Companies /Energy

Conoco Phillips

NYSE: COP Oil & Gas E&p
$134.29
▼ $1.43 (−1.05%) today
Markets closed · 5:17pm ET

Q3 2025 Earnings

Reported Nov 6, 2025, 7:11am ET · SEC source
$1.61
Beat +14.05%
EPS · est. $1.41
$15.5B
Beat +6.11%
Revenue · est. $14.6B
+7.2%
Beating market
COP vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0Nov 6Nov 7report 7:11am ETearnings−2.0%−3.5%
−2%0Nov 6Nov 7earnings−2.0%−3.5%
COP −3.5%S&P 500 −2.0%
−4%−2%0Nov 6Nov 7report 7:11am ETearnings−3.4%−3.5%
−4%−2%0Nov 6Nov 7earnings−3.4%−3.5%
COP −3.5%NASDAQ −3.4%
−2%0+2%Nov 5Nov 14report 7:11am ETearnings−2.0%+2.3%
−2%0+2%Nov 5Nov 14earnings−2.0%+2.3%
COP +2.3%S&P 500 −2.0%
−3%0+3%Nov 5Nov 14report 7:11am ETearnings−4.0%+2.3%
−3%0+3%Nov 5Nov 14earnings−4.0%+2.3%
COP +2.3%NASDAQ −4.0%
−2.33%
Day of report
+1.37%
Next session
+4.39%
One week
+9.07%
30 days

S&P 500 over the same 30 days: +1.90%.

Did COP Beat Earnings? Q3 2025 Results

ConocoPhillips delivered a stronger-than-expected third quarter, posting adjusted earnings of $1.61 per share against a consensus estimate of $1.4116 — a 14.05% beat — while revenue of $15.52 billion topped expectations by 6.11% and surged 19.5% year-over-year. The outperformance was driven largely by the company's Marathon Oil acquisition and 4% organic production growth, which pushed total output to 2,399 MBOED, even as average realized prices fell 14% to $46.44 per BOE. That same earnings story carries a nuanced undertone: <a href="https://247wallst.com/investing/2025/11/06/conocophillips-raises-dividend-8-despite-net-income-sliding-17/">net income slid 17%</a> from a year ago, weighed down by $277 million in transaction and integration costs alongside a higher effective tax rate of 41.0%. Management signaled confidence nonetheless, raising full-year production guidance to 2.375 MMBOED, announcing an 8% dividend increase to $0.84 per share, and returning over $2.20 billion to shareholders in the quarter. Looking further out, ConocoPhillips projected $7 billion in incremental free cash flow by 2029, anchored by Willow and two major LNG projects nearing completion.

Key Takeaways
  • Marathon Oil acquisition contributed to increased production volumes
  • 4% organic production growth year-over-year after adjusting for acquisitions and dispositions
  • Lower realized commodity prices (14% decline to $46.44/BOE vs $54.18/BOE in Q3 2024) pressured earnings
  • Lower 48 production of 1,528 MBOED driven by Delaware Basin (686 MBOED), Eagle Ford (403 MBOED), Bakken (200 MBOED), and Midland Basin (196 MBOED)
  • Reduced operating cost guidance reflecting operational efficiency

“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.”

ConocoPhillips CEO, on the earnings call

Forward Guidance & Outlook

Fourth-quarter 2025 production is expected to be 2.30 to 2.34 MMBOED. Full-year 2025 production guidance raised to 2.375 MMBOED. Full-year 2025 adjusted operating cost guidance lowered to $10.6 billion. Preliminary 2026 guidance includes approximately $12 billion in capital expenditures (down $0.5 billion from 2025 midpoint), $10.2 billion in adjusted operating costs (down $0.4 billion from 2025), and 0-2% underlying production growth. The company expects to deliver $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028. Dispositions on track to meet $5 billion target by year-end 2026.

COP YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$5.0B$10.0B$15.0B$13.0B$15.5BRevenue$2.1B$1.7BNet Income
$0$5.0B$10.0B$15.0BRevenueNet Income

Figures from SEC filings and company reports. Not investment advice.