COP · Earnings call · 2026Q3T · Full report

Capital Expenditure Guidance

CONOCOPHILLIPS · 2026-11-05 · Importance 50 · Surprise 24

Management said 2027 capital spending is expected to be modestly lower year on year, consistent with its multiyear decline, while underlying production grows at a low-single-digit rate, driven by the Lower 48. For the fourth quarter of 2026, investment is expected to be modestly higher sequentially, reflecting Lower 48 spending and Alaska’s winter construction season and exploration campaign. Management said lower capital spending is expected alongside production growth, with per-unit operating costs also expected to trend lower in 2027.

Key facts

• CONOCOPHILLIPS expected 2027 capital spending to be modestly lower year on year, consistent with its previously outlined multiyear decline.
• CONOCOPHILLIPS expected modestly higher sequential capital investment in the fourth quarter of 2026, reflecting Lower 48 spending and Alaska’s typical pre-winter ramp.
• CONOCOPHILLIPS expected capital to decline in Willow while continuing exploration, appraisal, and development of new satellite opportunities.