COP2026 Q2Energy & Utilities

1mo

With respect to Qatar. If I move forward then into NFE and NFS, it can oftentimes get conflated with the downtime and some of that we have had naturally around production with the Strait being closed.

Kirk L. Johnson

EVP Global Ops, ConocoPhillips

Context

In answering how Qatar conflict impacts risk for NFE and NFS LNG projects and schedule/cost implications. The discussion came after questions about Qatar producing assets and whether full-year production guidance assumes Qatar returning despite uncertainty. Kirk Johnson explained that the NFE and NFS projects were progressing well prior to the conflict and continued through it. He also described expectations that any first gas or first cargo delays would be months rather than a full year and would not meaningfully impact free cash flow progress.

More from COP Q2 2026

ConocoPhillips

COP2026 Q2Energy & Utilities

1mo

Qatar conflict impacts and how guidance assumed ramp uncertainty

Management described Ras Laffan as largely shut in during Q2, with limited volumes attributed to early-quarter ramp down and local demand support.
They stated planned turnarounds in Q2 were successfully executed and characterized outcomes as taking advantage of downtime at Ras Laffan.
For Q3, Kirk Johnson said guidance assumes a ramp across the quarter and that throughput/ramp pace uncertainty was captured within the guidance range.
Kirk Johnson indicated confidence in exiting downtime with high uptime and execution coming out of that downtime as the train ramps up in the forward-looking quarter.
He separated NFE/NFS project progression from Qatar downtime dynamics and Strait-closure downtime risk framing.

ConocoPhillips

COP2026 Q2Energy & Utilities

1mo

Financial Performance Summary

Adjusted earnings were $3.02 per share in Q2.
Cash flow from operations was $7.2 billion; after $3 billion of CapEx, this translated into $4.2 billion of free cash flow.
ConocoPhillips reported second-quarter production of 2.248 million barrels of oil equivalent per day, above the high end of guidance, driven by strong operational performance including record Permian production.
Ended the quarter with $8.1 billion of cash and short-term investments and $1.2 billion of liquid long-term investments.
Generated over $4 billion of free cash flow in the quarter and increased shareholder distributions to $3 billion, including doubling share repurchases to $2 billion plus $1 billion of ordinary dividends.
Leverage remained well below 1x, with the balance sheet described as “rock solid.”
Permian peer-leading performance: Permian production reached a new record of over 900 thousand barrels of oil equivalent per day.

ConocoPhillips

COP2026 Q2Energy & Utilities

1mo

900k+ boe/d Permian record

Permian reached a new record above guidance range

Management said Q2 production was above the high end of guidance and cited peer-leading Permian performance achieving a new record of over 900 thousand barrels of oil equivalent per day.

More from COP Q2 2026

ConocoPhillips

COP2026 Q2Energy & Utilities

1mo

Qatar conflict impacts and how guidance assumed ramp uncertainty

Management described Ras Laffan as largely shut in during Q2, with limited volumes attributed to early-quarter ramp down and local demand support.
They stated planned turnarounds in Q2 were successfully executed and characterized outcomes as taking advantage of downtime at Ras Laffan.
For Q3, Kirk Johnson said guidance assumes a ramp across the quarter and that throughput/ramp pace uncertainty was captured within the guidance range.
Kirk Johnson indicated confidence in exiting downtime with high uptime and execution coming out of that downtime as the train ramps up in the forward-looking quarter.
He separated NFE/NFS project progression from Qatar downtime dynamics and Strait-closure downtime risk framing.

ConocoPhillips

COP2026 Q2Energy & Utilities

1mo

Financial Performance Summary

Adjusted earnings were $3.02 per share in Q2.
Cash flow from operations was $7.2 billion; after $3 billion of CapEx, this translated into $4.2 billion of free cash flow.
ConocoPhillips reported second-quarter production of 2.248 million barrels of oil equivalent per day, above the high end of guidance, driven by strong operational performance including record Permian production.
Ended the quarter with $8.1 billion of cash and short-term investments and $1.2 billion of liquid long-term investments.
Generated over $4 billion of free cash flow in the quarter and increased shareholder distributions to $3 billion, including doubling share repurchases to $2 billion plus $1 billion of ordinary dividends.
Leverage remained well below 1x, with the balance sheet described as “rock solid.”
Permian peer-leading performance: Permian production reached a new record of over 900 thousand barrels of oil equivalent per day.

ConocoPhillips

COP2026 Q2Energy & Utilities

1mo

900k+ boe/d Permian record

Permian reached a new record above guidance range

Management said Q2 production was above the high end of guidance and cited peer-leading Permian performance achieving a new record of over 900 thousand barrels of oil equivalent per day.

ConocoPhillips Earnings Quote from Kirk L. Johnson

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ConocoPhillips 2026 Q2: Qatar conflict impacts and how guidance assumed ramp uncertainty

ConocoPhillips 2026 Q2: Financial Performance summary

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ConocoPhillips 2026 Q2: Qatar conflict impacts and how guidance assumed ramp uncertainty

ConocoPhillips 2026 Q2: Financial Performance summary