ConocoPhillips (COP) Q3 2025 Financial Results Summary

Houston—Nov. 6, 2025—ConocoPhillips (NYSE: COP) today reported its third-quarter 2025 financial results. Below is a summary of key metrics and announcements from the report.

Financial Performance Highlights

• Earnings:
• Reported earnings were $1.7 billion, or $1.38 per share. This reflects a decrease of 21.6% in earnings per share compared to $2.1 billion, or $1.76 per share in Q3 2024.
• Adjusted earnings for Q3 2025 were $2.0 billion, or $1.61 per share, compared to $2.1 billion, or $1.78 per share in the same quarter a year ago, showing a decrease of 9.6% in adjusted earnings per share.
• Cash Flow:
• Generated cash provided by operating activities of $5.9 billion.
• Cash from operations (CFO) stood at $5.4 billion, after excluding a $0.5 billion change in operating working capital.
• Dividends:
• Raised the ordinary dividend by 8% to $0.84 per share, payable on Dec. 1, 2025, to stockholders of record on Nov. 17, 2025.
• Share Repurchases:
• Distributed over $2.2 billion to shareholders, including $1.3 billion through share repurchases.

Production Metrics

• Total company production was 2,399 thousand barrels of oil equivalent per day (MBOED), representing an increase of 482 MBOED or 25.1% from 1,917 MBOED in Q3 2024.
• For the Lower 48 region, production was 1,528 MBOED, with significant contributions from:
• Delaware Basin: 686 MBOED
• Midland Basin: 196 MBOED
• Eagle Ford: 403 MBOED
• Bakken: 200 MBOED

Cost Efficiency and Guidance

• Operating Costs:
• Adjusted operating costs are projected to be $10.6 billion for the full year 2025, a reduction from previous guidance of $10.7 to $10.9 billion.
• Production Guidance:
• Raised full-year 2025 production guidance to 2.375 million BOED from an earlier forecast of 2.35 to 2.37 MMBOED.
• Preliminary guidance for 2026 anticipates $12 billion in capital expenditures and adjusted operating costs of $10.2 billion. Expected underlying production growth is estimated at 0 to 2%.

Major Developments and Project Updates

• Projects:
• The capital guidance for the Willow project in Alaska has been updated to $8.5 to $9.0 billion due to general inflation and cost escalation.
• The company is advancing its LNG strategy, signing long-term sales and purchase agreements for projects commencing in 2030 and 2031.
• Asset Dispositions:
• Executed dispositions exceeding $3 billion in 2025 and remains on track to meet a target of $5 billion in dispositions by year-end 2026.

Nine-Month Review

• For the first nine months of 2025:
• Total earnings were $6.5 billion, or $5.18 per share, compared to $6.9 billion, or $5.91 per share during the same period in 2024, representing a decrease of 12.4% in earnings per share.
• The production for the period averaged 2,393 MBOED, an increase of 472 MBOED or 24.5% from 1,921 MBOED in the first nine months of 2024.
• The total average realized price during this period was $48.49 per BOE, 13% lower than $55.77 per BOE in the same period last year.

Summary

ConocoPhillips’ third-quarter results highlight solid performance despite a decrease in earnings per share year-over-year due to market conditions. The company is committed to returning capital to shareholders, evidenced by a raised dividend and share repurchases, while maintaining strong operational production and strategic investments in long-term projects.