ConocoPhillips (NYSE: COP) released its Q2 2025 results, highlighting strategic execution, strong cash generation, and accelerating drilling activity across its U.S. shale portfolio following the Marathon Oil acquisition.
Texas Oil & Gas Operator Account Directory – $10
đź“Š Q2 2025 Highlights
Metric Value Net Income $2.0 billion Adjusted EPS $1.42 CFO (ex-WC) $4.7 billion Capex $3.3 billion Shareholder Returns $2.2 billion Q3 Dividend Declared $0.78/share
“We completed the integration of Marathon Oil and remain on track to deliver more than $1 billion in run-rate synergies by year-end,”
— Ryan Lance, Chairman & CEO
🛢️ Production Growth in the Lower 48
ConocoPhillips reported Q2 2025 production of 2,391 MBOED, up 446 MBOED YoY, with steady growth across key U.S. shale regions:
- Lower 48: 1,508 MBOED
- Permian: 845 MBOED
- Eagle Ford: 408 MBOED
- Bakken: 205 MBOED
Despite a 19% YoY decline in average realized prices ($45.77/BOE), the company maintained strong operating leverage and free cash flow.
🛠️ Wells Drilled YTD 2025: Snapshot of ConocoPhillips Activity
So far in 2025, ConocoPhillips has drilled 398 wells across the U.S., focused heavily in the Permian and Eagle Ford.
đź“Ť Wells Drilled by State/Province:
State Wells Drilled Texas 263 North Dakota 54 New Mexico 53 Alaska 28
🏞️ Top 5 Counties by Wells Drilled:
County Wells Drilled Karnes, TX 51 DeWitt, TX 48 Lea, NM 39 Loving, TX 36 Upton, TX 29
🔧 Top 10 Rigs by Activity:
Contractor and Rig Wells Drilled H&P 450 20 Nabors X03 20 H&P 464 19 H&P 384 18 H&P 627 18 H&P 372 17 Nabors X08 16 NorAm 21 15 H&P 603 15 H&P 494 15
🧠Strategic Positioning: LNG, Divestitures & Synergies
ConocoPhillips continues to optimize its global footprint:
- Signed LNG agreements in France (Dunkerque regasification) and Asia, starting 2028
- Announced sale of Anadarko Basin assets for $1.3B, raising 2026 disposition target to $5B
- Achieving >$1B in expected run-rate synergies and one-time benefits from the Marathon Oil integration
đź“… Full-Year 2025 Outlook
Guidance Value Full-Year Production 2.35–2.37 MMBOED Q3 Production 2.33–2.37 MMBOED Effective Tax Rate Mid-to-high 30% Deferred Tax Benefit ~$0.5B
ConocoPhillips is executing on multiple fronts—growing shale output, rationalizing its portfolio, and returning billions to shareholders. With high-performing rigs and disciplined capital allocation, the company is poised to maintain momentum into 2026.
