ConocoPhillips reported its financial results for the second quarter of 2025, revealing total revenues of $14.0 billion, a 2.8% increase from $13.6 billion in the same period of 2024. For the first half of 2025, revenues reached $30.5 billion, up from $27.5 billion year-over-year. The company’s net income for the second quarter was $1.97 billion, or $1.56 per share, compared to $2.33 billion, or $1.99 per share, in the prior year. For the six-month period, net income totaled $4.82 billion, down slightly from $4.88 billion in 2024.
The financial performance reflects a significant increase in sales volumes, particularly due to the acquisition of Marathon Oil, which closed in November 2024. However, this was partially offset by lower realized prices for crude oil, bitumen, and natural gas liquids. The company reported production of 2,391 thousand barrels of oil equivalent per day (MBOED) in the second quarter, a 23% increase from the previous year, driven by new wells and the integration of Marathon Oil's assets.
In terms of strategic developments, ConocoPhillips has been actively managing its asset portfolio. The company has completed approximately $1.3 billion in asset sales in the Lower 48 segment and signed an agreement to divest additional assets in the Anadarko Basin for about $1.3 billion, expected to close in the fourth quarter of 2025. The company also secured a nine-year agreement for regasification capacity at the Dunkerque LNG terminal in France, enhancing its access to the European natural gas market.
Operationally, ConocoPhillips employed approximately 11,700 people as of June 30, 2025, and ended the quarter with cash, cash equivalents, and short-term investments totaling $5.7 billion. The company’s total debt decreased to $23.5 billion from $24.3 billion at the end of 2024. The firm continues to focus on maintaining a strong balance sheet while returning capital to shareholders, having distributed $2.2 billion in the second quarter through share repurchases and dividends.
Looking ahead, ConocoPhillips expects third-quarter production to range between 2.33 to 2.37 million barrels of oil equivalent per day, with full-year production guidance remaining unchanged at 2.35 to 2.37 million barrels. The company anticipates ongoing volatility in commodity prices and is committed to a disciplined investment strategy to navigate market conditions while delivering competitive returns to shareholders.
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