ConocoPhillips shares are trading slightly lower on Thursday after the company reported third-quarter FY25 earnings surpassing the consensus estimate.

Details

The company reported earnings of $1.7 billion, or $1.38 per share, compared with $2.1 billion, or $1.76 per share, in the same quarter last year.

Adjusted EPS totaled $1.61, beating the consensus estimate of $1.44.

Earnings declined year over year (Y/Y) due to lower prices in the quarter.

Revenue for the quarter was $15.52 billion, above the expected $14.72 billion.

Also Read: ConocoPhillips Gears Up For Q3 Print; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts

Production Details

Total production for the quarter rose to 2,399 thousand barrels of oil equivalent per day (MBOED), an increase of 482 MBOED from a year ago. After adjusting for closed acquisitions and dispositions, production increased by 83 MBOED, or 4%.

Lower 48 production reached 1,528 MBOED, comprising 686 MBOED from the Delaware Basin, 196 MBOED from the Midland Basin, 403 MBOED from the Eagle Ford, and 200 MBOED from the Bakken.

The company reported a total average realized price of $46.44 per barrel of oil equivalent (BOE) in the quarter, down 14% Y/Y.

Shareholders Appreciation & Asset Sales

ConocoPhillips ( COP ) increased its fourth-quarter regular dividend by 8% to $0.84 per share, payable on December 1, 2025, to shareholders of record as of November 17, 2025.

The company spent $2.9 billion on capital investments, repurchased $1.3 billion in shares, and paid $1.0 billion in dividends.

Cost Savings

ConocoPhillips ( COP ) has sold over $3 billion in assets in 2025 and aims to dispose of $5 billion in assets by 2026.

On October 1, 2025, the company completed the $1.3 billion sale of its Anadarko Basin assets and expects about $0.5 billion from additional noncore asset sales in the fourth quarter.

Cash Flow & Capex Progress

Cash provided by operating activities was $5.9 billion. Excluding a $0.5 billion change in operating working capital, cash from operations totaled $5.4 billion.

It ended the quarter with $6.6 billion in cash and short-term investments and $1.1 billion in long-term investments.

Projects Update

ConocoPhillips ( COP ) revised Willow project capital guidance to $8.5 billion–$9.0 billion, citing inflation and higher North Slope and marine costs. With construction nearly 50% complete, first oil is now expected in early 2029.

The company also cut total LNG project capital guidance to $3.4 billion after a $0.6 billion credit for Port Arthur, with about 80% of spending complete across its NFE, NFS, and PALNG projects.

All projects are on track, with the first LNG from NFE slated for 2026.

Outlook 

ConocoPhillips ( COP ) now expects fourth-quarter production between 2.30 million and 2.34 million BOE per day.

The company revised its 2025 production outlook to 2.375 MMBOED, compared to prior guidance of 2.35 to 2.37 MMBOED.

Price Action: COP shares are down 0.11% at $87.60 at the last check on Thursday.

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