COP · 10-Q · 2026Q2 · Full report

Income Tax Rate Changes

CONOCOPHILLIPS · 2026-08-06 · Importance 14 · Surprise 14

The effective tax rate increased to 35.4% in the second quarter of 2026 from 34.7% in the prior-year quarter. The quarterly increase primarily reflected a shift in the mix of income among taxing jurisdictions. The six-month effective tax rate declined to 35.3% from 35.6%, reflecting jurisdictional income mix changes partly offset by a prior-year valuation allowance change. EMENA earnings included a $29 million quarterly tax impact and a $96 million six-month tax impact from the shift in jurisdictional income mix.

Key facts

• Decreases to earnings include higher taxes other than income taxes of $46 million due to higher crude prices. source
• Effective tax rate for the three-month period ended June 30, 2026: 35.4 percent. source
• Effective tax rate for the six-month period ended June 30, 2026: 35.3 percent. source