ConocoPhillips in its Q2 2026 earnings call stated second-quarter production was 2,248 Mboe/d, above the top of guidance, and highlighted a Permian record of 920 Mboe/d. Permian output rose about 10% year over year in the first half. Management emphasized all Permian wells brought online this year exceeded two miles, with several three- and four-mile laterals. Average lateral length is up 15% from 2025 and the number of wells with 3mi+ laterals has doubled. Third-quarter guidance is 2,290 to 2,320 Mboe/d based on ramping Qatar production and continued Lower 48 growth.
Willow, the North Slope oil development in the National Petroleum Reserve in Alaska, remains on schedule for first oil in early 2029. Four exploration wells in the reserve were encouraging enough that the company has committed to bringing additional resources into Willow's existing facilities before drilling more. Federal permits for the 2027 winter drilling season have been submitted, and field surveying and ice-road work has begun. EVP Kirk Johnson said the exploration program and recent lease sale lay groundwork to leverage that infrastructure "for decades into the future".
Two new LNG offtake agreements of 1 MMTPA each were announced on the call. This brings total committed LNG volumes to 12 MMTPA, or about 1.6 Bcf/d of feedgas. One is with Indonesia's North Hub with deliveries beginning in 2029, the second is at an unnamed U.S. Gulf Coast terminal. It sits alongside previously announced Gulf Coast agreements totaling 10 MMTPA, roughly 1.3 Bcf/d — 5 MMTPA from Sempra's Port Arthur LNG Phase 1 expected in in 2027 in Jefferson County, TX, where ConocoPhillips also holds a 30% equity stake, 4 MMTPA from Port Arthur Phase 2, awaiting FID, and 1 MMTPA from Train 5 at NextDecade's Rio Grande LNG near Brownsville, contingent on the train being sanctioned. CFO Andy O'Brien said the company is building toward 15 MMTPA, or 2.0 Bcf/d.
In Qatar, Ras Laffan was largely shut in during the quarter and is expected to ramp through the third; Johnson said the North Field East and South liquefaction trains continue to progress, with any delay to first gas or first cargo likely "months, not a full-year."
