COP · Earnings call · 2026Q3T · Full report

Inflationary Cost Pressures

CONOCOPHILLIPS · 2026-11-05 · Importance 18 · Surprise 14

Management said inflation in fuel, logistics, and chemicals has been double-digit in some cases, while these items remain a small component of the total cost structure. Aggregate inflation across the portfolio is low-single-digit. The company said development, drilling and completions, and operational efficiencies have more than offset these pressures, and it is monitoring inflation trends closely.

Key facts

• CONOCOPHILLIPS said ongoing Middle East conflict was disrupting energy and global trade flows and driving inflation in fuel, logistics, and chemicals; inflation in some categories was double-digit, while aggregate inflation was low-single-digit.
• CONOCOPHILLIPS said efficiencies in development, drilling and completions, and operations more than offset inflationary pressures.