ConocoPhillips (COP) investor relations material

Executive summary

• Q3 2025 production reached 2,399 MBOED, up 25% year-over-year, exceeding guidance and driven by the Marathon Oil acquisition and new wells.

• Adjusted EPS was $1.61 and net income was $1.7B, with cash from operations of $5.4B and free cash flow of $2.5B.

• Quarterly dividend was raised by 8% to $0.84/share, with over $2.2B returned to shareholders in Q3 through dividends and share repurchases.

• More than $3B in asset sales were completed in 2025, with a $5B target by end of 2026 and integration of Marathon Oil on track for $1B in run-rate synergies by year-end 2025.

• Major projects advanced, including Willow (capital estimate $8.5–$9B, first oil expected early 2029) and global LNG (capital reduced by $0.6B, 80% complete).

Financial highlights

• Q3 2025 revenues were $15.0B, with adjusted earnings of $2.0B ($1.61/share) and net income of $1.7B ($1.38/share).

• Cash from operations was $5.4B, free cash flow $2.5B, and cash/short-term investments at quarter-end totaled $6.6B.

• Capital expenditures were $2.9B in Q3 and $9.5B for the first nine months of 2025.

• Over $2.2B returned to shareholders in Q3, including $1.3B in buybacks and $1B in dividends.

• Total debt was $23.5B at quarter-end, with $11.8B in liquidity.

Outlook and guidance

• Full-year 2025 production guidance raised to 2.375 MMBOED; Q4 2025 production expected at 2.30–2.34 MMBOED.

• 2025 adjusted operating cost guidance reduced to $10.6B; 2026 guidance: $12B capex, $10.2B operating costs, 0–2% production growth.

• Free cash flow inflection of $7B expected by 2029, with $1B annually from 2026–2028 and $4B in 2029 as Willow comes online.

• Dividend and capital break-even expected to decline to low $30s WTI by end of decade.

• All other guidance, including capital spending, remains unchanged.