ConocoPhillips disclosed second-quarter net income of $3.9 billion, or $3.23 per share, on Thursday, more than twice the $2.0 billion, or $1.56 per share, the company recorded in the year-earlier period.
Stripping out certain items, adjusted earnings came in at $3.24 per share
Analysts had expected $2.88 per share, according to Reuters. Higher prices drove the earnings gain, the company said. The average realized price for the quarter was $62.33 per barrel of oil equivalent, a 36% increase from the prior year, according to the Wall Street Journal.
Output for the quarter came in at 2,248 thousand barrels of oil equivalent per day, down 143,000 barrels compared with the same three months in 2025. When accounting for completed acquisitions and asset sales, volumes were down 4%, the company said. The company stood by its full-year guidance, projecting third-quarter output in a range of 2.29 million to 2.32 million barrels of oil equivalent per day.