ConocoPhillips demonstrated strong operational performance and cost reduction achievements in the first quarter, while successfully integrating Marathon Oil and returning significant capital to shareholders. However, the company faces challenges from a volatile macro environment, higher cash tax rates, and reduced APLNG distributions. Despite these challenges, the company's strong portfolio and execution capabilities provide resilience.

Company Guidance

During the ConocoPhillips First Quarter 2025 Earnings Conference Call, the company provided updated guidance reflecting a focus on capital efficiency and cost reduction. ConocoPhillips announced a $0.5 billion reduction in capital spending and a $200 million decrease in operating costs, while maintaining their production guidance. The company generated $2.5 billion in shareholder returns for the quarter, representing 45% of its cash flow from operations (CFO), aligning with their long-term distribution framework. The first quarter saw production of 2.389 million barrels of oil equivalent per day, with significant contributions from the Permian, Eagle Ford, and Bakken regions. For full-year 2025, capital expenditures are projected to be between $12.3 billion and $12.6 billion, down from the prior guidance of approximately $12.9 billion. Additionally, the company anticipates full-year adjusted operating costs to range between $10.7 billion and $10.9 billion. The call also noted a change in leadership, with Bill Bullock retiring and Andy O'Brien stepping in as Chief Financial Officer.

Strong Production Performance

ConocoPhillips produced 2.389 million barrels of oil equivalent per day, exceeding the high end of their production guidance for the quarter. Lower 48 production averaged 1.462 million barrels per day.

Cost Reduction Achievements

The company announced a $0.5 billion reduction in capital spending and a $200 million reduction in operating costs, maintaining production guidance unchanged.

Successful Integration of Marathon Oil

The integration of Marathon Oil is progressing ahead of schedule, with additional opportunities to enhance capital efficiency and reduce costs being identified.

Significant Return of Capital to Shareholders

ConocoPhillips returned $2.5 billion to shareholders in the first quarter, including $1.5 billion in buybacks and $1 billion in ordinary dividends, representing 45% of CFO returned in the quarter.

Operational Milestones Achieved at Willow

The largest winter construction season at Willow was completed, achieving critical milestones and ensuring the project remains on track for first oil in 2029.

Conocophillips (DE:YCP) Earnings, Revenues Date & History

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DE:YCP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 31, 2025	2025 (Q2)	1.21 / -	1.753	―	―	―
May 08, 2025	2025 (Q1)	1.82 / 1.85	1.797	2.96% (+0.05)
Feb 06, 2025	2024 (Q4)	1.63 / 1.75	2.125	-17.50% (-0.37)
Oct 31, 2024	2024 (Q3)	1.48 / 1.58	1.913	-17.59% (-0.34)
Aug 01, 2024	2024 (Q2)	1.74 / 1.75	1.629	7.61% (+0.12)
May 02, 2024	2024 (Q1)	1.81 / 1.80	2.107	-14.71% (-0.31)
Feb 08, 2024	2023 (Q4)	1.85 / 2.13	2.4	-11.44% (-0.27)
Nov 02, 2023	2023 (Q3)	1.87 / 1.91	3.188	-40.00% (-1.28)
Aug 03, 2023	2023 (Q2)	1.71 / 1.63	3.462	-52.94% (-1.83)
May 04, 2023	2023 (Q1)	1.82 / 2.11	2.895	-27.22% (-0.79)

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

DE:YCP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 08, 2025	€76.75	€79.95	+4.17%
Feb 06, 2025	€94.49	€94.50	<+0.01%
Oct 31, 2024	€92.45	€98.76	+6.83%
Aug 01, 2024	€100.20	€98.28	-1.92%

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.