ConocoPhillips (COP) Beats Earnings and Names New CEO While Exxon Mobil (XOM)’s Record Profit Falls Short

ConocoPhillips (NYSE:COP) delivered strong earnings on August 6 when it announced CEO Ryan Lance's retirement after 14 years and named CFO Andy O'Brien to succeed him on September 1. The company reported an adjusted profit of $3.24 per share, surpassing expectations of $2.88, and revenue increased by 32.4% to $19.5 billion. Despite a 6% decline in production to 2.25 million barrels of oil equivalent per day, ConocoPhillips benefited from a 36% jump in realized prices.

CFO Andy O'Brien, with 30 years of experience, will be tasked with meeting a $7 billion free cash flow growth pledge through 2029, primarily driven by the completion of the expensive Willow oil project in Alaska, whose price has risen to $9 billion.

In contrast, Exxon Mobil Corporation (NYSE:XOM) announced its record quarterly profit of $14.7 billion on July 31, a 67% increase from the first quarter, but it failed to meet the $3.60-per-share estimate with adjusted earnings of $3.52, causing its shares to drop by 1%. The record profit was fueled by a record Permian output above 1.8 million barrels a day and the early completion of Guyana development costs ahead of schedule.

However, Exxon's profit still fell short of analysts' expectations, as production declined slightly from the previous quarter, and roughly 450,000 barrels a day remain offline in Qatar due to the Iran war.

Barclays analyst Betty Jiang explained that ConocoPhillips' strong earnings and leadership transition provide a positive outlook for the year, while Exxon's impressive profit did not meet market expectations. The company's shares have lagged behind Exxon and Chevron over the past three years due to heavy spending, according to analysts.

Exxon Mobil's favor has diminished in Insider Monkey's hedge fund database, with 94 holders as of Q1 2026, down from 98 in the previous quarter, while ConocoPhillips saw an increase in hedge fund interest, with 74 holders and a $7.51 billion value in the stock.