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ConocoPhillips

COP Q4 2025 Earnings

Reported Feb 5, 2026 at 7:43 AM ET · SEC Source

Q4 25 EPS

$1.02

MISS 6.42%

Est. $1.09

Q4 25 Revenue

$14.19B

vs S&P Since Q4 25

+14.8%

BEATING MARKET

COP +19.1% vs S&P +4.3%

Full Year 2025 Results

FY 25 EPS

$6.16

MISS 2.04%

Est. $6.29

FY 25 Revenue

$61.55B

BEAT +2.27%

Est. $60.18B

Market Reaction

Did COP Beat Earnings? Q4 2025 Results

ConocoPhillips delivered a softer-than-expected fourth quarter, with adjusted earnings of $1.02 per share falling short of the $1.09 consensus estimate by 6.42%, as a 19% drop in average realized prices to $42.46 per BOE from $52.37 a year earlier we… Read more ConocoPhillips delivered a softer-than-expected fourth quarter, with adjusted earnings of $1.02 per share falling short of the $1.09 consensus estimate by 6.42%, as a 19% drop in average realized prices to $42.46 per BOE from $52.37 a year earlier weighed heavily on results. Revenue came in at $14.19 billion, essentially flat with estimates but down 0.4% year-over-year, underscoring the toll that weaker commodity prices took on the top line even as production climbed to 2,320 MBOED in the quarter. The price headwind overshadowed meaningful operational progress, particularly the completed Marathon Oil integration, which has already generated more than $1 billion in run-rate synergies, a development that has drawn renewed investor attention despite the headline miss. Looking ahead, ConocoPhillips guided 2026 production at 2.33 to 2.36 MMBOED alongside a targeted $1 billion reduction in capital and costs, while committing to return 45% of cash flow from operations to shareholders and projecting $7 billion in incremental free cash flow by 2029.

Key Takeaways

  • • Lower realized commodity prices (average $42.46/BOE in Q4, down 19% YoY)
  • • Higher production volumes (2,320 MBOED in Q4, up 137 MBOED YoY)
  • • Marathon Oil integration synergies exceeding $1 billion on run-rate basis
  • • Lower 48 drilling and completion efficiency improvements of more than 15% YoY
  • • Full-year 2.5% underlying production growth
24/7 Wall St

COP YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“ConocoPhillips delivered another year of strong performance in 2025, achieving our CFO-based return of capital target and growing our base dividend at a top-quartile S&P 500 rate, in line with our returns-focused value proposition. We outperformed our initial production, capital and cost guidance; successfully integrated Marathon Oil, doubling our synergy capture; and made strong progress on our incremental cost reduction and margin enhancement efforts.”

— Ryan Lance, Q4 2025 Earnings Press Release

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