Reported fourth-quarter 2025 earnings per share of $1.17 and adjusted earnings per share of $1.02.
Provided 2026 guidance, including full-year capital expenditures of approximately $12 billion and full-year adjusted operating costs of $10.2 billion.
Declared first-quarter 2026 ordinary dividend of $0.84 per share.
ConocoPhillips reported fourth-quarter 2025 earnings of $1.4 billion, or $1.17 per share, compared with fourth-quarter 2024 earnings of $2.3 billion, or $1.90 per share. Excluding special items, fourth-quarter 2025 adjusted earnings were $1.3 billion, or $1.02 per share, compared with fourth-quarter 2024 adjusted earnings of $2.4 billion, or $1.98 per share. Special items for the quarter primarily relate to a gain on asset sales and restructuring costs.
Full-year 2025 earnings were $8.0 billion, or $6.35 per share, compared with full-year 2024 earnings of $9.2 billion, or $7.81 per share. Excluding special items, full-year 2025 adjusted earnings were $7.7 billion or $6.16 per share, compared with full-year 2024 adjusted earnings of $9.2 billion, or $7.79 per share.
锟紺onocoPhillips 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,锟� said Ryan Lance, chairman and chief executive officer. 锟絃ooking ahead, we锟絩e focused on driving a $1 billion reduction in our capital and costs in 2026, while returning 45% of our CFO to shareholders. Our best-in-class asset base remains a distinct competitive advantage, with the deepest and most capital-efficient Lower 48 inventory and a diverse, global portfolio of advantaged major projects and legacy assets. We are well positioned to deliver an expected $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028.锟�
Full-year summary and recent announcements
Generated cash provided by operating activities of $19.8 billion and cash from operations (CFO) of $19.9 billion.
Distributed $9.0 billion, or 45% of CFO, to shareholders, including $5.0 billion through share repurchases and $4.0 billion through the ordinary dividend.
Ended the year with cash and short-term investments of $7.4 billion and long-term investments of $1.1 billion.
Delivered full-year total company and Lower 48 production of 2,375 thousand barrels of oil equivalent per day (MBOED) and 1,484 MBOED, respectively, both consistent with guidance; reflects 2.5% total company underlying growth.
Completed the integration of Marathon Oil and doubled synergy capture to more than $1 billion on a run-rate basis in 2025; achieved an additional ~$1 billion of one-time benefits.
On track to achieve incremental cost reductions and margin enhancements of more than $1 billion on a run-rate basis by year-end 2026.
Closed $3.2 billion in dispositions in 2025 and on track to meet $5 billion total disposition target by year-end 2026.
Continued to advance Willow project in Alaska and equity LNG projects at North Field East (NFE) and North Field South in Qatar and Port Arthur LNG (PALNG) on the U.S. Gulf Coast; all projects remain on schedule with NFE startup expected in the second half of 2026.
Achieved Lower 48 drilling and completion efficiency improvements of more than 15% year over year.
Advanced commercial LNG strategy by placing initial 5 million tonnes per annum (MTPA) of PALNG Phase 1 offtake; secured additional offtake of 5 MTPA to bring total commercial offtake portfolio to 10 MTPA.
Signed an agreement to extend the Waha Concession in Libya through 2050, with new fiscal terms, subject to normal regulatory approvals.
Achieved first oil at Surmont Pad 104W-A in the fourth quarter, ahead of schedule.
Return of capital update
ConocoPhillips announced its planned 2026 return of capital to shareholders of 45% of CFO. The company declared a first-quarter ordinary dividend of $0.84 per share payable March 2, 2026, to stockholders of record at the close of business on Feb. 18, 2026.
Fourth-quarter review
Production for the fourth quarter of 2025 was 2,320 MBOED, an increase of 137 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, fourth-quarter 2025 production decreased 63 MBOED or 2.6% from the same period a year ago.
Lower 48 delivered production of 1,439 MBOED, including 673 MBOED from the Delaware Basin, 194 MBOED from the Midland Basin, 370 MBOED from the Eagle Ford and 198 MBOED from the Bakken.
Earnings and adjusted earnings decreased from the fourth quarter of 2024 primarily due to the impact of lower prices, partially offset by higher volumes.
The company锟絪 total average realized price was $42.46 per BOE, 19% lower than the $52.37 per BOE realized in the fourth quarter of 2024.
For the fourth quarter, cash provided by operating activities and CFO were $4.3 billion. The company received $1.6 billion of disposition proceeds, funded $3.0 billion of capital expenditures and investments, repurchased $1.0 billion of shares and paid $1.0 billion in ordinary dividends.
Full-year review
Production for 2025 was 2,375 MBOED, an increase of 388 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, production increased 57 MBOED or 2.5% from the same period a year ago.
The company锟絪 total average realized price during this period was $47.01 per BOE, 14% lower than the $54.83 per BOE realized in 2024.
In 2025, cash provided by operating activities was $19.8 billion. Excluding a $0.1 billion change in operating working capital, ConocoPhillips generated CFO of $19.9 billion. In addition, ConocoPhillips received $3.2 billion of disposition proceeds, funded $12.6 billion in capital expenditures and investments, repurchased shares of $5.0 billion, paid $4.0 billion in ordinary dividends and retired debt of $0.7 billion at maturity.
The company achieved 10% return on capital employed, and 10% on a cash-adjusted basis.
Reserves update
2025 year-end proved reserves are 7.6 billion barrels of oil equivalent (BBOE), with a reserves replacement ratio (RRR) of 80%. Excluding closed acquisitions and dispositions, the organic RRR was 99%. The company锟絪 three-year RRR and organic RRR were 145% and 106%, respectively.
Final information related to the company锟絪 2025 oil and gas reserves will be provided in ConocoPhillips锟� Annual Report on Form 10-K, to be filed with the SEC in February.
Outlook
Guidance for 2026 includes capital expenditures of approximately $12 billion and adjusted operating costs of $10.2 billion, consistent with preliminary guidance issued last quarter.
The company锟絪 2026 production guidance is 2.33 to 2.36 million barrels of oil equivalent per day (MMBOED). First-quarter 2026 production is expected to be 2.30 to 2.34 MMBOED, inclusive of weather-related downtime.
Depreciation, depletion and amortization is expected to be $11.7 to $11.9 billion and adjusted corporate and other segment net loss is expected to be approximately $0.9 billion. Guidance excludes special items.
Consistent with its long-term track record, ConocoPhillips expects to return 45% of CFO to shareholders in 2026.
ConocoPhillips will host a conference call today at noon Eastern time to discuss this announcement. To listen to the call and view related presentation materials and supplemental information, go to www.conocophillips.com/investor. A recording and transcript of the call will be posted afterward.