ConocoPhillips Surpasses Q2 Estimates, Hikes Asset Sale Target After Marathon Integration

ConocoPhillips (NYSE:COP) reported second-quarter 2025 adjusted earnings of $1.42 per share, beating analyst expectations of $1.38, as the company advanced the integration of Marathon Oil (NYSE:MRO) and unveiled new cost-cutting measures.

The Houston-based energy firm generated $4.7 billion in cash from operations during the period. Production rose 23% year-over-year to 2,391 thousand barrels of oil equivalent per day (MBOED), up from 1,945 MBOED in the prior-year quarter.

However, average realized prices declined 19% to $45.77 per barrel of oil equivalent (BOE), down from $56.56 in Q2 2024.

CEO Ryan Lance said the company delivered “strong results financially, operationally, and strategically,” and confirmed the Marathon Oil integration is expected to generate over $1 billion in synergies and one-time benefits.

ConocoPhillips announced a $1.3 billion deal to divest its Anadarko Basin assets, with the transaction set to close in early Q4. The sale pushes total divestitures above its initial $2 billion target, prompting management to raise the goal to $5 billion by the end of 2026.

During the quarter, the company returned $2.2 billion to shareholders through $1.2 billion in buybacks and $1.0 billion in dividends. It declared a third-quarter dividend of $0.78 per share, payable on September 2, 2025.

Looking ahead, ConocoPhillips maintained its full-year production forecast of 2.35 to 2.37 MMBOED, and projected Q3 output between 2.33 and 2.37 MMBOED.