ConocoPhillips has divested non-core assets in the United States Lower 48 including stakes in the Ursa and Europa fields for $1.3 billion year-to-date, according to its quarterly results published Thursday.
These count toward a divestiture goal of $2 billion that the oil and gas major earlier said it expects to complete in the first half of 2025. The completed portion consisted of around $600 million of deals reached at year-end 2024 plus the Ursa and Europa sales, completed this month with a price of about $700 million.
ConocoPhillips sold its 15.96 percent stake in Ursa and 1 percent interest in Europa – located in the Gulf of America – to co-venturer Shell PLC. The assets contributed 8,000 barrels of oil equivalent a day last year to ConocoPhillips’s production, according to its announcement of the agreement February 21, 2025.
For Q1 2025 ConocoPhillips reported $2.85 billion in net profit, up from $2.55 billion for Q1 2024. The increase was driven by higher volumes, which offset lower prices and $2.75 billion in depreciation, depletion and amortization.
Earnings per share adjusted for nonrecurring items landed at $2.09. That beat the $2.06 Zacks Consensus Estimate, which averages projections by brokerage analysts.
Production averaged 2.39 million barrels of oil equivalent a day (MMboed), compared to 1.9 MMboed in Q1 2024. Crude oil production totaled 1.17 million barrels per day (bpd), up from 944,000 bpd in Q1 2024. Natural gas liquids totaled 402,000 bpd, up from 279,000 bpd in Q1 2024. Bitumen also increased from 129,000 bpd in Q1 2024 to 143,000 bpd in Q1 2025. Natural gas rose from 3.3 billion cubic feet a day (Bcfd) to 4.07 Bcfd.
The production growth was partly due to the acquisition of Marathon Oil Corp., completed last November for $22.5 billion. ConocoPhillips also put onstream new wells in the contiguous U.S., Alaska, Australia, Canada, China, Libya, Malaysia and Norway.
ConocoPhillips expects to produce 2.34-2.38 MMboed in Q2, on par with its full-year guidance.
Sales and other operating revenues totaled $16.52 billion, up from $13.85 billion for Q1 2024. The increase was “due to higher volumes of $2,027 million inclusive of sales volumes from our acquisition of Marathon Oil; higher gas, bitumen and NGL realized prices of $539 million and timing of sales as compared to the prior period”, ConocoPhillips said. “The increases in sales and other operating revenue were partly offset by lower crude realized prices of $733 million”.
Operating activities generated $6.12 billion in net cash, up from $4.99 billion for Q1 2024. Cash and cash equivalents at the end of Q1 2025 were $6.31 billion; current assets totaled $16.91 billion. Current liabilities stood at $13.33 billion including $608 million of short-term debt.
ConocoPhillips declared a Q2 2025 ordinary dividend of $0.78 per share, the same as the prior quarter. In Q1 2025 it distributed $2.5 billion to shareholders in the form of share buybacks ($1.5 billion) and ordinary dividends ($1 billion).
“Amid a volatile macro environment, we remain confident in the competitive advantages provided by our differentiated portfolio, strong balance sheet and disciplined capital allocation framework that prioritizes returns on and of capital to shareholders”, said chair and chief executive Ryan Lance.
To contact the author, email jov.onsat@rigzone.com
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