Q2 25 EPS
$1.42
BEAT +4.57%
Est. $1.36
Q2 25 Revenue
$14.74B
MISS 1.01%
Est. $14.89B
vs S&P Since Q2 25
+21.9%
BEATING MARKET
COP +35.9% vs S&P +14.0%
Market Reaction
Did COP Beat Earnings? Q2 2025 Results
ConocoPhillips delivered a mixed but largely resilient second quarter, posting adjusted earnings per share of $1.42 against a consensus estimate of $1.36, a 4.57% beat, even as revenue of $14.74 billion came in just shy of the $14.89 billion analysts… Read more ConocoPhillips delivered a mixed but largely resilient second quarter, posting adjusted earnings per share of $1.42 against a consensus estimate of $1.36, a 4.57% beat, even as revenue of $14.74 billion came in just shy of the $14.89 billion analysts expected, though still 8.5% higher year-over-year. The EPS outperformance came despite a 19% decline in average realized prices to $45.77 per BOE, a headwind that was partially offset by a significant surge in production to 2,391 MBOED, up 446 MBOED year-over-year, fueled by the completed Marathon Oil acquisition. The integration is tracking well, with more than $1 billion in run-rate synergies targeted by year-end 2025, and the company has continued returning capital to shareholders, distributing $2.20 billion in the quarter alone. ConocoPhillips also raised its divestiture target to $5 billion by year-end 2026 after announcing a $1.30 billion Anadarko Basin asset sale, while guiding full-year 2025 production to 2.35–2.37 MMBOED.
Key Takeaways
- • Higher production volumes from Marathon Oil acquisition integration
- • Lower average realized prices of $45.77 per BOE, down 19% from $56.56 per BOE in Q2 2024
- • Increased depreciation, depletion and amortization costs
- • Increased operating costs
- • Gain on asset sales as a special item
COP YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“In the second quarter, we delivered strong results financially, operationally and strategically. We completed the integration of Marathon Oil and remain on track to deliver greater than $1 billion in synergies and more than $1 billion of one-time benefits.”
— Ryan Lance, Q2 2025 Earnings Press Release
COP Earnings Trends
COP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COP EPS Trend
Earnings per share: estimate vs actual
COP Revenue Trend
Quarterly revenue: estimate vs actual
COP Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.89 | — | $16.05B | -2.14% |
| Q4 25 MISS FY | $1.09 | $1.02 | -6.42% | $14.19B | — |
| FY Full Year | $6.29 | $6.16 | -2.04% | $61.55B | +2.27% |
| Q3 25 BEAT | $1.41 | $1.61 | +14.05% | $15.52B | +6.11% |
| Q2 25 BEAT | $1.36 | $1.42 | +4.57% | $14.74B | -1.01% |
| Q1 25 BEAT | $2.05 | $2.09 | +1.95% | $17.10B | +7.48% |