ConocoPhillips (NYSE: COP) reported fourth-quarter earnings that came in below analyst expectations, sending shares down more than 3% intra-day on Thursday.
The oil producer posted earnings per share of $1.02, missing Wall Street estimates of $1.18. Production during the quarter totaled 2.32 million barrels of oil equivalent per day, an increase of 137 thousand barrels per day from a year earlier. However, after adjusting for acquisitions and asset divestitures, production declined by 63 thousand barrels per day, or 2.6%, compared with the prior-year period.
Cash flow from operations for the quarter totaled $4.3 billion.
ConocoPhillips reiterated its 2026 capital spending plan of approximately $12 billion and maintained its adjusted operating cost outlook of $10.2 billion, in line with prior guidance.
For 2026, the company forecast production of 2.33 to 2.36 million barrels of oil equivalent per day. First-quarter output is expected to range between 2.30 and 2.34 million barrels per day, including the impact of weather-related downtime.
