ConocoPhillips

Company facts

Industry

Petroleum Refining

Headquarters

Houston, Texas

Most recent report

8-K, filed Aug 11, 2026

Incorporated

Delaware

Filings on record

1,004+ filings

On EDGAR

CIK 1163165

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 2 of 11 sections worth reading, with 3 positive, 12 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Financial statements with net income doubled, asset sale, acquisition, litigation updates.
  Notable

  • Agreed to sell noncore Lower 48 assets for ~$1.7B; net carrying value $1.5B classified as held for sale.
  • Agreed to acquire 42% equity in Kirkuk oil fields joint venture from bp for $0.4B, close by end of 2026.
  • Accrued environmental costs rose to $306M at June 30, 2026 from $220M at Dec 31, 2025.
  • $8.5B ICSID award against Venezuela upheld, ~$795M collected so far; collection actions ongoing.
  • Securities class action against Concho/ConocoPhillips certified as class action on April 7, 2025; company defends vigorously.
  • Final $81M USD contingent payment for Surmont acquisition made; cumulative $0.3B paid.
  Negative

  • BSEE decommissioning order for offshore platforms upheld by Interior Board in June 2026; ConocoPhillips to appeal.

• Management's Discussion (Item 2)

  Full of specific financial results, production trends, M&A, and liquidity metrics.
  Positive

  • Q2 2026 EPS $3.23, net income $3,931M vs $1,971M in Q2 2025, doubling on higher oil prices.
  • Generated $7.4B cash from operations in Q2 2026, up from $4.3B in Q1 2026 (prior period).
  • Distributed $3.0B to shareholders: $2.0B buybacks and $1.0B dividend in Q2 2026.
  Notable

  • Qatar LNG production remained constrained in Q2 2026 due to Middle East conflict; no impairment indicated.
  • Expanded LNG offtake from 10.2 to 12.2 MTPA via new commercial agreements in Q2 2026.
  • Agreed to acquire 42% interest in Kirkuk Iraq JV from bp; cash outflow $0.3-0.5B plus $0.2B deferred.
  • DD&A increased $145M in Q2 2026 due to higher rates from Marathon Oil purchase price allocation.
  • Total liquidity $13.2B at June 30, 2026, with $5.5B undrawn credit facility; debt-to-capital 26%.
  • Increased future contractual purchase obligations for LNG offtake by ~$7 billion in 2026.
  Negative

  • Total production down 143 MBOED (6%) to 2,248 MBOED in Q2 2026; after adjustments, down 4%.

What changed: Jun 2026 vs. Mar 2026

About 10% of COP's Jun 2026 10-Q is new information. 50 paragraphs were added, 173 changed, and 42 removed. Below are the most important lines SECSift identified.

• Item 2 98
• Item 1 57
• Item 6 1
• Item 3 1
• Item 4 1
• Item 5 1