ConocoPhillips reveals Q1 2025 financial performance and dividend payout

ConocoPhillips recently announced its first-quarter 2025 results, reporting earnings per share of $2.23 and adjusted earnings per share of $2.09. The company generated cash provided by operating activities of $6.1 billion and cash from operations of $5.5 billion. Concurrently, they managed to decrease both full-year capital expenditures and adjusted operating cost guidance while maintaining full-year production guidance. Furthermore, ConocoPhillips declared a second-quarter ordinary dividend of $0.78 per share.

Ryan Lance, the chairman and chief executive officer, expressed satisfaction with the company’s first-quarter performance and emphasized their commitment to reducing full-year capital and operating costs. He highlighted their confidence in the competitive advantages offered by their varied portfolio, robust balance sheet, and disciplined capital allocation framework, which prioritize shareholder returns.

Some of the notable achievements of the first quarter include delivering total company and Lower 48 production of 2,389 thousand barrels of oil equivalent per day (MBOED) and 1,462 MBOED, respectively. Additionally, ConocoPhillips demonstrated record Eagle Ford drilling performance by leveraging combined best practices. The company also reached critical milestones by completing the largest winter construction season at Willow.

During the quarter, ConocoPhillips distributed $2.5 billion to shareholders through a combination of share repurchases and dividends, retired $0.5 billion of debt, and ended the quarter with cash and short-term investments of $7.5 billion.

Regarding production in the first quarter of 2025, ConocoPhillips recorded 2,389 MBOED, up by 487 MBOED from the same period in the previous year. After adjusting for acquisitions and dispositions, production saw an increase of 115 MBOED or 5%. Notably, the Lower 48 delivered production of 1,462 MBOED, with significant contributions from the Permian, Eagle Ford, and Bakken.

Earnings and adjusted earnings for the first quarter of 2025 were higher than the previous year predominantly due to increased volumes, mitigated by higher operating costs and depreciation, as well as lower prices. ConocoPhillips’ total average realized price was $53.34 per barrel of oil equivalent (BOE), a decrease of 6% from $56.60 per BOE in the first quarter of 2024.

Looking ahead, the company anticipates second-quarter 2025 production to range between 2.34 and 2.38 MMBOED, with a reduction in full-year capital expenditures to $12.3 to $12.6 billion, compared to the initial guidance. The full-year adjusted operating cost guidance has also been lowered. Other guidance remains unchanged.

ConocoPhillips will be conducting a conference call to further discuss these results. As a leading global exploration and production company, ConocoPhillips is committed to providing reliable, responsibly produced oil and gas to meet global energy demands effectively.