ConocoPhillips reported third-quarter net income of $4 billion, up from $1.7 billion a year earlier, with adjusted earnings of $3.27 per share against a Wall Street estimate of $2.97. Its average realized price rose 32 percent year over year to $61.40 per barrel of oil equivalent, while production slipped to 2.3 million barrels of oil equivalent per day from 2.4 million, with output from Qatar improved but still below pre-war levels.
The company raised its quarterly dividend from 84 cents to 93 cents per share and returned $3.4 billion to shareholders in the quarter, including $2.4 billion of buybacks, on $7.2 billion of operating cash flow. It guided fourth-quarter production to 2.32 million to 2.36 million barrels of oil equivalent per day and said its Willow project in Alaska stays on schedule for first oil in early 2029.