Investing.com -- ConocoPhillips shares edged up in premarket trading on Thursday after the oil producer reported second-quarter adjusted earnings of $3.24 per share, beating analysts’ estimates of $2.85.

The company left its full-year guidance unchanged, tempering the market reaction despite record Permian output and higher realized oil prices.

The earnings gain was underpinned by a 36% rise in the company’s total average realized price, which reached $62.33 per barrel of oil equivalent, compared with $45.77 per barrel in the same period a year earlier.

Second-quarter net earnings were $3.9 billion, or $3.23 per share on a GAAP basis, up from $2.0 billion, or $1.56 per share, a year ago.

Total production was 2,248 thousand barrels of oil equivalent per day (MBOED), a decline of 143 MBOED from the second quarter of 2025.

After adjusting for closed acquisitions and dispositions, output fell 98 MBOED, or 4%, as organic growth from the Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties.

Lower 48 production totaled 1,479 MBOED, including 720 MBOED from the Delaware Basin, 202 MBOED from the Midland Basin, 363 MBOED from Eagle Ford and 189 MBOED from the Bakken.

Chairman and Chief Executive Ryan Lance said the company recorded "exceptional operational performance, record production from our peer-leading Permian position and disciplined execution across the business."

Lance added the company "doubled our quarterly share repurchases, achieved our $5 billion asset disposition target ahead of schedule, secured low cost of supply opportunities in the Middle East, and increased our LNG offtake to 12 MTPA," and remains "on track to achieve our $7 billion free cash flow inflection by 2029."

ConocoPhillips doubled quarterly share repurchases to $2 billion, lifting total shareholder distributions to $3 billion including $1 billion in ordinary dividends.

The company declared a third-quarter ordinary dividend of $0.84 per share, payable Sept. 1, 2026, to stockholders of record as of Aug. 17, 2026.

Cash from operations, excluding working capital changes, totaled $7.2 billion. The company ended the quarter with $8.1 billion in cash and short-term investments and $1.2 billion in long-term investments.

On the strategic front, ConocoPhillips closed the sale of noncore Lower 48 assets for $1.7 billion in July, reaching the company’s $5 billion disposition target ahead of schedule.

The company separately signed an agreement to acquire a 42% interest in a joint venture in the Kirkuk area of northern Iraq, with closing expected by year-end 2026, and reached an agreement for re-entry into Syria to restore and increase production at onshore fields.

Third-quarter 2026 production is expected at 2.29 million to 2.32 million barrels of oil equivalent per day. All full-year guidance items remain unchanged.