ConocoPhillips more than doubled its quarterly profit in the third quarter of 2026, as stronger oil prices outweighed a fall in production, and the US energy producer raised its dividend by 11 per cent.

The company reported net earnings of 4.0 billion dollars, or 3.34 dollars a share, up from 1.7 billion dollars, or 1.38 dollars a share, a year earlier. Adjusted profit was 3.27 dollars a share, beating the average analyst estimate of 2.97 dollars a share compiled by LSEG, according to Reuters.

Higher prices offset lower output

Benchmark Brent crude averaged about 89.27 dollars a barrel during the July-to-September period, up more than 31 per cent from a year earlier, driven by geopolitical tensions in the Middle East. ConocoPhillips said its average realised price was 61.40 dollars per barrel of oil equivalent, 32 per cent higher than a year earlier.

Production fell to 2.3 million barrels of oil equivalent per day, from 2.4 million a year earlier. The company forecast fourth-quarter production of between 2.32 million and 2.36 million barrels of oil equivalent per day.

Dividend raised to 93 cents

The board raised the quarterly ordinary dividend to 93 cents a share, from 84 cents, payable on 1 December to shareholders of record on 16 November. The company also returned about 3.4 billion dollars to shareholders during the quarter through share buybacks and dividends.

The results show how higher commodity prices and cost-cutting helped the producer through a quarter of lower output, although the figures cover a period before the sharp swings in crude prices seen in early November.