Overview
- Shares are up more than 20% in early 2026, lifting the price above $110 on a crude rally.
- At a $69.09 Brent average last year, ConocoPhillips generated $19.9 billion in operating cash flow and $7.3 billion in free cash flow, returning $9 billion to investors through dividends and buybacks.
- The company guides to an extra $1 billion in free cash flow in 2026 from cost savings, a further $1 billion across 2027–2028 from three LNG projects, and about $4 billion annually beginning in 2029 from the Willow project.
- Analysts say oil could approach $100 a barrel following U.S. and Israeli strikes on Iran, while any Strait of Hormuz disruption that constrains roughly 20% of global flows would be a further upside risk; these views remain projections, not certainties.
- Repurchases totaled $5 billion last year and have retired nearly 10% of shares over five years, and the company could buy back more stock in 2026 as free cash flow rises.