ConocoPhillips recorded a decrease of about 13% in its second-quarter 2025 (Q2 2025) earnings at $2bn, or $1.56 per share, compared to the $2.3bn, or $1.98 per share, reported in the same quarter of the previous year.
When excluding special items primarily from asset sales, adjusted earnings stood at $1.8bn, or $1.42 per share, compared to $2.3bn, or $1.98 per share, the previous year.
The US-based oil and gas company achieved total production of 2,391 thousand barrels of oil equivalent per day (MBOED) for the quarter, marking an increase of 446MBOED from the year prior.
In the Lower 48 states, production reached 1,508MBOED with significant contributions from the Permian (845MBOED), Eagle Ford (408MBOED), and Bakken (205MBOED) regions.
ConocoPhillips also announced signing an agreement to divest its Anadarko Basin assets for $1.3bn to Stone Ridge Energy. The transaction is expected to close in early Q 4 2025.
This sale surpasses ConocoPhillips’ target of exceeding $2bn in asset dispositions ahead of schedule.
ConocoPhillips advanced its global liquefied natural gas (LNG) strategy by signing agreements for regasification at France’s Dunkerque terminal and sales in Asia, both set to commence in 2028. The company also completed planned turnarounds in Norway and Qatar.
Cash flow from operating activities amounted to $3.5bn for Q2 2025.
ConocoPhillips completed capital expenditures and investments worth $3.3bn while retiring debt of $200m, at maturity.
ConocoPhillips chairman and CEO Ryan Lance said: “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 $1bn in synergies and more than $1bn of one-time benefits.
“And we aren’t stopping there. We are leveraging our scale and technologies to drive a further $1bn-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.”
Looking ahead, ConocoPhillips expects third-quarter production to range between 2.33 and 2.37 million barrels of oil equivalent per day (MMBOED), with full-year guidance remaining steady at a midpoint range of 2.35 to 2.37MMBOED.
