ConocoPhillips (COP) Q4 2025 Financial Results Summary

ConocoPhillips (COP) Q4 2025 Financial Results Summary

HOUSTON—Feb. 5, 2026—ConocoPhillips (NYSE: COP) today reported its financial results for the fourth quarter and full year of 2025, along with guidance for 2026 and the declaration of a quarterly dividend.

Fourth-Quarter 2025 Financial Highlights

• Earnings:
• Reported earnings of $1.4 billion, or $1.17 per share, down from $2.3 billion, or $1.90 per share in Q4 2024. This represents a decrease of 38.5% in earnings per share (EPS).

• Adjusted earnings were $1.3 billion or $1.02 per share, compared to $2.4 billion or $1.98 per share in Q4 2024, reflecting a 48.9% decrease.

• Production:

• Total production was 2,320 thousand barrels of oil equivalent per day (MBOED), which is an increase of 137 MBOED compared to Q4 2024.

• Adjusted for acquisitions and dispositions, production decreased 2.6% from the same quarter the previous year.

• Cash Flow:

• Cash provided by operating activities was $4.3 billion.

• Cash from operations (CFO) for the quarter amounted to $4.3 billion, aligning with cash provided by operating activities.

• Dividends and Share Repurchase:

• Declared a first-quarter 2026 ordinary dividend of $0.84 per share, payable on March 2, 2026.
• Share repurchases during the quarter were $1.0 billion.

Full-Year 2025 Performance Summary

• Earnings:
• Full-year earnings totaled $8.0 billion, or $6.35 per share, down from $9.2 billion or $7.81 per share in 2024, indicating a 19% decrease in EPS.

• Full-year adjusted earnings were $7.7 billion, or $6.16 per share, compared to $9.2 billion, or $7.79 per share in 2024, for a 20.2% decrease.

• Production:

• Full-year total production of 2,375 MBOED, an increase of 388 MBOED (or 19.5%) versus 2024.

• After adjusting for impacts from closed acquisitions and dispositions, production increased by 2.5% year-over-year.

• Operating Metrics:

• Cash provided by operating activities for the year was $19.8 billion.
• Total capital expenditures stood at $12.6 billion.

• The firm repurchased $5.0 billion of shares and paid out $4.0 billion in dividends.

• Financial Position:

• Ending cash and short-term investments were $7.4 billion, with long-term investments at $1.1 billion.

Additional Highlights

• Return on Capital:

• The return on capital employed for the year was 10%.

• Guidance for 2026:

• Anticipates capital expenditures of approximately $12 billion and adjusted operating costs of $10.2 billion.

• Plans to return 45% of CFO to shareholders in 2026.

• Project Updates:

• Continued advancement on the Willow project in Alaska and various LNG projects in Qatar and Port Arthur, which remain on schedule.

• Improved drilling and completion efficiency in the Lower 48 by over 15% year-over-year.

• Reserve Metrics:

• Ended 2025 with proved reserves of 7.6 billion barrels of oil equivalent (BBOE).
• Achieved a reserves replacement ratio (RRR) of 80%, with an organic RRR of 99%.

Overall, ConocoPhillips showed resilience amidst a challenging market environment, successfully managing its operations and maintaining a strong capital return strategy while navigating through share repurchases and maintaining dividend payouts.

Table 1: CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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Table 2: CONDENSED CONSOLIDATED BALANCE SHEETS

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