-- ConocoPhillips (COP) on Thursday reported a decline over the year in Q1 2026 production, as total output slipped both on a reported and adjusted basis.
The company said Q1 production averaged 2.309 million barrels of oil equivalent per day, down from 2.389 million boe/d from the same period a year earlier.
Adjusted for acquisitions and dispositions, production fell by 14,000 boe/d, or about 1%, from Q1 2025.
In the US Lower 48, production totaled 1.453 million boe/d in the quarter, down from the 1.462 million boe/d reported a year earlier.
That included 698,000 boe/d from the Delaware Basin, 200,000 boe/d from the Midland Basin, 367,000 boe/d from the Eagle Ford and 183,000 boe/d from the Bakken.
Looking ahead, the company said it is excluding Qatar from its Q2 production guidance due to uncertainty tied to the conflict in the Middle East.
It expects Q2 production to range between 2.185 million boe/d and 2.215 million boe/d. For the full year, ConocoPhillips projected production of 2.295 million boe/d to 2.325 million boe/d.
The outlook includes a 20,000 boe/d annual adjustment reflecting the exclusion of Qatar from Q2 guidance, as well as a 15,000 boe/d impact from higher royalty rates at Surmont driven by stronger oil prices.
The company expects 2026 capital expenditures to come in between $12 billion and $12.5 billion, including additional activity in the Permian Basin.
It said the spending range reflects ongoing uncertainty in the macroeconomic environment and the timing of capital projects tied to North Field East and North Field South in Qatar.
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