ConocoPhillips has reported second-quarter 2025 earnings of $2.0 billion, or $1.56 per share, compared with second-quarter 2024 earnings of $2.3 billion, or $1.98 per share. Excluding special items, the company’s second-quarter 2025 adjusted earnings were $1.8 billion, or $1.42 per share, versus second-quarter 2024 adjusted earnings of $2.3 billion, or $1.98 per share. Special items for the quarter primarily related to gains on asset sales.
Ryan Lance, chairman and chief executive officer, highlighted the company’s strong performance across financial, operational, and strategic metrics during the second quarter. Lance emphasised the successful completion of Marathon Oil integration, with the company remaining on track to deliver greater than $1 billion in synergies and more than $1 billion in one-time benefits.
The executive outlined additional cost reduction initiatives, noting that ConocoPhillips is leveraging its scale and technologies to drive a further $1 billion-plus in company-wide cost reductions and margin enhancements by the end of 2026. These efforts are designed to strengthen free cash flow generation and enable continued delivery of strong returns on and of capital.
The company delivered total production of 2,391 thousand barrels of oil equivalent per day (MBOED), with Lower 48 production reaching 1,508 MBOED. Lower 48 operations included 845 MBOED from the Permian, 408 MBOED from the Eagle Ford, and 205 MBOED from the Bakken.
ConocoPhillips signed an agreement to divest Anadarko Basin assets for $1.3 billion, subject to customary closing adjustments, with the transaction expected to close at the beginning of the fourth quarter. The company achieved an optimised level of steady-state activity in the Lower 48 following the Marathon Oil asset integration.
The company advanced its global LNG strategy by signing a regasification agreement at the Dunkerque terminal in France and a sales agreement in Asia, both expected to commence operations in 2028. ConocoPhillips also successfully completed planned turnarounds in Norway and Qatar during the quarter.
Production for the second quarter increased by 446 MBOED compared to the same period in 2024. After adjusting for closed acquisitions and dispositions, production increased 72 MBOED, or 3 percent, year-over-year. However, earnings and adjusted earnings decreased from the second quarter of 2024, with higher production volumes more than offset by lower commodity prices, increased depreciation costs, and higher operating expenses.
The company’s total average realised price was $45.77 per BOE, representing a 19 percent decrease from the $56.56 per BOE realised in the second quarter of 2024. Cash provided by operating activities totalled $3.5 billion, with an additional $0.7 billion received from disposition proceeds.
ConocoPhillips distributed $2.2 billion to shareholders during the quarter, including $1.2 billion through share repurchases and $1.0 billion through ordinary dividends. The company ended the quarter with cash and short-term investments of $5.7 billion and long-term investments of $1.1 billion.
The company declared a third-quarter ordinary dividend of $0.78 per share, payable September 2, 2025, to stockholders of record at the close of business on August 18, 2025.
For the first six months of 2025, ConocoPhillips reported earnings of $4.8 billion, or $3.79 per share, compared with $4.9 billion, or $4.14 per share, for the same period in 2024. Six-month production averaged 2,391 MBOED, an increase of 468 MBOED from the prior year, with adjusted production growth of 96 MBOED, or 4 percent, after accounting for acquisitions and dispositions.
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