COP ConocoPhillips (COP) Q2 FY25 earnings call
ConocoPhillips delivered a strong Q2 FY25, exceeding production guidance and successfully integrating the Marathon Oil acquisition, which has outperformed initial synergy targets. The company is driving significant cost reductions and margin enhancements across the organization, alongside an increased asset disposition target. These strategic initiatives are expected to nearly double the company's free cash flow by 2029, reinforcing its differentiated long-term investment thesis despite a near-term 'choppy' oil macro outlook.
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COP operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | This call Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Production | 2.183M boe/dWe produced 2,183,000 barrels of oil equivalent per day.Source: earnings call transcript | 2.389M boe/dWe produced 2,389,000 barrels of oil equivalent per day, exceeding the high end of our production guidance for the quarter.Source: earnings call transcript | 2.391M boe/dWe produced 2,391,000 barrels of oil equivalent per day, once again exceeding the high end of our production guidance.Source: earnings call transcript | 2.399M boe/dWe produced 2,399,000 barrels of oil equivalent per day, once again exceeding the high end of our production guidance.Source: earnings call transcript | 2.32M boe/dWe produced 2,320,000 barrels of oil equivalent per day, consistent with the midpoint of our production guidance.Source: earnings call transcript | 2.309M boe/dStarting with our first quarter performance, we produced 2,309,000 barrels of oil equivalent per day.Source: earnings call transcript | 2.248M boe/dWe produced 2,248,000 barrels of oil equivalent per day.Source: earnings call transcript | -2.6% |
| Production Lower 48 | 1.308M boe/dNow inclusive of one month of Marathon, Lower 48 produced 1,308,000 barrels of oil equivalent per day.Source: earnings call transcript | 1.462M boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | 1.508M boe/dIn the Lower 48, production averaged 1,508,000 barrels of oil equivalent per day.Source: earnings call transcript | — | — | 1.453M boe/dIn the Lower 48, we produced 1,453,000 barrels of oil equivalent per day, representing 4% year-over-year growth on an underlying basis.Source: earnings call transcript | — | — |
| Production Permian | 833K boe/dAnd by basin, we produced 833,000 in the Permian, 296,000 in Eagle Ford and 151,000 in the Bakken.Source: earnings call transcript | 816K boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | — | — | — | — | 920K boe/dWe hit 920,000 in second quarter, and that was a key driver for our outperformance and just seeing really just strong base and development well performance.Source: earnings call transcript | — |
| Production Eagle Ford | 296K boe/dAnd by basin, we produced 833,000 in the Permian, 296,000 in Eagle Ford and 151,000 in the Bakken.Source: earnings call transcript | 379K boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | — | — | — | — | — | +28% |
| Production Bakken | 151K boe/dAnd by basin, we produced 833,000 in the Permian, 296,000 in Eagle Ford and 151,000 in the Bakken.Source: earnings call transcript | 212K boe/dAnd in Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with 816,000 in the Permian,379,000 in the Eagle Ford and 212,000 in the Bakken.Source: earnings call transcript | — | — | — | — | — | +40.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.