ConocoPhillips (COP) announced its fourth‑quarter 2025 earnings on Thursday, February 5, 2026, reporting adjusted earnings per share of $1.02 versus the consensus estimate of $1.12. The company’s revenue for the quarter was $14.19 billion, short of the $14.34 billion expected by analysts.
The results were driven by a 19% decline in the average realized price per barrel of oil equivalent to $42.46, reflecting lower oil prices. Production rose to 2,320 million barrels of oil equivalent per day, up 137 MBOED year‑over‑year, but underlying production adjusted for the Marathon acquisition fell 2.6% from the same period a year ago.
ConocoPhillips reaffirmed its 2026 guidance, projecting production of 2.33‑2.36 million barrels of oil equivalent per day, capital expenditures of approximately $12 billion, and a quarterly dividend of $0.84 per share payable March 2, 2026. The company also reiterated its target of generating $7 billion in incremental free cash flow by 2029, driven by the Willow project and other long‑cycle developments.
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