What is the reason ConocoPhillips cut its 2026 production targets, and how much is the reduction attributed to Qatar-related disruptions?

ConocoPhillips cut its 2026 production targets due to operational disruptions in the Middle East caused by the Iran conflict, specifically Iranian attacks on its partner QatarEnergy's liquefied natural gas (LNG) export plant. These attacks knocked out about a sixth of Qatar's LNG export capacity — worth approximately $20 billion annually — with repairs expected to take three to five years. As a result, ConocoPhillips excluded Qatar volumes from its near-term outlook, reducing its annual production forecast by about 20,000 barrels of oil equivalent per day (boed), representing the impact of its $1.8 billion investment in Qatar, which accounted for 4% of the company's total production in 2025.

How did the Iran-related disruption affect ConocoPhillips' financial and operational outlook for 2026, including production, capital expenditures, and earnings trends?

The Iran-related disruption contributed to ConocoPhillips lowering its 2026 production forecast to 2.29–2.325 million barrels of oil equivalent per day (mmboepd), down from the prior range of 2.33–2.36 mmboepd — a reduction driven by 20,000 boed from Qatar and an additional 15,000 boed from higher royalty rates at its Surmont oil sands project in Canada. Capital expenditures were raised to $12–12.5 billion, up $250 million from the previous $12 billion forecast. Financially, the company reported a 6% drop in first-quarter average realized prices to $50.36 per barrel of oil equivalent and a decline in net income to $2.18 billion ($1.78 per share) from $2.85 billion ($2.23 per share) year-on-year, reflecting weaker gas prices and the broader operational headwinds.

ConocoPhillips cuts annual production targets as Iran war disrupts operations

Apr 30, 2026

ConocoPhillips lowered its 2026 production guidance and excluded Qatar LNG volumes following Middle East conflict disruptions. The company increased its capital budget by $250 million, causing shares to drop nearly 3%.

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