ConocoPhillips Reports $17.1 Billion Revenue and $2.85 Billion Net Income in Q1 2025

ConocoPhillips reported a significant increase in financial performance for the first quarter of 2025, with total revenues reaching $17.1 billion, up from $14.5 billion in the same period last year. The company's net income also rose to $2.85 billion, compared to $2.55 billion in the first quarter of 2024, resulting in earnings per share of $2.23, an increase from $2.16 a year earlier. This growth was primarily driven by higher sales volumes and improved prices for natural gas, bitumen, and natural gas liquids, despite a decline in crude oil prices.

The company's operational metrics reflected a strong performance, with total production increasing to 2,389 thousand barrels of oil equivalent per day (MBOED), a 26% rise from the previous year. This increase was attributed to new wells coming online and the integration of assets from the acquisition of Marathon Oil, which was completed in November 2024. Adjusted for acquisitions and dispositions, production still showed a 5% increase year-over-year. ConocoPhillips also reported cash provided by operating activities of $6.1 billion, up from $5.0 billion in the first quarter of 2024.

Strategically, ConocoPhillips has been focused on integrating the Marathon Oil assets into its portfolio, with expectations of achieving over $1 billion in synergies within the first year post-acquisition. The company has also been active in divesting non-core assets, having completed sales totaling approximately $1.3 billion, including $581 million from certain Lower 48 assets in the first quarter. Additionally, ConocoPhillips has made significant investments in capital expenditures, totaling $3.4 billion in the first quarter, primarily directed towards flexible, short-cycle unconventional plays in the Lower 48 segment.

Geographically, ConocoPhillips has expanded its operations, becoming the sole operator of the Kebabangan Cluster in Malaysia and achieving first oil at the Gumusut Phase 4 project. The company employed approximately 11,800 people worldwide as of March 31, 2025, and reported total assets of $124 billion. The company’s financial health remains strong, with cash and cash equivalents totaling $6.3 billion and a total debt of $23.8 billion, down from $24.3 billion at the end of 2024.

Looking ahead, ConocoPhillips anticipates production for the second quarter of 2025 to be between 2.34 and 2.38 million barrels of oil equivalent per day. The company has lowered its full-year capital expenditure guidance to between $12.3 billion and $12.6 billion, reflecting a disciplined approach to investment while maintaining production targets. The ongoing volatility in commodity prices and market conditions will continue to be monitored as the company executes its strategic initiatives and operational plans.