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ConocoPhillips (COP) FY2025 results: revenue $58.9 billion, up 7.7% on the year

ConocoPhillips (COP) reported revenue of $58.9 billion for fiscal 2025, the year ended 31 December 2025, up 7.7% on the year before. Net income was $8.0 billion, down 13.6%, and diluted earnings per share $6.35. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$58.9 billion
+7.7% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$8.0 billion
-13.6% on the year
FY2018FY2025
Diluted EPS
$6.35
-18.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 lowered, 5 new, 6 kept.

  • Fourth-quarter adjusted EPS fell to $1.02: Fourth-quarter earnings were $1.4 billion, or $1.17 per share, against $2.3 billion, or $1.90, a year earlier. Special items were mainly a gain on asset sales and restructuring costs.
  • Full-year production in line with guidance: Full-year 2025 production reached 2,375 MBOED, up 388 MBOED reported and 2.5% on an underlying basis. Total and Lower 48 production were both consistent with guidance.
  • Realized price down 19% in quarter: Total average realized price was $42.46 per BOE, 19% below the fourth quarter of 2024. The full-year average was $47.01 per BOE, 14% lower than 2024.
  • PALNG commercial offtake reaches 10 MTPA: Initial 5 MTPA of PALNG Phase 1 offtake was placed and a further 5 MTPA secured, bringing the commercial offtake portfolio to 10 MTPA.
  • 2026 operating cost guidance held: Adjusted operating costs for 2026 are guided at $10.2 billion, consistent with the preliminary figure given last quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

ConocoPhillips is an independent exploration and production company headquartered in Houston, with operations and activities in 14 countries. It explores for, produces, transports and markets crude oil, bitumen, natural gas, NGLs and LNG, and at the end of 2025 was producing in the United States, Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea. Total company production for 2025 was 2,375 MBOED, and it employed about 9,900 people. Net proved reserves at the end of 2025 were 3,424 million barrels of crude oil, 1,225 million barrels of NGLs, 2,586 million barrels of oil equivalent of natural gas and 402 million barrels of bitumen. The company was incorporated in Delaware in 2001 for the merger of Conoco and Phillips Petroleum, completed on 30 August 2002, and separated its downstream business as Phillips 66 in April 2012. Operations run through five segments, each a geography: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, and Asia Pacific.

ConocoPhillips, the 10-K for 2025

ConocoPhillips is an independent exploration and production company headquartered in Houston, with operations and activities in 14 countries. It explores for, produces, transports and markets crude oil, bitumen, natural gas, NGLs and LNG, and at the end of 2025 was producing in the United States, Norway, Canada, Australia, Malaysia, Libya, China, Qatar and Equatorial Guinea. Total company production for 2025 was 2,375 MBOED, and it employed about 9,900 people. Net proved reserves at the end of 2025 were 3,424 million barrels of crude oil, 1,225 million barrels of NGLs, 2,586 million barrels of oil equivalent of natural gas and 402 million barrels of bitumen. The company was incorporated in Delaware in 2001 for the merger of Conoco and Phillips Petroleum, completed on 30 August 2002, and separated its downstream business as Phillips 66 in April 2012. Operations run through five segments, each a geography: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, and Asia Pacific.

Lower 48

The Lower 48 is the largest segment, contributing 67 percent of consolidated liquids production and 74 percent of consolidated natural gas production in 2025. Most of the acreage is unconventional, short cycle time and resource-rich. The Delaware Basin produced 661 MBOED, the Eagle Ford 390, the Bakken 204 and the Midland Basin 192, for a segment total of 1,484 MBOED.

Alaska and the Willow project

Alaska contributed 12 percent of consolidated liquids production and one percent of consolidated natural gas production, at 199 MBOED. The Greater Prudhoe Area, in which the company holds 36.5 percent and Hilcorp is operator, produced 85 MBOED, the ConocoPhillips-operated Greater Kuparuk Area produced 75 MBOED and the wholly owned Western North Slope 39 MBOED. About one million net undeveloped acres of state, federal and fee exploration leases sat in the state at the end of 2025. The Willow project, inside the Bear Tooth Unit on the Western North Slope, reached a final investment decision announced in December 2023, and the filing describes three drill sites, an operations center and camp, and a processing facility. The company reports that 2025 completed the peak construction season, covering gravel and pipeline construction and operations center hookup, that fabrication of the processing facility is on schedule for transport to the North Slope in 2027, and that first oil is anticipated in early 2029.

Canada

Canada produced 177 MBOED in 2025. Surmont, a wholly owned oil sands asset south of Fort McMurray in Alberta, produced 133 MBOED of bitumen, recovered by steam-assisted gravity drainage. Drilling of Pad 104W-B began in the third quarter of 2025 and first production from Pad 104W-A came in the fourth. Montney, also wholly owned, produced 44 MBOED.

Europe, Middle East and North Africa

The segment covers the Norwegian sector of the North Sea, the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the United Kingdom, and contributed eight percent of consolidated liquids production and 18 percent of consolidated natural gas production. Norway produced 121 MBOED, of which the Greater Ekofisk Area, five producing fields offshore Stavanger, gave 54 MBOED; crude oil from there is exported to the company's own terminal at Teesside in the United Kingdom and the natural gas to Emden in Germany. The other Norwegian fields are operated by Equinor and Aker BP. In Qatar the company holds 30 percent of QatarEnergy LNG N(3), an integrated development alongside QatarEnergy at 68.5 percent and Mitsui at 1.5 percent, which produces about 1.4 gross Bcf per day of natural gas from the North Field over a 25-year life and runs a 7.8 million gross tonnes per year LNG facility, and which contributed 82 MBOED.

Asia Pacific

The segment has exploration and production operations in China, Malaysia and Australia and commercial operations in China, Singapore and Japan, contributing four percent of consolidated liquids production and two percent of consolidated natural gas production. The Australian position is a 47.5 percent interest in Australia Pacific LNG, a joint venture with Origin Energy and China Petrochemical Corporation, which produced 833 MMCFD of natural gas, or 139 MBOED.

From ConocoPhillips' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue58,94454,74556,141+7.7%
Cost of revenue22,32520,01221,975+11.6%
Gross profit36,61934,73334,166+5.4%
Gross margin62.1%63.4%60.9%
Research and development78.081.081.0-3.7%
Selling, general and administrative8931,158705-22.9%
Interest expense1,176941824+25.0%
Pre-tax income12,65613,67216,288-7.4%
Income tax4,6684,4275,331+5.4%
Effective tax rate36.9%32.4%32.7%
Net income7,9889,24510,957-13.6%
Net margin13.6%16.9%19.5%
Diluted EPS$6.35$7.81$9.06-18.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow19,79620,12419,965-1.6%
Cash from investing-8,836-11,150-12,000
Cash from financing-10,102-8,835-8,661
Depreciation and amortisation11,5009,5998,270+19.8%
Share-based compensation336268334+25.4%
Buybacks5,0185,4635,400-8.1%
Dividends paid3,9953,6465,583+9.6%
Dividend per share$3.18$2.52$2.11+26.2%
Diluted shares, weighted1,253m1,181m1,206m+6.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity64,48764,79649,279-0.5%
Debt23,44424,32418,937-3.6%
Other liabilities34,00833,66027,708+1.0%
Total liabilities and equity121,939122,78095,924-0.7%
Fixed assetsn/an/a70,044
Investments1,6321,5621,960+4.5%
Cash and equivalents6,4975,6075,635+15.9%
Inventory1,8731,8091,398+3.5%
Other assets111,937113,80216,887-1.6%
Total assets121,939122,78095,924-0.7%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.