- ConocoPhillips reported third-quarter 2025 earnings of 1.38 per share with adjusted earnings of 1.61, driven by strong operational performance. - The company generated 5.9 billion in cash from operating activities and increased its quarterly dividend by 8 to 0.84 per share. - Full-year 2025 production guidance was raised to 2.375 million barrels of oil equivalent per day, with operating costs reduced to 10.6 billion. - Preliminary guidance for 2026 indicates 12 billion in capital expenditures, 10.2 billion in operating costs, and 0 to 2 percent production growth. - Key projects like Willow in Alaska are nearing 50 percent completion with expected first oil in early 2029, and LNG projects are on schedule with 80 percent of capital spent. - The company divested over 3 billion in assets in 2025, including the Anadarko Basin exit, aiming for a 5 billion target by 2026. - In Q3, production increased 4 percent from the previous year, despite lower realized prices, with a total realized price of 46.44 per BOE. - ConocoPhillips remains focused on cost efficiency, asset disposition, and dividend growth while planning for disciplined capital spending and modest growth in 2026.

ConocoPhillips announces third-quarter 2025 results; increases quarterly ordinary dividend by 8% and announces preliminary 2026 guidance

Nov 6, 2025 7:00 AM Eastern Standard Time

Reported third-quarter 2025 earnings per share of $1.38 and adjusted earnings per share of $1.61.
Generated cash provided by operating activities of $5.9 billion and cash from operations (CFO) of $5.4 billion.
Raised ordinary dividend by 8% to $0.84 per share.
Raised full-year 2025 production guidance to 2.375 MMBOED and further reduced operating cost guidance to $10.6 billion.
Announced preliminary 2026 guidance, including $12 billion of capital expenditures, $10.2 billion of adjusted operating costs and 0 to 2% underlying production growth.


HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today reported third-quarter 2025 earnings of $1.7 billion, or $1.38 per share, compared with third-quarter 2024 earnings of $2.1 billion, or $1.76 per share. Excluding special items, third-quarter 2025 adjusted earnings were $2.0 billion, or $1.61 per share, compared with third-quarter 2024 adjusted earnings of $2.1 billion, or $1.78 per share. Special items for the quarter primarily relate to restructuring costs.

"ConocoPhillips again demonstrated strong operational and financial performance in the third quarter, resulting in higher production and reduced operating cost guidance for 2025. We increased our base dividend by 8%, consistent with our goal to provide top quartile dividend growth in the S&P 500,” said Ryan Lance, chairman and chief executive officer. “Looking to 2026, we expect lower capital and operating costs with flat to modest production growth. Willow total project capital is updated to $8.5 to $9 billion, with total LNG project capital reduced to $3.4 billion. Powered by our deep, durable and diverse portfolio, we remain on track to deliver an expected $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028.”

Third-quarter highlights and recent announcementsDelivered total company and Lower 48 production of 2,399 thousand barrels of oil equivalent per day (MBOED) and 1,528 MBOED, respectively.
Exceeded $3 billion in dispositions in 2025 and on track to meet $5 billion disposition target by year-end 2026.
Advanced commercial LNG strategy by signing 20-year sales and purchase agreements at PALNG Phase 2 and Rio Grande LNG Train 5, expected to commence in 2030 and 2031, respectively.
Distributed over $2.2 billion to shareholders, including $1.3 billion through share repurchases and $1.0 billion through the ordinary dividend.
Ended the quarter with cash and short-term investments of $6.6 billion and long-term investments of $1.1 billion.

Quarterly dividend

ConocoPhillips raised the fourth-quarter ordinary dividend by 8% to $0.84 per share, payable Dec. 1, 2025, to stockholders of record at the close of business on Nov. 17, 2025.

Major projects update

At the Willow project in Alaska, the company updated project capital guidance to $8.5 to $9.0 billion, primarily due to general inflation and localized North Slope and marine cost escalation. With Willow nearing 50% completion and the key milestones achieved to date, the company has narrowed expected first oil to early 2029.

ConocoPhillips continues to progress its three equity LNG projects: North Field East (NFE) and North Field South (NFS) in Qatar and PALNG on the U.S. Gulf Coast. The company has reduced its total LNG project capital guidance to $3.4 billion after securing a $0.6 billion credit against Port Arthur capital spending. Taking into account this credit, the company is approximately 80% complete with total LNG project capital. All three projects remain on schedule with first LNG from NFE expected in 2026.

Asset dispositions update

ConocoPhillips has executed dispositions of over $3.0 billion in 2025 and is on track to meet its $5 billion disposition target by year-end 2026. On October 1, 2025, the company closed the disposition of Anadarko Basin assets for $1.3 billion. Additionally, in the fourth quarter of 2025, the sale of certain noncore assets closed or are expected to close for approximately $0.5 billion, subject to customary closing adjustments.

Third-quarter review

Production for the third quarter of 2025 was 2,399 MBOED, an increase of 482 MBOED from the same period a year ago. Adjusting for closed acquisitions and dispositions, third-quarter 2025 production increased 83 MBOED or 4% from the same period a year ago.

Lower 48 delivered production of 1,528 MBOED, including 686 MBOED from the Delaware Basin, 196 MBOED from the Midland Basin, 403 MBOED from the Eagle Ford and 200 MBOED from the Bakken.

Earnings and adjusted earnings decreased from the third quarter of 2024 as the impact of lower prices were partially offset by the benefits of the Marathon Oil acquisition and higher underlying production volumes. The company’s total average realized price was $46.44 per BOE, 14% lower than the $54.18 per BOE realized in the third quarter of 2024.

For the quarter, cash provided by operating activities was $5.9 billion. Excluding a $0.5 billion change in operating working capital, ConocoPhillips generated CFO of $5.4 billion. In addition, ConocoPhillips received $0.3 billion of disposition proceeds from the sale of noncore assets. The company funded $2.9 billion of capital expenditures and investments, repurchased $1.3 billion of shares and paid $1.0 billion in ordinary dividends.

Nine-month review

ConocoPhillips’ nine-month 2025 earnings were $6.5 billion, or $5.18 per share, compared with nine-month 2024 earnings of $6.9 billion, or $5.91 per share. Nine-month 2025 adjusted earnings were $6.5 billion, or $5.12 per share, compared with nine-month 2024 adjusted earnings of $6.8 billion, or $5.80 per share.

Production for the first nine months of 2025 was 2,393 MBOED, an increase of 472 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, production increased 92 MBOED or 4% from the same period a year ago.

The company’s total realized price during this period was $48.49 per BOE, 13% lower than the $55.77 per BOE realized in the first nine months of 2024.

In the first nine months of 2025, cash provided by operating activities was $15.5 billion. Excluding a $0.1 billion change in operating working capital, ConocoPhillips generated CFO of $15.6 billion and received disposition proceeds of $1.6 billion. The company funded $9.5 billion of capital expenditures and investments, repurchased $4.0 billion of shares, paid $3.0 billion in ordinary dividends and retired debt of $0.7 billion at maturity.

Outlook

Fourth-quarter 2025 production is expected to be 2.30 to 2.34 million barrels of oil equivalent per day (MMBOED). Full-year production guidance has been raised to 2.375 MMBOED, compared to prior guidance of 2.35 to 2.37 MMBOED.

Full-year adjusted operating cost guidance is lowered to $10.6 billion versus prior guidance of $10.7 to $10.9 billion.

The company provided preliminary guidance for 2026. Capital expenditures are expected to be approximately $12 billion, down $0.5 billion from the midpoint of 2025 guidance. Adjusted operating costs are expected to be $10.2 billion, down $0.4 billion from 2025 guidance. The company also expects 0 to 2% underlying production growth.

ConocoPhillips will host a conference call today at 12:00 p.m. Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to www.conocophillips.com/investor. A recording and transcript of the call will be posted afterward.

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About ConocoPhillips

As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas. Our deep, durable and diverse portfolio is built to meet growing global energy demands. Together with our high-performing operations and continuously advancing technology, we are well positioned to deliver strong, consistent financial results, now and for decades to come. Visit us at www.conocophillips.com.