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ConocoPhillips
ConocoPhillips (COP) investor relations material
ConocoPhillips Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved strong financial and operational execution in 2025, with 2.5% pro forma production growth, significant cost reductions, and successful Marathon Oil integration, doubling synergy capture to over $1B and realizing $1B in one-time benefits.
Distributed $9.0B to shareholders (45% of CFO) via $5.0B in share repurchases and $4.0B in dividends, and increased base dividend at a top-quartile S&P 500 growth rate.
Adjusted EPS for 2025 was $6.16, with cash from operations of $19.9B and free cash flow of $7.3B.
Launched a $1B cost reduction and margin enhancement initiative and advanced major projects expected to drive peer-leading free cash flow growth through the decade.
Sequential and year-over-year adjusted earnings declined in Q4 2025 due to lower prices, partially offset by higher volumes.
Financial highlights
Q4 2025 production was 2.32 million BOE/d, matching guidance midpoint; full-year production was 2,375 MBOED, up 388 MBOED year-over-year, with underlying growth of 2.5%.
Adjusted EPS for Q4 2025 was $1.02; CFO was $4.3B; Q4 capital expenditures were $3B, totaling $12.6B for the year.
Returned $2.1B to shareholders in Q4 ($1B buybacks, $1B dividends); full-year return of capital was $9B (45% of CFO).
Ended 2025 with $7.4B in cash and short-term investments, and $1.1B in long-term investments; net debt improved by ~$2B versus year-end 2024.
Closed over $3B in asset sales in 2025, with $1.6B proceeds in Q4; paid down $900M in debt and increased cash balances by $1B.
Outlook and guidance
2026 capital expenditure guidance is ~$12B, down $600M year-over-year; operating cost guidance is $10.2B, down $400M.
2026 production guidance: 2.33–2.36 MMBOED; Q1 2026 expected at 2.30–2.34 MMBOED, including weather-related downtime.
Targeting a $1B combined reduction in capital spending and operating costs in 2026 while growing underlying production.
Plan to return 45% of 2026 CFO to shareholders and continue top-quartile dividend growth.
Expect ~$7B FCF improvement by 2029, with $1B annual improvement from 2026–2028 and $4B from Willow in 2029.
Breakdown 2026 cost reduction and synergy targets
Detail 2026 shareholder return allocation
Assess 2025 organic reserve replacement ratio
FCF breakeven path to low $30s by 2030
Lower 48 D&C efficiency gains and impact
International infrastructure-led growth strategy
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Next ConocoPhillips earnings date
Q1 20267 May, 2026
ConocoPhillips
Next ConocoPhillips earnings date
Q1 20267 May, 2026
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Frequently asked questions
The E&P Beast
Currently one of the largest exploration and production (E&P) companies, they explore, produce, transport, and market crude oil worldwide. ConocoPhillips has operations in 13 countries and employs over 9,400 people.
Focusing on profitable projects during rough times
As the last decade has been quite tough for companies in the oil and gas industry, ConocoPhillips has been divesting its asset portfolio and hence lowered its break-even point. By focusing on their most profitable projects and jettisoning the more costly ones, they have exited the expensive and high-risk business of deepwater drilling.
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