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Mar 31, 2025
ConocoPhillips Q1 2025 Earnings Report
ConocoPhillips reported strong earnings in Q1 2025, with increased production, lower capital and operating cost guidance, and substantial shareholder returns.
Key Takeaways
ConocoPhillips delivered a solid financial performance in Q1 2025, driven by higher production volumes despite lower realized prices. The company returned $2.5 billion to shareholders and achieved cost efficiency improvements.
Forward Guidance
ConocoPhillips expects Q2 2025 production between 2.34 and 2.38 million BOED and lowered full-year capital and adjusted operating cost guidance while maintaining production targets.
Positive Outlook
- Lowered full-year capital expenditure guidance to $12.3–$12.6B
- Reduced full-year adjusted operating cost guidance to $10.7–$10.9B
- Maintained full-year production guidance
- Strong balance sheet and disciplined capital allocation framework
- Completed noncore asset sales totaling $1.3B
Challenges Ahead
- Lower average realized price ($53.34/BOE) vs. $56.60/BOE in Q1 2024
- Increased depreciation, depletion, and amortization costs
- Rising operating costs in some regions
- Continued macroeconomic volatility
Historical Earnings Impact
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Avg. Return Before/After Earnings
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