ConocoPhillips has reported net income of $1.4bn, or $1.17 per share, for the fourth quarter of 2025 (Q4 2025), down by 39% from $2.3bn, or $1.90 per share, in the same period the previous year.
On an adjusted basis, earnings for Q4 2025 were $1.3bn, or $1.02 per share, a 46% drop from adjusted earnings of $2.4bn – or $1.98 per share – recorded in Q4 2024.
For the full year 2025, ConocoPhillips posted net income of $8bn, equating to $6.35 per share. This is a 13% decrease from the previous year's figures of $9.2bn, or $7.81 per share.
Adjusted full-year earnings also saw a decline to $7.7bn, or $6.16 per share, down 16% from the $9.2bn, or $7.79 per share, reported in 2024.
ConocoPhillips reported a significant increase in its production figures for the year 2025, which reached 2.38 million barrels of oil equivalent per day (mboe/d), a rise of 388mboe/d from the previous year.
Despite these gains, ConocoPhillips saw a decrease in earnings and adjusted earnings mainly due to lower prices, although this was balanced out somewhat by an increase in volumes.
The average realised price was recorded at $47.01 per barrel of oil equivalent (boe) for the year, a decline from $54.83/boe in 2024.
Financial activities in 2025 included generating $19.8bn from operating activities, with cash from operations (CFO) reaching $19.9bn.
The company distributed $9bn to shareholders, comprising $5bn in share repurchases and $4bn through ordinary dividends.
Q4 2025 featured a production level of 2.32mboe/d, an increase from the same period the previous year despite a decrease of 63mboe/d when accounting for acquisitions and dispositions.
The company's total average realised price during this period was $42.46/boe, significantly lower than Q4 2024's $52.37/boe.
The integration of Marathon Oil has been completed, doubling synergy capture to more than $1bn on a projected basis by 2025.
In terms of cost reduction and margin enhancement targets, ConocoPhillips aims to achieve more than $1bn on a run-rate basis by the end of 2026.
Additionally, in its international operations, ConocoPhillips advanced several key projects including the Willow play in Alaska and equity LNG projects in Qatar and on the US Gulf Coast.
It signed an agreement to extend the Waha Concession in Libya through 2050.
ConocoPhillips chairman and CEO Ryan Lance said: “ConocoPhillips delivered another year of strong performance in 2025, achieving our CFO-based return of capital target and growing our base dividend at a top-quartile S&P 500 rate, in line with our returns-focused value proposition.
“We outperformed our initial production, capital and cost guidance; successfully integrated Marathon Oil, doubling our synergy capture; and made strong progress on our incremental cost reduction and margin enhancement efforts. Looking ahead, we are focused on driving a $1bn reduction in our capital and costs in 2026, while returning 45% of our CFO to shareholders.
“Our best-in-class asset base remains a distinct competitive advantage, with the deepest and most capital-efficient Lower 48 inventory and a diverse, global portfolio of advantaged major projects and legacy assets. We are well-positioned to deliver an expected $7bn in incremental free cash flow by 2029, including $1bn each year from 2026 through 2028.”
