ConocoPhillips Reports Q2 Net Income Decline to $2B, Production Up 3% YoY

ConocoPhillips reported Q2 net income of $2.0 billion, down from $2.3 billion YoY. Adjusted earnings were $1.8 billion, compared to $2.3 billion last year. Total revenues and other income reached $14.74 billion, up from $14.14 billion last year. The company expects Q3 production to be 2.33-2.37 MMBOED, with full-year production expected to be 2.35-2.37 MMBOED. ConocoPhillips declared a third-quarter dividend of $0.78 per share.

ConocoPhillips (COP) reported its second-quarter 2025 earnings on Thursday, with net income of $2.0 billion, down from $2.3 billion in the same period last year. Adjusted earnings were $1.8 billion, compared to $2.3 billion in the second quarter of 2024. Total revenues and other income reached $14.74 billion, up from $14.14 billion in the same period last year.

The company's production guidance for the third quarter was set at 2.33 to 2.37 million barrels of oil equivalent per day (MMBOED), with full-year production expected to be 2.35 to 2.37 MMBOED. ConocoPhillips declared a third-quarter ordinary dividend of $0.78 per share.

The earnings report also highlighted the company's asset integration of Marathon Oil, which is expected to deliver over $1 billion in synergies and more than $1 billion in one-time benefits by the end of 2025. Additionally, ConocoPhillips announced incremental cost reductions and margin enhancements of more than $1 billion anticipated on a run-rate basis by year-end 2026.

The company's 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, 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.

ConocoPhillips' six-month 2025 earnings were $4.8 billion, or $3.79 per share, compared to 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 to six-month 2024 adjusted earnings of $4.7 billion, or $4.02 per share.

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. Cash provided by operating activities was $3.5 billion, and excluding a $1.2 billion change in operating working capital, ConocoPhillips generated CFO of $4.7 billion. The company received $0.7 billion of disposition proceeds from the sale of Ursa and associated assets.

ConocoPhillips 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.

[1] https://finance.yahoo.com/news/conocophillips-q2-earnings-snapshot-111728880.html
[2] https://www.kten.com/conocophillips-q2-earnings-snapshot/article_26266d60-0a4a-55df-9d8e-e2f6e70f877d.html
[3] https://www.trefis.com/articles/571957/better-bet-than-conocophillips-stock-pay-less-to-get-more-from-fang-pr-2/2025-08-07
[4] https://www.marketscreener.com/news/conocophillips-provides-production-guidance-for-the-third-quarter-reaffirms-earning-guidance-for-th-ce7c5edfdd8af323
[5] https://www.conocophillips.com/news-media/story/conocophillips-announces-second-quarter-2025-results-and-quarterly-dividend/