of 2025.

Earnings in the third quarter of 2026 included higher sales revenues resulting from higher realized prices of $1,822 million. Additional increases to earnings include lower production and operating expenses of $78 million primarily driven by efficiencies. Decreases to earnings include lower volumes of $94 million. Additional decreases to earnings include higher DD&A of $60 million, primarily driven by higher rates, due to higher net book values from the finalized allocations of our Marathon Oil purchase price to specific assets and lower proved developed reserves as of December 31, 2025.

Earnings in the nine-month period ended September 30, 2026, included higher sales revenues resulting from higher realized crude and NGL prices of $3,211 million. Additional increases to earnings include lower production and operating expenses of $420 million, primarily driven by efficiencies. Decreases to earnings include lower gas prices of $611 million driven by lower gas realizations and lower volumes of $315 million. Additional decreases to earnings include higher DD&A of $288 million, primarily driven by higher rates, due to higher net book values from the finalized allocations of our Marathon Oil purchase price to specific assets and lower proved developed reserves as of December 31, 2025, and the absence of a gain on a disposition of $242 million.

Production

Average production decreased 11 MBOED and 18 MBOED in the three- and nine-month periods ended September 30, 2026, respectively. Decreases to production were primarily driven by asset dispositions. Production contributed by new wells brought online from our development programs more than offset normal field decline across the Lower 48 segment.

37 ConocoPhillips      2026 Q3 10-Q

Results of Operations Table of Contents

Assets Sold

In the third quarter of 2026, we sold our interests in certain noncore assets in the Lower 48 segment for net proceeds of $1.7 billion. Production from these assets averaged approximately 24 MBOED in 2025. See Note 3.

ConocoPhillips      2026 Q3 10-Q 38

Results of Operations Table of Contents

Canada

			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Select financial data by segment before-tax ($MM)
Sales and other operating revenues			$	1,221		941			3,542			2,774
Production and operating expenses			203			218			682			635
Depreciation, depletion and amortization			152			142			437			416
Taxes other than income taxes			6			7			23			21
Net income (loss) ($MM)			$	179		188			584			593
Average Net Production
Crude oil (MBD)			20			17			16			18
Natural gas liquids (MBD)			8			7			7			6
Bitumen (MBD)			95			123			109			137
Natural gas (MMCFD)			150			134			133			123
Total Production (MBOED)			147			169			154			182
Total Production (MMBOE)			14			16			42			50
Average Realized Prices
Crude oil ($ per BBL)			$	76.54		55.80			74.91			57.73
Natural gas liquids ($ per BBL)			31.20			20.98			30.30			23.09
Bitumen ($ per BBL)			57.58			41.58			56.25			42.07
Natural gas ($ per MCF)*			1.01			0.37			1.16			0.78

*Average realized prices include unutilized transportation costs.

The Canada segment operations include the Surmont oil sands development in Alberta, the Montney unconventional play in British Columbia and commercial operations. As of September 30, 2026, Canada contributed eight percent of our consolidated liquids production and five percent of our consolidated natural gas production.

Net Income (Loss)

Canada reported earnings of $179 million and $584 million in the three- and nine-month periods ended September 30, 2026, respectively, compared with earnings of $188 million and $593 million for the same periods of 2025.

Earnings in the third quarter of 2026 included higher sales revenues resulting from higher realized prices of $142 million. This increase was partly offset by lower volumes of $65 million and the timing of sales.

Earnings in the nine-month period ended September 30, 2026, included higher sales revenues resulting from higher realized prices of $393 million and the timing of sales. This increase was offset by lower volumes of $258 million and pending claims of $121 million. Additional decreases to earnings included lower other income of $56 million primarily from a change in the fair value measurement associated with the Surmont contingent consideration arrangement. See Note 10.

Production

Average production decreased 22 MBOED and 28 MBOED in the three- and nine-month periods ended September 30, 2026, respectively. Decreases to production resulted from higher variable royalties in Surmont following a post-payout event in 2025 and a rate increase due to higher prices, as well as normal field decline. The Surmont royalties are based on a sliding scale ranging from 25 percent to 40 percent, calculated under the oil sands royalty regime as a percentage of gross revenue, net of allowable deductions post-payout, indexed to WTI prices between $55 CAD and $120 CAD.

Production decreases were partly offset by new wells online in the Montney area.

Surmont Pad 104W-B First Production

In September 2026, we reached first production from Surmont Pad 104W-B in Canada.

39 ConocoPhillips      2026 Q3 10-Q

Results of Operations Table of Contents

Europe, Middle East and North Africa

			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Select financial data by segment before-tax ($MM)
Sales and other operating revenues			$	2,564		1,578			6,467			4,918
Production and operating expenses			275			213			802			669
Depreciation, depletion and amortization			232			245			712			662
Taxes other than income taxes			15			11			45			33
Net income (loss) ($MM)			$	362		327			973			983
Consolidated Operations
Average Net Production
Crude oil (MBD)			122			134			122			130
Natural gas liquids (MBD)			8			8			8			8
Natural gas (MMCFD)			499			506			512			508
Total Production (MBOED)			213			227			215			223
Total Production (MMBOE)			20			21			59			61
Average Realized Prices
Crude oil ($ per BBL)			$	97.25		69.46			93.33			70.76
Natural gas liquids ($ per BBL)			8.52			10.09			20.45			19.13
Natural gas ($ per MCF)			18.22			10.31			14.74			11.35

Production and realized prices exclude equity affiliates. See Summary Operating Statistics for equity affiliate totals.

The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea and the Norwegian Sea, Qatar, Libya, Equatorial Guinea, Syria and commercial and terminalling operations in the U.K. As of September 30, 2026, our Europe, Middle East and North Africa operations contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production.

Net Income (Loss)

Europe, Middle East and North Africa reported earnings of $362 million and $973 million in the three- and nine-month periods ended September 30, 2026, respectively, compared with earnings of $327 million and $983 million for the same periods of 2025.

Earnings in the third quarter of 2026 included higher sales revenues resulting from higher realized prices of $146 million. Decreases to earnings included lower earnings from equity affiliates of $22 million, primarily driven by lower volumes, and tax impacts of $109 million due to a shift in our mix of income among taxing jurisdictions.

Decreases to earnings in the nine-month period ended September 30, 2026, included tax impacts of $218 million due to a shift in our mix of income among taxing jurisdictions, lower earnings from equity affiliates of $60 million, primarily driven by lower volumes, and lower volumes of $34 million. The decreases were partly offset by higher realized prices of $296 million.

Consolidated Production

Average consolidated production decreased 14 MBOED and eight MBOED in the three- and nine-month periods ended September 30, 2026, respectively. Decreases to production were primarily driven by normal field decline.

Production decreases were partly offset by new wells online in Libya and improved performance in Equatorial Guinea and Norway.

ConocoPhillips      2026 Q3 10-Q 40

Results of Operations Table of Contents

Qatar

We have investments in LNG facilities in Qatar, including one producing asset and two projects under construction. Our investments have not been physically damaged. While production remained constrained through the third quarter of 2026, we have not identified indicators of impairment for our investments in the region as of September 30, 2026. However, further escalation could adversely affect operations, LNG transportation and construction and have broader supply chain impacts. The company continues to monitor developments and prioritize the safety of personnel and the integrity of our operations. See Note 6.

Recent and Pending Transactions

In June 2026, we and a third-party operator jointly signed an agreement with the Syrian government and Syrian Petroleum Company to increase production from, and further develop, certain gas fields in Syria, from which we do not expect material impacts in 2026.

In July 2026, we entered into an agreement with a wholly owned subsidiary of bp to acquire a 42 percent direct equity holding in a non-operated joint venture, supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. This transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. See Note 3.

41 ConocoPhillips      2026 Q3 10-Q

Results of Operations Table of Contents

Asia Pacific

			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Select financial data by segment before-tax ($MM)
Sales and other operating revenues			$	630		515			1,805			1,410
Production and operating expenses			96			101			263			251
Depreciation, depletion and amortization			104			113			314			350
Taxes other than income taxes			35			15			125			47
Net income (loss) ($MM)			$	528		309			1,212			950
Consolidated Operations
Average Net Production
Crude oil (MBD)			53			57			56			60
Natural gas (MMCFD)			49			67			66			62
Total Production (MBOED)			61			68			67			70
Total Production (MMBOE)			6			6			18			19
Average Realized Prices
Crude oil ($ per BBL)			$	92.64		71.72			94.61			72.51
Natural gas ($ per MCF)			4.03			3.60			3.51			3.66

Production and realized prices exclude equity affiliates. See Summary Operating Statistics for equity affiliate totals.

The Asia Pacific segment has operations in China, Malaysia, Australia and commercial operations in China, Singapore and Japan. As of September 30, 2026, Asia Pacific contributed three percent of our consolidated liquids production and two percent of our consolidated natural gas production.

Net Income (Loss)

Asia Pacific reported earnings of $528 million and $1,212 million in the three- and nine-month periods ended September 30, 2026, respectively, compared with earnings of $309 million and $950 million for the same periods of 2025.

Earnings in the third quarter of 2026 included higher sales revenues resulting from higher realized prices of $92 million partly offset by lower volumes of $29 million. Additional increases to earnings include higher earnings from equity affiliates of $153 million, primarily due to higher LNG marker prices and higher volumes.

Earnings in the nine-month period ended September 30, 2026, included higher sales revenues resulting from higher realized prices of $280 million partly offset by lower volumes of $63 million. Additional increases to earnings include higher earnings from equity affiliates of $94 million, primarily due to higher volumes. Decreases to earnings included higher taxes other than income taxes of $65 million due to higher crude prices.

Consolidated Production

Average consolidated production decreased seven MBOED and three MBOED in the three- and nine-month periods ended September 30, 2026, respectively. Decreases to production were primarily due to normal field decline.

These production decreases were partly offset by Bohai Bay development activity in China.

ConocoPhillips      2026 Q3 10-Q 42

Results of Operations Table of Contents

Corporate and Other

			Millions of Dollars
			Three Months Ended September 30						Nine Months Ended September 30
			2026			2025			2026			2025
Net income (loss)
Net interest expense			$	(34)		(152)			(196)			(402)
Corporate G&A expenses			(83)			(163)			(290)			(420)
Technology			(17)			(88)			(42)			(128)
Other income (expense)			182			(65)			187			(51)
			$	48		(468)			(341)			(1,001)

Net interest expense consists of interest and debt expense, net of interest income and capitalized interest. Net interest expense decreased in the three- and nine-month periods ended September 30, 2026, due to higher interest income and higher capitalized interest.

Corporate G&A expenses include compensation programs and staff costs. Corporate G&A expenses decreased in the three- and nine-month periods ended September 30, 2026, primarily due to the absence of transaction and integration expenses associated with our acquisition of Marathon Oil.

Technology includes our investments in low-carbon and other new technologies or businesses and licensing revenues. Other new technologies or businesses and licensing activities are focused on both conventional and tight oil reservoirs, shale gas, oil sands, enhanced oil recovery, as well as LNG.

Other income (expense) or “Other” includes certain foreign currency transaction gains and losses, environmental costs associated with sites no longer in operation, other costs not directly associated with an operating segment, gains or losses on early retirement of debt, holding gains or losses on equity securities, certain tax impacts and pension settlement expense. Earnings in "Other" increased in the third quarter of 2026 primarily due to a consolidating tax adjustment and the release of unrecognized tax benefits in the current quarter. See Note 19.

43 ConocoPhillips      2026 Q3 10-Q

Capital Resources and Liquidity Table of Contents

Capital Resources and Liquidity

Financial Indicators

			Millions of Dollars
			September 30 2026			December 31 2025
Cash and cash equivalents			$	7,765		6,497
Short-term investments			2,164			484
Short-term debt			878			1,020
Total debt			23,262			23,444
Total equity			65,991			64,487
Percent of total debt to capital*			26		%	27
Percent of floating-rate debt to total debt			1		%	1

*Capital includes total debt and total equity.

To meet our short-term and long-term liquidity requirements, we look to a variety of funding sources, including cash generated from operating activities, our commercial paper and credit facility programs and our ability to sell securities using our shelf registration statement. During the first nine months of 2026, the primary uses of our available cash were $9.1 billion to support our ongoing capital expenditures and investments program, $5.4 billion to repurchase common stock, $3.1 billion to pay the ordinary dividend and $1.7 billion of net purchases of investments, partly offset by proceeds from asset sales of $1.8 billion.

At September 30, 2026, we had total liquidity of $15.4 billion, comprised of cash and cash equivalents of $7.8 billion, short-term investments of $2.2 billion and available borrowing capacity under our credit facility of $5.5 billion. In addition, we have $1.1 billion of long-term investments in debt securities. We believe current cash balances and cash generated by operating activities, together with access to external sources of funds as described below in the “Significant Changes in Capital” section, will be sufficient to meet our funding requirements in the near- and long-term, including our capital spending program, capital return program and required debt payments.

Significant Changes in Capital

Operating Activities

Cash provided by operating activities totaled $18.9 billion for the first nine months of 2026 compared with $15.5 billion for the corresponding period of 2025. The increase resulted from higher commodity prices, partly offset by working capital timing and lower volumes.

Our short-term and long-term operating cash flows are highly dependent on the prices for crude oil, bitumen, natural gas, LNG and NGLs. Prices and margins in our industry have historically been volatile, driven by market conditions beyond our control. Absent other mitigating factors, as these prices and margins fluctuate, we would expect a corresponding change in our operating cash flows.

The level of absolute production volumes, as well as the product and location mix, is another significant factor impacting our cash flows. Future production is subject to numerous uncertainties, including, among others, the volatile crude oil and natural gas price environment, which may impact investment decisions; the effects of price changes on production sharing and variable-royalty contracts; acquisition and disposition of fields; field production decline rates; new technologies; operating efficiencies; timing of startups and major turnarounds; political instability; government regulations; weather-related disruptions; and the addition of proved reserves through exploratory success and their timely and cost-effective development. While we actively monitor and manage these factors, changes in production levels can cause variability in cash flows, although we generally experience less variability in our cash flows due to changes in production levels than due to changes in commodity prices.

To maintain or grow our production volumes, we must continue adding to our proved reserve base. See the “Capital Expenditures and Investments” section.

ConocoPhillips      2026 Q3 10-Q 44

Capital Resources and Liquidity Table of Contents

Investing Activities

For the first nine months of 2026, we invested $9.1 billion in capital expenditures and investments. See the “Capital Expenditures and Investments” section.

Proceeds from asset sales were $1.8 billion and $1.6 billion for the first nine months of 2026 and 2025, respectively, primarily reflecting sales of noncore assets in our Lower 48 segment. See Note 3.

In July 2026, we entered into an agreement with a wholly owned subsidiary of bp to acquire a 42 percent direct equity holding in a non-operated joint venture, supporting the ongoing redevelopment of four large-scale, currently producing oil fields in the Kirkuk area of northern Iraq. This transaction is expected to close by the end of 2026, subject to regulatory approvals and other customary closing conditions, with an effective date of July 1, 2026. See Note 3.

We invest in short-term and long-term investments as part of our cash investment strategy, the primary objective of which is to protect principal, maintain liquidity and provide yield and total returns. These investments include time deposits, commercial paper and debt securities classified as available for sale. Short-term funds needed to support our operating plan and provide resiliency to react to short-term price volatility are invested in highly liquid instruments with maturities of less than one year. Funds we consider available to maintain resiliency in longer-term price downturns and to capture opportunities outside a given operating plan may be invested in instruments with maturities of greater than one year. See Note 9.

Investing activities in the first nine months of 2026 included net purchases of $1,677 million of investments. We had net purchases of $1,311 million of short-term investments and net purchases of $366 million of long-term investments. See Note 13.

Financing Activities

On July 1, 2026, we completed a $600 million remarketing of sub-series 2017D bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana—Revenue Refunding Bonds Series 2017. The bonds are subject to an interest rate of 3.0% and a mandatory tender date of July 2, 2029. Subsequent to the mandatory tender date, we have the right to remarket these bonds at any time up to the 2037 maturity date. See Note 4.

In the first quarter of 2026, we retired $67 million principal amount of our 6.875% Debentures at maturity.

We have a revolving credit facility totaling $5.5 billion with a maturity date of February 2030. The credit facility may be used for direct bank borrowings, the issuance of letters of credit totaling up to $500 million or as support for our commercial paper program. With no commercial paper outstanding and no direct borrowings or letters of credit, we had access to $5.5 billion in available borrowing capacity under our revolving credit facility at September 30, 2026.

Our debt balance at September 30, 2026, was $23.3 billion compared with $23.4 billion at December 31, 2025. The current portion of debt, including future payments for finance leases, is $0.9 billion at September 30, 2026. Debt payments are expected to be made using current cash balances and cash provided by operating activities.

There were no credit rating actions during the three-month period ended September 30, 2026. The current long-term debt credit ratings are:

•Fitch: “A” with a “stable” outlook

•S&P: “A-” with a “stable” outlook

•Moody's: “A2” with a “stable” outlook

See Note 4 for additional information on debt.

Certain of our project-related contracts, commercial contracts and derivative instruments contain provisions requiring us to post collateral. Many of these contracts and instruments permit us to post either cash or letters of credit as collateral. At September 30, 2026, and December 31, 2025, we had direct bank letters of credit of $302 million and $331 million, respectively, which secured performance obligations related to various purchase commitments incident to the ordinary conduct of business. In the event of a credit rating downgrade, we may be required to post additional letters of credit.

45 ConocoPhillips      2026 Q3 10-Q

Capital Resources and Liquidity Table of Contents

Shelf Registration

We have a universal shelf registration statement on file with the SEC under which we have the ability to issue and sell an indeterminate number of various types of debt and equity securities.

Capital Requirements

For information about our capital expenditures and investments, see the “Capital Expenditures and Investments” section.

We believe in delivering value to our shareholders through our return of capital framework. The framework is structured to deliver a compelling, growing ordinary dividend and through-cycle share repurchases. We anticipate returning greater than 30 percent of cash from operating activities through cycles.

In the first nine months of 2026, we paid ordinary dividends of $2.52 per share, and in the first nine months of 2025, we paid ordinary dividends of $2.34 per share.

In November 2026, we declared an increase to our quarterly ordinary dividend from $0.84 per share to $0.93 per share, representing an 11 percent increase. The dividend is payable on December 1, 2026, to shareholders of record on November 16, 2026.

In late 2016, we initiated our current share repurchase program. In October 2024, our Board of Directors approved an increase from our previous authorization of $45 billion by a total of the lesser of $20 billion or the number of shares issued in our acquisition of Marathon Oil, such that the company is not to exceed $65 billion in aggregate repurchases. Share repurchases are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. As of September 30, 2026, share repurchases since the inception of our current program totaled 531.7 million shares and $44.7 billion. In the nine months ended September 30, 2026, we repurchased 45.6 million shares for a cost of $5.4 billion.

In 2026, we increased future contractual purchase obligations related to long-term LNG offtake contracts and vessels, as well as certain other capacity obligations, by approximately $9 billion.

Capital Expenditures and Investments

			Millions of Dollars
			Nine Months Ended September 30
			2026			2025
Alaska			$	2,797		2,785
Lower 48			4,844			5,089
Canada			365			461
Europe, Middle East and North Africa			729			923
Asia Pacific			270			188
Segment Totals			9,005			9,446
Corporate and Other			100			84
Capital expenditures and investments			$	9,105		9,530

During the first nine months of 2026, capital expenditures and investments supported key operating activities and acquisitions, primarily:

•Appraisal and development activities in Alaska related to the Western North Slope, inclusive of Willow, development activities in the Greater Kuparuk Area and exploration in the NPR-A.

•Development activities in the Lower 48, primarily in the Delaware Basin, Eagle Ford, Midland Basin and Bakken.

•Appraisal and development activities in the Montney and development and optimization of Surmont in Canada.

•Development activities across assets in Norway and Libya.

•Continued development activities in China.

•Investments in our global LNG operations.

Our 2026 operating plan capital expenditure guidance is currently expected to be approximately $12 to $12.5 billion. Our capital expenditures and investments were $12.6 billion in 2025.

ConocoPhillips      2026 Q3 10-Q 46

Capital Resources and Liquidity Table of Contents

Guarantor Summarized Financial Information

We have various cross guarantees among our Obligor Group: ConocoPhillips, ConocoPhillips Company and Burlington Resources LLC, with respect to publicly held debt securities. ConocoPhillips Company is 100 percent owned by ConocoPhillips. Burlington Resources LLC is 100 percent owned by ConocoPhillips Company. ConocoPhillips and/or ConocoPhillips Company have fully and unconditionally guaranteed the payment obligations of Burlington Resources LLC, with respect to its publicly held debt securities. Similarly, ConocoPhillips has fully and unconditionally guaranteed the payment obligations of ConocoPhillips Company with respect to its publicly held debt securities. In addition, ConocoPhillips Company has fully and unconditionally guaranteed the payment obligations of ConocoPhillips with respect to its publicly held debt securities. All guarantees are joint and several.

The following tables present summarized financial information for the Obligor Group, as defined below:

•The Obligor Group will reflect guarantors and issuers of guaranteed securities consisting of ConocoPhillips, ConocoPhillips Company and Burlington Resources LLC.

•Consolidating adjustments for elimination of investments in and transactions between the collective guarantors and issuers of guaranteed securities are reflected in the balances of the summarized financial information.

•Non-Obligated Subsidiaries are excluded from the presentation.

Transactions and balances reflecting activity between the Obligors and Non-Obligated Subsidiaries are presented below:

Summarized Income Statement Data

			Millions of Dollars
			Nine Months Ended September 30, 2026
Revenues and Other Income			$	39,795
Income (loss) before income taxes*			9,669
Net income (loss)			10,115

*Includes approximately $13.6 billion of expense for transactions with Non-Obligated Subsidiaries.

Summarized Balance Sheet Data

			Millions of Dollars
			September 30 2026			December 31 2025
Current Assets			$	11,286		8,206
Amounts due from Non-Obligated Subsidiaries, current			1,457			855
Noncurrent Assets			108,798			130,320
Amounts due from Non-Obligated Subsidiaries, noncurrent			10,496			11,231
Current Liabilities			5,485			4,947
Amounts due to Non-Obligated Subsidiaries, current			1,549			1,244
Noncurrent Liabilities			54,339			74,824
Amounts due to Non-Obligated Subsidiaries, noncurrent			32,557			52,813

Contingencies

We are subject to legal proceedings, claims and liabilities that arise in the ordinary course of business, including environmental obligations and climate-related risks. See Note 8. For more discussion, please see the "Contingencies" section in Management's Discussion and Analysis of Financial Condition and Results of Operations of our 2025 Annual Report on Form 10-K.

47 ConocoPhillips      2026 Q3 10-Q

Table of Contents

Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included or incorporated by reference in this report, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues, costs and plans, objectives of management for future operations, are forward-looking statements. Examples of forward-looking statements contained in this report include our expected production growth and outlook on the business environment generally, our expected capital budget and capital expenditures and discussions concerning development or replacement of reserves and future dividends. You can often identify our forward-looking statements by the words “ambition,” “anticipate,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “will,” “would” and similar expressions.

We based our forward-looking statements on our current expectations, estimates and projections about ourselves and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect or inaccurate, and involve risks and uncertainties we cannot predict. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Any differences could result from a variety of factors and uncertainties, including, but not limited to, the following:

•Effects of volatile commodity prices, including prolonged periods of low commodity prices, which may adversely impact our operating results and our ability to execute on our strategy and could result in recognition of impairment charges on our long-lived assets, leaseholds and nonconsolidated equity investments.

•Global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes as a result of any ongoing military conflict and the global response to such conflict; geopolitical tensions; security threats on facilities and infrastructure; global health crises; the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries; or the resulting company or third-party actions in response to such changes.

•The potential for insufficient liquidity or other factors, such as those described herein, that could impact our ability to repurchase shares and declare and pay dividends.

•Potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks and the inherent uncertainties in predicting reserves and reservoir performance.

•Reductions in our reserve replacement rates, whether as a result of significant declines in commodity prices or otherwise.

•Unsuccessful exploratory drilling activities or the inability to obtain access to exploratory acreage.

•Failure to progress or complete announced and future development plans related to constructing, modifying or operating E&P and LNG facilities, or unexpected changes in costs, inflationary pressures or technical equipment related to such plans.

•Significant operational or investment changes imposed by legislative and regulatory initiatives and international agreements addressing environmental concerns, including initiatives addressing the impact of global climate change, such as limiting or reducing GHG emissions; regulations concerning hydraulic fracturing, methane emissions, flaring or water disposal; and prohibitions on commodity exports.

•Broader societal attention to and efforts to address climate change may cause substantial investment in and increased adoption of competing or alternative energy sources.

•Risks, uncertainties and high costs that may prevent us from successfully executing on our Climate-related Risk Strategy.

•Lack or inadequacy of, or disruptions in, reliable transportation for our crude oil, bitumen, natural gas, LNG and NGLs.

•Inability to timely obtain or maintain permits, including those necessary for construction, drilling and/or development, or inability to make capital expenditures required to maintain compliance with any necessary permits or applicable laws or regulations.

•Potential disruption or interruption of our operations and any resulting consequences due to accidents; extraordinary weather events; supply chain disruptions; civil unrest; political events; war; terrorism; cybersecurity threats or information technology failures, constraints or disruptions.

ConocoPhillips      2026 Q3 10-Q 48

Table of Contents

•Liability for remedial actions, including removal and reclamation obligations, under existing or future environmental regulations and litigation.

•Liability resulting from pending or future litigation or our failure to comply with applicable laws and regulations.

•General domestic and international economic, political and diplomatic developments, including deterioration of international trade relationships; the imposition of trade restrictions or tariffs relating to commodities and material or products (such as aluminum and steel) used in the operation of our business; expropriation of assets; changes in governmental policies relating to commodity pricing, including the imposition of price caps; sanctions; or other adverse regulations or taxation policies.

•Competition and consolidation in the oil and gas E&P industry, including competition for sources of supply, services, personnel and equipment.

•Any limitations on our access to capital or increase in our cost of capital or insurance, including as a result of illiquidity, changes or uncertainty in domestic or international financial markets, foreign currency exchange rate fluctuations or investment sentiment.

•Challenges or delays to our execution of, or successful implementation of any future asset dispositions or acquisitions we elect to pursue; potential disruption of our operations, including the diversion of management time and attention; our inability to realize anticipated cost savings or capital expenditure reductions; difficulties integrating acquired businesses and technologies; or other unanticipated changes.

•Our inability to deploy the net proceeds from any asset dispositions that are pending or that we elect to undertake in the future in the manner and timeframe we anticipate, if at all.

•The operation, financing and management of risks of our joint ventures.

•The ability of our customers and other contractual counterparties to satisfy their obligations to us, including our ability to collect payments when due from the government of Venezuela or Petróleos de Venezuela, S.A.

•Uncertainty as to the long-term value of our common stock.

•The factors generally described in Part I—Item 1A in our 2025 Annual Report on Form 10-K and any additional risks described in our other filings with the SEC.

Item 3.     Quantitative and Qualitative Disclosures About Market Risk

Information about market risks for the nine months ended September 30, 2026 does not differ materially from that discussed under Item 7A in our 2025 Annual Report on Form 10-K.

Item 4.    Controls and Procedures

We maintain disclosure controls and procedures designed to ensure information required to be disclosed in reports we file or submit under the Securities Exchange Act of 1934, as amended (the Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure. At September 30, 2026, with the participation of our management, our President and Chief Executive Officer (principal executive officer) and our Chief Financial Officer and Senior Vice President, Digital and Transformation (principal financial officer) carried out an evaluation, pursuant to Rule 13a-15(b) of the Act, of ConocoPhillips’ disclosure controls and procedures (as defined in Rule 13a-15(e) of the Act). Based upon that evaluation, our President and Chief Executive Officer and our Chief Financial Officer and Senior Vice President, Digital and Transformation concluded our disclosure controls and procedures were operating effectively at September 30, 2026.

There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) of the Act, in the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

49 ConocoPhillips      2026 Q3 10-Q

Table of Contents

PART II. Other Information

Item 1.    Legal Proceedings

ConocoPhillips has elected to use a $1 million threshold for disclosing certain proceedings arising under federal, state or local environmental laws when a governmental authority is a party. ConocoPhillips believes proceedings under this threshold are not material to ConocoPhillips' business and financial condition. Applying this threshold, there are no such proceedings to disclose for the quarter ended September 30, 2026. See Note 8 for information regarding other legal and administrative proceedings.

Item 1A.    Risk Factors

There have been no material changes from the risk factors disclosed in Item 1A of our 2025 Annual Report on Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

												Millions of Dollars
Period			Total Number of  Shares Purchased*			Average Price Paid  per Share			Total Number of  Shares Purchased as Part of Publicly Announced Plans or  Programs			Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or  Programs
July 1 - 31, 2026			5,887,920			$	112.09		5,887,920			$	22,044
August 1 - 31, 2026			5,408,034			125.96			5,408,034			21,362
September 1 - 30, 2026			7,997,976			132.39			7,997,976			20,304
			19,293,930						19,293,930

*There were no repurchases of common stock from company employees in connection with the company's broad-based employee incentive plans.

In late 2016, we initiated our current share repurchase program. In October 2024, our Board of Directors approved an increase from our previous authorization of $45 billion by a total of the lesser of $20 billion or the number of shares issued in our acquisition of Marathon Oil, such that the company is not to exceed $65 billion in aggregate repurchases. As of September 30, 2026, we had repurchased $44.7 billion of common stock since 2016. Repurchases are made at management’s discretion, at prevailing prices, subject to market conditions and other factors. Except as limited by applicable legal requirements, repurchases may be increased, decreased or discontinued at any time without prior notice. Shares of stock repurchased under the plan are held as treasury shares. See Part I—Item 1A—Risk Factors – “Our ability to execute our capital return program is subject to certain considerations” in our 2025 Annual Report on Form 10-K.

Item 5.    Other Information

Insider Trading Arrangements

During the three-month period ended September 30, 2026, no officer or director of the company adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.

ConocoPhillips      2026 Q3 10-Q 50

Table of Contents

Item 6.     Exhibits

10.1*			Form of 2026 Retention Award Agreement, granted under the 2023 Omnibus Stock and Performance Incentive Plan of ConocoPhillips.
22			Subsidiary Guarantors of Guaranteed Securities (incorporated by reference to Exhibit 22 to the Quarterly Report on Form 10-Q of ConocoPhillips filed on April 30, 2026).
31.1*			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32**			Certifications pursuant to 18 U.S.C. Section 1350.
101.INS*			Inline XBRL Instance Document.
101.SCH*			Inline XBRL Schema Document.
101.CAL*			Inline XBRL Calculation Linkbase Document.
101.LAB*			Inline XBRL Labels Linkbase Document.
101.PRE*			Inline XBRL Presentation Linkbase Document.
101.DEF*			Inline XBRL Definition Linkbase Document.
104*			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith.

**Furnished herewith.

51 ConocoPhillips      2026 Q3 10-Q

Table of Contents

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CONOCOPHILLIPS

/s/ Greig Patterson

Greig Patterson

Vice President, Finance and Controller

November 5, 2026

ConocoPhillips      2026 Q3 10-Q 52