ConocoPhillips Delivers Solid Q2 2025 Results as U.S. Drilling Accelerates Post-Marathon Oil Integration

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.


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๐Ÿ“Š Q2 2025 Highlights

MetricValue
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

โ€œWe completed the integration of Marathon Oil and remain on track to deliver more than $1 billion in run-rate synergies by year-end,โ€
โ€” Ryan Lance, Chairman & CEO


๐Ÿ›ข๏ธ 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.


๐Ÿ› ๏ธ 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.


๐Ÿ“ Wells Drilled by State/Province:

StateWells Drilled
Texas263
North Dakota54
New Mexico53
Alaska28

๐Ÿž๏ธ Top 5 Counties by Wells Drilled:

CountyWells Drilled
Karnes, TX51
DeWitt, TX48
Lea, NM39
Loving, TX36
Upton, TX29

๐Ÿ”ง Top 10 Rigs by Activity:

Contractor and RigWells Drilled
H&P 45020
Nabors X0320
H&P 46419
H&P 38418
H&P 62718
H&P 37217
Nabors X0816
NorAm 2115
H&P 60315
H&P 49415

๐Ÿงญ 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

๐Ÿ“… Full-Year 2025 Outlook

GuidanceValue
Full-Year Production2.35โ€“2.37 MMBOED
Q3 Production2.33โ€“2.37 MMBOED
Effective Tax RateMid-to-high 30%
Deferred Tax Benefit~$0.5B

ConocoPhillips is executing on multiple frontsโ€”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.


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