ConocoPhillips (COP.US) Reports Q3 2025 Adjusted EPS of $1.61, Exceeding Analyst Estimates

ConocoPhillips (COP.US) reported third-quarter 2025 adjusted earnings of $2.0 billion, or $1.61 per share, surpassing analyst EPS estimates of $1.4. This compares to adjusted earnings of $2.1 billion, or $1.78 per share, in the third quarter of 2024. The company's total revenues and other income for Q3 2025 stood at $15.522 billion, compared to $13.604 billion in Q3 2024.

Production and Operating Performance

Third-quarter 2025 production reached 2,399 thousand barrels of oil equivalent per day (MBOED), marking an increase from 1,917 MBOED in the same period a year ago. After adjusting for closed acquisitions and dispositions, third-quarter 2025 production increased by 4% year-over-year. The Lower 48 region contributed significantly with 1,528 MBOED.

The company also achieved over $3.0 billion in dispositions in 2025 and remains on track to meet its $5.0 billion disposition target by year-end 2026. This includes the closure of the Anadarko Basin assets disposition for $1.3 billion and the expected sale of approximately $0.5 billion in noncore assets in Q4 2025.

Management Outlook and Strategic Initiatives

ConocoPhillips has raised its full-year 2025 production guidance to 2.375 MMBOED and further reduced operating cost guidance to $10.6 billion. For 2026, the company provided preliminary guidance including approximately $12.0 billion in capital expenditures, $10.2 billion in adjusted operating costs, and 0 to 2% underlying production growth.

The company increased its ordinary quarterly dividend by 8% to $0.84 per share. Furthermore, ConocoPhillips anticipates delivering $7.0 billion in incremental free cash flow by 2029, with $1.0 billion expected each year from 2026 through 2028. Total LNG project capital guidance has been reduced to $3.4 billion due to a credit secured against Port Arthur capital spending.