ConocoPhillips on Thursday reported $2.01 billion in net income adjusted for nonrecurring items for the third quarter, down from $2.08 billion for the same three-month period last year on lower prices.
The New York-listed company’s adjusted earnings per share of $1.61 beat the Zacks Consensus Estimate of $1.4.
Net profit before adjustment was $1.73 billion, or $1.38 per share, down from $2.06 billion for Q3 2024.
ConocoPhillips raised its base dividend by eight percent to $0.84 per share.
The fall in prices was partially offset by “the benefits of the Marathon Oil acquisition and higher underlying production volumes”, the Houston, Texas-based global explorer and producer said in a statement on its website.
ConocoPhillips completed its $22.5-billion takeover of Marathon Oil in the fourth quarter of 2024, expanding its footprint in the Delaware Basin and the Bakken and Eagle Ford shales.
Q3 2025 net production averaged 2.4 million barrels of oil equivalent a day (MMboed), with the United States Lower 48 contributing 1.53 MMboed. Total net production rose from 1.92 MMboed in Q3 2024, while Lower 48 production increased from 1.15 MMboed.
Q3 2025 crude oil production averaged 1.15 million barrels per day (MMbpd). Bitumen averaged 123,000 bpd. Natural gas production averaged 4.17 billion cubic feet a day. Natural gas liquids averaged 436,000 bpd
“Adjusting for closed acquisitions and dispositions, third-quarter 2025 production increased 83 MBOED [thousand boed] or four percent from the same period a year ago”, ConocoPhillips said.
It bumped up its full-year production guidance from 2.35-2.37 MMboed to 2.375 MMboed.
Sales and other operating revenues totaled $15.03 billion, up from $13.04 billion for Q3 2024. Operating activities generated $5.9 billion in cash.
ConocoPhillips said it has divested over $3 billion worth of assets so far this year, toward a goal of $5 billion by yearend. It said it had received $300 million in proceeds from the sale of non-core assets in the third quarter, as well as completed a $1.3-billion sale of Anadarko Basin assets last month.
ConocoPhillips had $5.26 billion in cash and cash equivalents and $996 million in short-term investments at the end of Q3 2025.
It owed $1.02 billion in short-term debt and $1.94 billion in accrued taxes.
“Looking to 2026, we expect lower capital and operating costs with flat to modest production growth”, said chair and chief executive Ryan Lance. “Willow total project capital is updated to $8.5 to $9 billion, with total LNG project capital reduced to $3.4 billion.
“Powered by our deep, durable and diverse portfolio, we remain on track to deliver an expected $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028”.
To contact the author, email jov.onsat@rigzone.com
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