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{\"0\":\"COP reported Q2 EPS of $1.42, beating estimates but down from $1.98 in the prior-year quarter.\",\"1\":\"Total production rose to 2,391 MBoe/d, led by gains in Europe, the Middle East, and North Africa.\",\"2\":\"Realized oil equivalent prices fell to $45.77 per barrel from $56.56 a year ago.\"}
ConocoPhillips (COP - Free Report) reported second-quarter 2025 adjusted earnings per share of $1.42, which beat the Zacks Consensus Estimate of $1.36. The bottom line decreased from the prior-year level of $1.98.
One of the world’s leading independent oil and gas producers, headquartered in Houston, TX, ConocoPhillips’ quarterly revenues of $14.7 billion increased from $14.1 billion in the year-ago period. The top line missed the Zacks Consensus Estimate of $14.9 billion.
The better-than-expected quarterly earnings can be attributed to higher oil equivalent production volumes. The positives, however, were partially counterbalanced by decreased average realized oil equivalent prices and increased total costs and expenses.
Total production averaged 2,391 thousand barrels of oil equivalent per day (MBoe/d), up from the year-ago quarter’s 1,945 MBoe/d. The figure also beat our estimate of 2,353 MBoe/d. Of the total output, more than 48% was crude oil. Overall production was higher than the year-ago level, primarily due to increased production in Europe, the Middle East and North Africa.
Crude oil production increased to 1,155 thousand barrels per day (MBbls/d) from the year-ago quarter’s 955 MBbls/d. The figure was also above our estimate of 1,137 MBbls/d.
Natural gas liquids production totaled 424 MBbls/d, higher than the year-ago figure of 295 MBbls/d. Bitumen production for the quarter totaled 144 MBbls/d, up from 133 MBbls/d in the year-ago quarter.
The company’s natural gas production was 4,005 million cubic feet per day (MMcf/d), higher than the year-ago level of 3,370 MMcf/d.
Realized Prices
The average realized oil equivalent price decreased to $45.77 per barrel from $56.56 a year ago.
The average realized crude oil price was $64.23 per barrel, implying a decrease from the year-ago figure of $81.30. The figure was also below our projection of $65.30 per barrel.
The average realized natural gas price was $4.16 per thousand cubic feet, down from $4.22 reported in the year-ago quarter. Realized natural gas liquids price decreased to $20.98 per barrel from the year-ago quarter’s $22.60.
Total Expenses
Expenses increased to $11.7 billion from $10.5 billion in the corresponding period of 2024. The figure was below our projection of $12.2 billion. The cost of purchased commodities increased to $5.1 billion from $4.9 billion reported a year ago.
Exploration costs decreased to $81 million from $102 million in the comparable period of 2024.
Balance Sheet & Capital Spending
As of June 30, 2025, ConocoPhillips had $4.9 billion in cash and cash equivalents. The company had a total long-term debt of $23.1 billion and a short-term debt of $414 million as of the same date.
Capital expenditure and investments totaled $3.29 billion. Net cash provided by operating activities was $3.5 billion.
Guidance
For the third quarter of 2025, COP expects production to be in the range of 2.33 to 2.37 MBoe/d. Full-year production is anticipated to be in the band of 2.35-2.37 MBoe/d.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company prioritizes debt reduction by effectively utilizing free cash flow after dividends. Antero Midstream’s higher dividend yield compared to its sub-industry peers reflects its commitment to generating shareholder returns.
AM’s earnings beat estimates in one of the trailing four quarters, met once and missed in the other two, delivering an average negative surprise of 5.50%.
Delek Logistics owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. DKL operates crude oil transportation pipelines, refined product pipelines, crude oil gathering systems and associated crude oil storage tanks.
Delek Logistics’ earnings beat estimates in two of the trailing four quarters, met once and missed in the other, delivering an average surprise of 79.8%. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 30.43% year-over-year growth.
Enbridge is a major energy company that owns the longest and most complex oil and gas pipeline system in North America, transporting about 20% of the natural gas used in the United States. The business earns steady fees through long-term contracts that act as a protection against big oil price swings or changes in shipment.
ENB’s earnings beat estimates in two of the trailing four quarters, met once and missed in the other, delivering an average surprise of 0.28%.
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ConocoPhillips Q2 Earnings Beat Estimates, Revenues Improve Y/Y
Key Takeaways
ConocoPhillips (COP - Free Report) reported second-quarter 2025 adjusted earnings per share of $1.42, which beat the Zacks Consensus Estimate of $1.36. The bottom line decreased from the prior-year level of $1.98.
One of the world’s leading independent oil and gas producers, headquartered in Houston, TX, ConocoPhillips’ quarterly revenues of $14.7 billion increased from $14.1 billion in the year-ago period. The top line missed the Zacks Consensus Estimate of $14.9 billion.
The better-than-expected quarterly earnings can be attributed to higher oil equivalent production volumes. The positives, however, were partially counterbalanced by decreased average realized oil equivalent prices and increased total costs and expenses.
ConocoPhillips Price, Consensus and EPS Surprise
ConocoPhillips price-consensus-eps-surprise-chart | ConocoPhillips Quote
Production
Total production averaged 2,391 thousand barrels of oil equivalent per day (MBoe/d), up from the year-ago quarter’s 1,945 MBoe/d. The figure also beat our estimate of 2,353 MBoe/d. Of the total output, more than 48% was crude oil. Overall production was higher than the year-ago level, primarily due to increased production in Europe, the Middle East and North Africa.
Crude oil production increased to 1,155 thousand barrels per day (MBbls/d) from the year-ago quarter’s 955 MBbls/d. The figure was also above our estimate of 1,137 MBbls/d.
Natural gas liquids production totaled 424 MBbls/d, higher than the year-ago figure of 295 MBbls/d. Bitumen production for the quarter totaled 144 MBbls/d, up from 133 MBbls/d in the year-ago quarter.
The company’s natural gas production was 4,005 million cubic feet per day (MMcf/d), higher than the year-ago level of 3,370 MMcf/d.
Realized Prices
The average realized oil equivalent price decreased to $45.77 per barrel from $56.56 a year ago.
The average realized crude oil price was $64.23 per barrel, implying a decrease from the year-ago figure of $81.30. The figure was also below our projection of $65.30 per barrel.
The average realized natural gas price was $4.16 per thousand cubic feet, down from $4.22 reported in the year-ago quarter. Realized natural gas liquids price decreased to $20.98 per barrel from the year-ago quarter’s $22.60.
Total Expenses
Expenses increased to $11.7 billion from $10.5 billion in the corresponding period of 2024. The figure was below our projection of $12.2 billion. The cost of purchased commodities increased to $5.1 billion from $4.9 billion reported a year ago.
Exploration costs decreased to $81 million from $102 million in the comparable period of 2024.
Balance Sheet & Capital Spending
As of June 30, 2025, ConocoPhillips had $4.9 billion in cash and cash equivalents. The company had a total long-term debt of $23.1 billion and a short-term debt of $414 million as of the same date.
Capital expenditure and investments totaled $3.29 billion. Net cash provided by operating activities was $3.5 billion.
Guidance
For the third quarter of 2025, COP expects production to be in the range of 2.33 to 2.37 MBoe/d. Full-year production is anticipated to be in the band of 2.35-2.37 MBoe/d.
COP’s Zacks Rank and Key Picks
Currently, COP carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at a couple of better-ranked stocks like Antero Midstream Corporation (AM - Free Report) , Delek Logistics Partners, LP (DKL - Free Report) and Enbridge Inc. (ENB - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Antero Midstream generates stable cash flow by providing midstream services under long-term contracts with Antero Resources. The company prioritizes debt reduction by effectively utilizing free cash flow after dividends. Antero Midstream’s higher dividend yield compared to its sub-industry peers reflects its commitment to generating shareholder returns.
AM’s earnings beat estimates in one of the trailing four quarters, met once and missed in the other two, delivering an average negative surprise of 5.50%.
Delek Logistics owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. DKL operates crude oil transportation pipelines, refined product pipelines, crude oil gathering systems and associated crude oil storage tanks.
Delek Logistics’ earnings beat estimates in two of the trailing four quarters, met once and missed in the other, delivering an average surprise of 79.8%. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 30.43% year-over-year growth.
Enbridge is a major energy company that owns the longest and most complex oil and gas pipeline system in North America, transporting about 20% of the natural gas used in the United States. The business earns steady fees through long-term contracts that act as a protection against big oil price swings or changes in shipment.
ENB’s earnings beat estimates in two of the trailing four quarters, met once and missed in the other, delivering an average surprise of 0.28%.