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ConocoPhillips Tops Q1 Estimates, Cuts Full-Year Spending Amid Volatile Market
ConocoPhillips delivered better-than-expected Q1 2025 results with revenue of $17.1 billion and announced a cut in its capital and operating cost guidance for the year.
ConocoPhillips (NYSE: COP) reported strong first-qua rter 2025 results on Thursday, with adjusted earnings surpassing analyst estimates and the company lowering its full-year capital expenditure and operating cost outlooks.
The Houston-based energy giant posted net income of $2.85 billion, or $2.23 per share. Earnings, adjusted for non-recurring items, came in at $2.09 per share—above the $2.06 average estimate of eight analysts surveyed by Zacks Investment Research.
Revenue for the quarter totaled $17.1 billion, beating Wall Street expectations of $16.54 billion, according to six Zacks analysts.
The company reported total production of 2,389 thousand barrels of oil equivalent per day (MBOED), including 1,462 MBOED from its Lower 48 operations. It also achieved record drilling performance in the Eagle Ford and completed critical milestones during its largest winter construction season at the Willow project.
“ConocoPhillips continued to demonstrate strong execution in the first quarter, and we reduced our full-year capital and operating cost guidance,” said Ryan Lance, chairman and chief executive officer. “Amid a volatile macro environment, we remain confi dent in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders.”
During the first quarter, ConocoPhillips returned $2.5 billion to shareholders—$1.5 billion through share repurchases and $1 billion via dividends. It also retired $500 million in debt upon maturity.
The company now expects second-quarter production to range between 2.34 and 2.38 million barrels of oil equivalent per day (MMBOED).
In response to ongoing market fluctuations, ConocoPhillips revised its full-year capital expenditure guidance downward to between $12.3 billion and $12.6 billion, from the previous forecast of around $12.9 billion. The company also trimmed its full-year adjusted operating cost forecast to $10.7 billion to $10.9 billion, down from the prior $10.9 billion to $11.1 billion.
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