COP · Earnings call · 2026Q3T · Full report

Middle East Conflict Impact

CONOCOPHILLIPS · 2026-11-05 · Importance 43 · Surprise 32

Management said the ongoing Middle East conflict is disrupting energy and global trade flows, contributing to inflation in fuel, logistics, and chemicals; inflation in some of these categories has been double-digit, but aggregate inflation is low-single-digit. Qatar production increased in the third quarter versus the second quarter but remained below pre-conflict levels, with fourth-quarter guidance reflecting uncertainty about regional conditions. Despite utilization constraints and challenges to flows through the Strait, QatarEnergy’s published expectation is for NFE to come online in the first half of 2027, followed by NFS.

Key facts