The Investor
06 Nov 2025, 15:22
ConocoPhillips Q3 2025 Results: Dividend Hike and 2026 Outlook
ConocoPhillips reported third-quarter 2025 earnings of $1.7 billion, or $1.38 per share, compared with $2.1 billion ($1.76 per share) a year earlier. Adjusted earnings were $2.0 billion, or $1.61 per share. The company generated $5.9 billion in operating cash flow and $5.4 billion in cash from operations.
Production rose to 2.399 million barrels of oil equivalent per day (MMBOED), up 482 MBOED year over year, with Lower 48 output reaching 1.528 MMBOED. Average realized price declined 14% to $46.44 per barrel of oil equivalent, reflecting softer commodity prices.
ConocoPhillips raised its ordinary dividend by 8% to $0.84 per share, payable December 1, 2025, and reaffirmed its commitment to top-quartile dividend growth. It distributed $2.2 billion to shareholders during the quarter, including $1.3 billion in share repurchases.
The company lifted its 2025 production guidance to 2.375 MMBOED and cut operating cost guidance to $10.6 billion. It also issued preliminary 2026 guidance: capital expenditures of $12 billion, adjusted operating costs of $10.2 billion, and 0–2% underlying production growth.
At the Willow project in Alaska, total capital guidance was updated to $8.5–$9 billion due to inflation and cost escalation, with first oil expected in early 2029. LNG capital spending was trimmed to $3.4 billion, and all major LNG projects (Qatar NFE/NFS, PALNG) remain on schedule.
ConocoPhillips executed over $3 billion in asset sales in 2025, including the $1.3 billion Anadarko Basin disposition, and remains on track to achieve $5 billion in dispositions by end-2026. CEO Ryan Lance said the company’s diversified portfolio supports its plan to deliver $7 billion in incremental free cash flow by 2029.
ConocoPhillips reported third-quarter 2025 earnings of $1.7 billion, or $1.38 per share, compared with $2.1 billion ($1.76 per share) a year earlier. Adjusted earnings were $2.0 billion, or $1.61 per share. The company generated $5.9 billion in operating cash flow and $5.4 billion in cash from operations.
Production rose to 2.399 million barrels of oil equivalent per day (MMBOED), up 482 MBOED year over year, with Lower 48 output reaching 1.528 MMBOED. Average realized price declined 14% to $46.44 per barrel of oil equivalent, reflecting softer commodity prices.
ConocoPhillips raised its ordinary dividend by 8% to $0.84 per share, payable December 1, 2025, and reaffirmed its commitment to top-quartile dividend growth. It distributed $2.2 billion to shareholders during the quarter, including $1.3 billion in share repurchases.
The company lifted its 2025 production guidance to 2.375 MMBOED and cut operating cost guidance to $10.6 billion. It also issued preliminary 2026 guidance: capital expenditures of $12 billion, adjusted operating costs of $10.2 billion, and 0–2% underlying production growth.
At the Willow project in Alaska, total capital guidance was updated to $8.5–$9 billion due to inflation and cost escalation, with first oil expected in early 2029. LNG capital spending was trimmed to $3.4 billion, and all major LNG projects (Qatar NFE/NFS, PALNG) remain on schedule.
ConocoPhillips executed over $3 billion in asset sales in 2025, including the $1.3 billion Anadarko Basin disposition, and remains on track to achieve $5 billion in dispositions by end-2026. CEO Ryan Lance said the company’s diversified portfolio supports its plan to deliver $7 billion in incremental free cash flow by 2029.
