• Reported second-quarter 2025 earnings per share of $1.56 and adjusted earnings per share of $1.42.
• Generated cash provided by operating activities of $3.5 billion and cash from operations (CFO) of $4.7 billion.
• Declared third-quarter ordinary dividend of $0.78 per share.
• Completed the asset integration of Marathon Oil and remain on track for more than $1 billion of synergies on a run-rate basis by year-end 2025 and over $1 billion of one-time benefits.
• Announced incremental cost reductions and margin enhancements of more than $1 billion anticipated on a run-rate basis by year-end 2026.
• Signed an agreement to sell Anadarko Basin assets for $1.3 billion, expected to close at the beginning of the fourth quarter, exceeding $2 billion disposition target ahead of schedule.
• Increased disposition target to $5 billion by year-end 2026.

ConocoPhillips this week 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, second-quarter 2025 adjusted earnings were $1.8 billion, or $1.42 per share, compared with second-quarter 2024 adjusted earnings of $2.3 billion, or $1.98 per share. Special items for the quarter primarily relate to a gain on asset sales.

“In the second quarter, we delivered strong results financially, operationally and strategically. We completed the integration of Marathon Oil and remain on track to deliver greater than $1 billion in synergies and more than $1 billion of one-time benefits,” said Ryan Lance, chairman and chief executive officer. “And we aren’t stopping there. We are leveraging our 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 strengthen our free cash flow generation, enabling us to continue delivering strong returns on and of capital.”

Second-quarter highlights and recent announcements

• Delivered total company and Lower 48 production of 2,391 thousand barrels of oil equivalent per day (MBOED) and 1,508 MBOED, respectively.
• Signed an agreement to divest Anadarko Basin assets for $1.3 billion, subject to customary closing adjustments and expected to close at the beginning of the fourth quarter.
• Achieved optimized level of steady-state activity in the Lower 48 following the asset integration of Marathon Oil.
• Advanced global LNG strategy by signing a regasification agreement at the Dunkerque terminal in France and a sales agreement in Asia, both expected to begin in 2028.
• Successfully completed planned turnarounds in Norway and Qatar.
• Distributed $2.2 billion to shareholders, including $1.2 billion through share repurchases and $1.0 billion through the ordinary dividend.
• Ended the quarter with cash and short-term investments of $5.7 billion and long-term investments of $1.1 billion.

Quarterly dividend

ConocoPhillips declared a third-quarter ordinary dividend of $0.78 per share payable Sept. 2, 2025, to stockholders of record at the close of business on Aug. 18, 2025.

Second-quarter review

Production for the second quarter of 2025 was 2,391 MBOED, an increase of 446 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, second-quarter 2025 production increased 72 MBOED or 3% from the same period a year ago.

Lower 48 delivered production of 1,508 MBOED, including 845 MBOED from the Permian, 408 MBOED from the Eagle Ford and 205 MBOED from the Bakken.

Earnings and adjusted earnings decreased from the second quarter of 2024. The quarter benefited from higher production volumes, which were more than offset by lower prices, increased depreciation, depletion and amortization costs, and increased operating costs. The company’s total average realized price was $45.77 per BOE, 19% lower than the $56.56 per BOE realized in the second quarter of 2024.

For the quarter, cash provided by operating activities was $3.5 billion. Excluding a $1.2 billion change in operating working capital primarily related to timing of tax payments, ConocoPhillips generated CFO of $4.7 billion. In addition, ConocoPhillips received $0.7 billion of disposition proceeds from the sale of Ursa and associated assets. The company funded $3.3 billion of capital expenditures and investments, repurchased $1.2 billion of shares, paid $1.0 billion in ordinary dividends and retired debt of $0.2 billion at maturity.

Six-month review

ConocoPhillips’ six-month 2025 earnings were $4.8 billion, or $3.79 per share, compared with six-month 2024 earnings of $4.9 billion, or $4.14 per share. Six-month 2025 adjusted earnings were $4.5 billion, or $3.52 per share, compared with six-month 2024 adjusted earnings of $4.7 billion, or $4.02 per share.

Production for the first six months of 2025 was 2,391 MBOED, an increase of 468 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, production increased 96 MBOED or 4% from the same period a year ago.

The company’s total realized price during this period was $49.54 per BOE, 12% lower than the $56.58 per BOE realized in the first six months of 2024.

In the first six months of 2025, cash provided by operating activities was $9.6 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated CFO of $10.2 billion and received disposition proceeds of $1.3 billion. The company funded $6.7 billion of capital expenditures and investments, repurchased $2.7 billion of shares, paid $2.0 billion in ordinary dividends and retired debt of $0.7 billion at maturity.

Outlook

Third-quarter 2025 production is expected to be 2.33 to 2.37 million barrels of oil equivalent per day (MMBOED). Full-year production is expected to be 2.35 to 2.37 MMBOED. The midpoint of full-year production guidance remains unchanged, even after adjusting for announced and closed dispositions.

The full-year effective tax rate is now expected to be in the mid-to-high 30% range, with a full-year deferred tax benefit of approximately $0.5 billion.

KeyFacts Energy: ConocoPhillips US country profile