The earnings call depicted a strong operational and financial performance, highlighted by exceeding production guidance, successful integration of Marathon Oil assets, increased asset sales targets, and significant cost reductions. However, challenges such as deferred tax complexities and a choppy oil market were noted.

Company Guidance

During the second quarter 2025 earnings call, ConocoPhillips provided comprehensive guidance on several key metrics. The company exceeded the high end of its production guidance, achieving 2,391,000 barrels of oil equivalent per day, with Lower 48 production alone averaging 1,508,000 barrels per day. They maintained the midpoint of their full-year production guidance despite the sale of Anadarko Basin assets for $1.3 billion, continuing their strategy of high-grading the asset portfolio. Capital expenditures were slightly down from the previous quarter at $3.3 billion. The company returned $2.2 billion to shareholders, including $1.2 billion in buybacks and $1 billion in dividends, consistent with their goal of distributing about 45% of full-year cash flow from operations (CFO) to shareholders. The asset integration of Marathon Oil was completed, yielding a 25% increase in low-cost supply resource estimates and doubling the initial resource estimate in the Permian. Additionally, ConocoPhillips increased its total asset disposition target to $5 billion, having already exceeded its $2 billion target ahead of schedule. They identified over $1 billion in cost reduction and margin enhancement opportunities, which, along with major projects and a favorable $70 WTI price environment, are expected to drive a $7 billion free cash flow inflection by 2029.

Production Exceeds Guidance

ConocoPhillips produced 2,391,000 barrels of oil equivalent per day in Q2 2025, exceeding the high end of their production guidance. Lower 48 production was 1,508,000 barrels per day, and Alaska and International production averaged 883,000 barrels per day.

Successful Marathon Oil Integration

The integration of Marathon Oil assets is complete, significantly outperforming the acquisition case. ConocoPhillips has identified an additional $1 billion of cost reduction and margin enhancement opportunities, on top of the $1 billion of expected Marathon synergies.

Increased Asset Sales Target

The company exceeded its $2 billion asset sales objective ahead of schedule and raised the total disposition target to $5 billion by the end of 2026.

Strong Financial Performance

In Q2 2025, ConocoPhillips reported adjusted earnings of $1.42 per share and $4.7 billion of cash flow from operations (CFO). The company returned $2.2 billion to shareholders, including $1.2 billion in buybacks and $1 billion in ordinary dividends.

Cost Reductions and Synergies

ConocoPhillips has identified over $2 billion in run rate improvements by the end of 2026, including $1 billion of Marathon synergies and $1 billion in additional cost reductions and margin enhancements.

Conocophillips (COP) Earnings, Revenues Date & History

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COP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	1.43 / -	1.78	―	―	―
Aug 08, 2025	2025 (Q2)	1.35 / 1.42	1.98	-28.28% (-0.56)
May 08, 2025	2025 (Q1)	2.05 / 2.09	2.03	2.96% (+0.06)
Feb 06, 2025	2024 (Q4)	1.84 / 1.98	2.4	-17.50% (-0.42)
Oct 31, 2024	2024 (Q3)	1.67 / 1.78	2.16	-17.59% (-0.38)
Aug 01, 2024	2024 (Q2)	1.96 / 1.98	1.84	7.61% (+0.14)
May 02, 2024	2024 (Q1)	2.04 / 2.03	2.38	-14.71% (-0.35)
Feb 08, 2024	2023 (Q4)	2.09 / 2.40	2.71	-11.44% (-0.31)
Nov 02, 2023	2023 (Q3)	2.12 / 2.16	3.6	-40.00% (-1.44)
Aug 03, 2023	2023 (Q2)	1.93 / 1.84	3.91	-52.94% (-2.07)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

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Missed

COP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 08, 2025	$91.84	$93.14	+1.42%
May 08, 2025	$86.26	$87.35	+1.26%
Feb 06, 2025	$97.76	$97.49	-0.28%
Oct 31, 2024	$99.76	$106.12	+6.38%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.