- Reported first-quarter 2025 earnings per share of $2.23 and adjusted earnings per share of $2.09.
- Generated cash provided by operating activities of $6.1 billion and cash from operations (CFO) of $5.5 billion.
- Lowered both full-year capital expenditures and adjusted operating cost guidance while maintaining full-year production guidance.
- Declared second-quarter ordinary dividend of $0.78 per share.
ConocoPhillips announced (May 8) first-quarter 2025 earnings of $2.8 billion, or $2.23 per share, compared with first-quarter 2024 earnings of $2.6 billion, or $2.15 per share. Excluding special items, first-quarter 2025 adjusted earnings were $2.7 billion, or $2.09 per share, compared with first-quarter 2024 adjusted earnings of $2.4 billion, or $2.03 per share. Special items for the quarter were primarily related to a gain on asset sales and the impact from the settlement of a contingent matter.
'ConocoPhillips continued to demonstrate strong execution in the first quarter, and we reduced our full-year capital and operating cost guidance,' said Ryan Lance, chairman and chief executive officer. '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.'
First-quarter highlights and recent announcements
- Delivered total company and Lower 48 production of 2,389 thousand barrels of oil equivalent per day (MBOED) and 1,462 MBOED, respectively.
- Achieved record Eagle Ford drilling performance from leveraging combined best practices.
- Completed the largest winter construction season at Willow and achieved critical milestones.
- Completed $1.3 billion of noncore Lower 48 asset sales, including $0.6 billion during the quarter and $0.7 billion in May with the close of Ursa and associated assets.
- Distributed $2.5 billion to shareholders, including $1.5 billion through share repurchases and $1.0 billion through the ordinary dividend.
- Retired $0.5 billion of debt at maturity.
- Ended the quarter with cash and short-term investments of $7.5 billion and long-term investments of $1.0 billion.
Quarterly dividend
ConocoPhillips declared a second-quarter ordinary dividend of $0.78 per share payable June 2, 2025, to stockholders of record at the close of business on May 19, 2025.
First-quarter review
Production for the first quarter of 2025 was 2,389 MBOED, an increase of 487 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, first-quarter 2025 production increased 115 MBOED or 5% from the same period a year ago.
Lower 48 delivered production of 1,462 MBOED, including 816 MBOED from the Permian, 379 MBOED from the Eagle Ford and 212 MBOED from the Bakken.
Earnings and adjusted earnings increased from the first quarter of 2024, primarily driven by higher volumes and partially offset by increased depreciation, depletion and amortization and operating costs, as well as lower prices. The company’s total average realized price was $53.34 per BOE, 6% lower than the $56.60 per BOE realized in the first quarter of 2024.
For the quarter, cash provided by operating activities was $6.1 billion. Excluding a $0.6 billion change in operating working capital, ConocoPhillips generated CFO of $5.5 billion. In addition, ConocoPhillips realized a change in investing working capital of $0.8 billion and received $0.6 billion of disposition proceeds from the sale of noncore Lower 48 assets. The company funded $3.4 billion of capital expenditures and investments, repurchased $1.5 billion of shares, paid $1.0 billion in ordinary dividends and retired debt of $0.5 billion at maturity.
Outlook
Second-quarter 2025 production is expected to be 2.34 to 2.38 million barrels of oil equivalent per day (MMBOED).
Full-year capital expenditures guidance is lowered to $12.3 to $12.6 billion versus prior guidance of approximately $12.9 billion. Full-year adjusted operating cost guidance is lowered to $10.7 to $10.9 billion versus prior guidance of $10.9 to $11.1 billion.
All other guidance remains unchanged. Guidance includes the impact from closed dispositions.
Source: ConocoPhillips
