The earnings call showcased strong operational performance, successful integration of Marathon Oil, and significant future free cash flow growth. However, there are challenges with working capital and oil market volatility. Overall, the positive aspects heavily outweigh the challenges.

Company Guidance -

Q3 2025

During the ConocoPhillips second quarter 2025 earnings call, the company provided several key metrics and strategic updates. The company exceeded the top end of its production guidance with 2.391 million barrels of oil equivalent per day, including 1.508 million barrels per day from the Lower 48. Despite selling its Anadarko Basin assets for $1.3 billion, ConocoPhillips maintained the midpoint of its full-year production guidance and left its capital spending and operating cost guidance unchanged. The company plans to return about 45% of its full-year CFO to shareholders, consistent with previous guidance. Additionally, ConocoPhillips announced it had raised its asset disposition target to $5 billion, having already exceeded its initial $2 billion target. The company also highlighted synergies from the Marathon Oil acquisition, increasing expected synergies to over $1 billion annually, and identified over $1 billion in additional cost reduction and margin enhancements to be realized by the end of 2026. ConocoPhillips expects a $7 billion free cash flow inflection by 2029, driven by major projects and cost improvements, assuming a $70 per barrel WTI price.

Exceeded Production Guidance

ConocoPhillips exceeded the high end of their production guidance for the second quarter with 2,391,000 barrels of oil equivalent per day.

Successful Marathon Oil Acquisition Integration

The integration of Marathon Oil assets is complete, outperforming the acquisition case with a 25% increase in low-cost supply resource estimates and over $1 billion in synergies expected by year-end.

Increased Asset Disposition Target

ConocoPhillips raised its total asset sales target to $5 billion, achieving over $2.5 billion in dispositions within 9 months, ahead of schedule.

Future Free Cash Flow Growth

The company expects a $7 billion free cash flow inflection by 2029, driven by major projects and cost reductions, potentially doubling current free cash flow consensus.

Cost and Margin Improvement Initiatives

Identified over $1 billion in cost reduction and margin enhancement opportunities to be realized by 2026, on top of existing Marathon synergies.

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.

Beat

Missed

COP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 08, 2025	$92.60	$93.91	+1.41%
May 08, 2025	$86.97	$88.07	+1.26%
Feb 06, 2025	$98.56	$98.30	-0.26%
Oct 31, 2024	$100.59	$106.99	+6.36%

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.