COP · 10-Q · 2026Q2 · Full report

Oil and Gas Price Sensitivity

CONOCOPHILLIPS · 2026-08-06 · Importance 69 · Surprise 64

Second-quarter 2026 Brent and WTI prices increased 54% and 46%, respectively, from the prior-year quarter, while Henry Hub natural gas prices declined 16% to $2.90 per MMBTU. Oil and bitumen prices benefited from Middle East supply disruptions that persisted through the quarter. U.S. gas prices weakened because of seasonally softer demand, rising domestic production and above-normal inventories, producing a well-supplied market. ConocoPhillips’ realized gas price fell 38% to $2.58 per MCF, while crude and total realized prices increased substantially.

Key facts

• Total realized price per BOE for the three months ended June 30, 2026: $62.33 per BOE. source
• Industry benchmark prices for the three months ended June 30, 2026: Brent $104.52 per BBL, WTI $92.79 per BBL, Henry Hub $2.90 per MMBTU. source
• Average realized crude price for consolidated operations for the three months ended June 30, 2026: $99.47 per BBL. source
• Total company realized gas price for the three months ended June 30, 2026: $2.58 per MCF (total natural gas). source