May 09, 2025 [Storage Terminals Magazine]- ConocoPhillips has reported first-quarter 2025 earnings of $2.8 billion, or $2.23 per share, compared to $2.6 billion, or $2.15 per share, in the first quarter of 2024. On an adjusted basis, excluding special items primarily related to asset sales and a contingent matter settlement, the company posted adjusted earnings of $2.7 billion, or $2.09 per share, up from $2.4 billion, or $2.03 per share, in the same quarter last year.

Ryan Lance, chairman and CEO, stated:

“ConocoPhillips continued to demonstrate strong execution in the first quarter, and we reduced our full-year capital and operating cost guidance. Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet, and disciplined capital allocation framework that prioritises returns on and of capital to shareholders.”

First-Quarter 2025 Highlights and Announcements

• Delivered total company production of 2,389 thousand barrels of oil equivalent per day, including 1,462 MBOED from the Lower 48.

• Achieved record drilling performance in the Eagle Ford, leveraging combined operational best practices.

• Completed the largest winter construction season at Willow, reaching several key development milestones.

• Executed $1.3 billion in non-core asset sales in the Lower 48, including $0.6 billion during Q1 and a further $0.7 billion in May from the sale of Ursa and related assets.

• Returned $2.5 billion to shareholders, comprising $1.5 billion in share repurchases and $1.0 billion through dividends.

• Retired $0.5 billion in debt upon maturity.

• Ended the quarter with $7.5 billion in cash and short-term investments, and $1.0 billion in long-term investments.

Dividend Declaration

The company declared a second-quarter ordinary dividend of $0.78 per share, payable on 2 June 2025 to shareholders of record at the close of business on 19 May 2025.

First-Quarter Operational Review

Production for Q1 2025 was 2,389 MBOED, a 487 MBOED increase year-over-year. After adjusting for acquisitions and divestitures, production rose by 5 percent, or 115 MBOED, compared to Q1 2024.

In the Lower 48 region, production included:

• 816 MBOED from the Permian Basin

• 379 MBOED from the Eagle Ford

• 212 MBOED from the Bakken

The rise in earnings was primarily attributed to higher production volumes, partially offset by increased depreciation and operating costs, and a decline in average realised prices. The company’s total average realised price was $53.34 per barrel of oil equivalent, down 6 percent from $56.60 per BOE in Q1 2024.

Cash flow from operations totalled $6.1 billion, including a $0.6 billion change in operating working capital. Excluding this, ConocoPhillips generated $5.5 billion in CFO. The company also realised $0.8 billion in investing working capital changes and received $0.6 billion in proceeds from asset disposals. During the quarter, it funded $3.4 billion in capital expenditures and investments, repurchased $1.5 billion in shares, paid $1.0 billion in dividends, and retired $0.5 billion in debt.

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