Conoco Phillips
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.73%.
Did COP Beat Earnings? Q1 2025 Results
ConocoPhillips kicked off 2025 on a strong note, posting first-quarter adjusted earnings per share of $2.09 against a consensus estimate of $2.05 — a beat of 1.95% — while revenue of $17.10 billion cleared Wall Street's $15.91 billion estimate by 7.48% and surged 24.0% year-over-year. The primary engine behind that volume-driven growth was the Marathon Oil acquisition, completed in late 2024, which pushed total production to 2,389 MBOED, up 487 MBOED from a year ago, more than offsetting a 6% decline in average realized prices to $53.34 per BOE as WTI softened. The company returned $2.50 billion to shareholders in the quarter through buybacks and ordinary dividends, continuing a pattern of <a href="https://247wallst.com/investing/2025/11/06/conocophillips-raises-dividend-8-despite-net-income-sliding-17/">disciplined capital returns</a> even in volatile commodity markets. With an eye toward macro uncertainty, management trimmed full-year capital expenditure guidance to $12.30–$12.60 billion and reduced adjusted operating cost guidance, while leaving production targets intact — a signal of confidence in underlying operational efficiency.
- Production increased 487 MBOED year-over-year to 2,389 MBOED, primarily from Marathon Oil acquisition
- Pro forma underlying production grew 5% (115 MBOED) year-over-year
- Higher volumes partially offset by lower realized prices (average $53.34/BOE vs $56.60/BOE in Q1 2024, a 6% decline)
- Increased DD&A and operating costs partially offset volume-driven gains
- Lower 48 delivered 1,462 MBOED including 816 MBOED from Permian, 379 MBOED from Eagle Ford, 212 MBOED from Bakken
“ConocoPhillips continued to demonstrate strong execution in the first quarter, and we reduced our full-year capital and operating cost guidance. Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders.”
ConocoPhillips CEO, on the earnings call
Forward Guidance & Outlook
Second-quarter 2025 production is expected to be 2.34 to 2.38 MMBOED. Full-year capital expenditures guidance was lowered to $12.3–$12.6 billion from approximately $12.9 billion. Full-year adjusted operating cost guidance was lowered to $10.7–$10.9 billion from $10.9–$11.1 billion. Full-year production guidance remains unchanged. All other guidance remains unchanged and includes the impact from closed dispositions.
COP YoY Financials
Figures from SEC filings and company reports. Not investment advice.