COP · 10-Q · 2026Q2 · Full report
Capital Return Program
CONOCOPHILLIPS · 2026-08-06 · Importance 64 · Surprise 42 · Contradicted
ConocoPhillips returned $3.0 billion to shareholders in the second quarter of 2026, including $2.0 billion of share repurchases and $1.0 billion of ordinary dividends. The company declared a third-quarter ordinary dividend of $0.84 per share in August 2026. Quarterly shareholder distributions represented approximately 76% of reported net income of $3.931 billion. The company’s share count declined to 1.213 billion weighted-average basic shares in the quarter from 1.258 billion in the prior-year quarter.
Key facts
- In October 2024, the Board approved an increase from the previous repurchase authorization of $45 billion by the lesser of $20 billion or the number of shares issued in our acquisition of Marathon Oil such that the company is not to exceed $65 billion in aggregate repurchases. source
- Repurchase of company common stock for the six months ended June 30, 2026: $(3,006) million; for the six months ended June 30, 2025: $(2,722) million. source
- ConocoPhillips returned $3.0 billion to shareholders in the second quarter of 2026, consisting of $2.0 billion through share repurchases and $1.0 billion through the ordinary dividend. source
- During the first six months of 2026, the primary uses of our available cash were $3.0 billion to repurchase common stock. source
- During the first six months of 2026, the primary uses of our available cash were $2.1 billion to pay the ordinary dividend. source
- In the six months ended June 30, 2026, we repurchased 26.3 million shares for a cost of $3.0 billion. source
- Net cash used in financing activities for the six months ended June 30, 2026: $(5,356) million; for the six months ended June 30, 2025: $(5,620) million. source
- Dividends paid (declared) for the three months ended June 30, 2026: $0.84 per common share (dividend declared); for the six months ended June 30, 2026: $1.68 per common share (dividends declared). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -34.0% | As of June 30, 2026, share repurchases since the inception of our current program totaled 512.4 million shares and $42.3 billion. |
| assets | negative | realized | -34.0% | As of June 30, 2026, share repurchases since the inception of our current program totaled 512.4 million shares and $42.3 billion. |
| cash | negative | committed | -6.8% | In October 2024, the Board approved an increase from the previous repurchase authorization of $45 billion by the lesser of $20 billion or… |
| cash | negative | realized | -2.4% | ConocoPhillips returned $3.0 billion to shareholders in the second quarter of 2026, consisting of $2.0 billion through share repurchases… |
| cash | negative | realized | -1.7% | During the first six months of 2026, the primary uses of our available cash were $2.1 billion to pay the ordinary dividend. |
| cash | negative | realized | -0.2% | Repurchase of company common stock for the six months ended June 30, 2026: $(3,006) million; for the six months ended June 30, 2025:… |
| cash | positive | realized | +0.2% | Net cash used in financing activities for the six months ended June 30, 2026: $(5,356) million; for the six months ended June 30, 2025:… |
| cash | negative | committed | — | In August 2026, we declared an ordinary dividend of $0.84 per share, payable September 1, 2026, to shareholders of record on August 17,… |
| cash | negative | contingent | — | We anticipate returning greater than 30 percent of cash from operating activities through cycles. |