CONOCOPHILLIPS
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
COP$136.27+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001163165-25-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCap“Capital Expenditures and Investments”Current report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001163165-25-000042
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations“Capital Expenditures and Investments”The baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 201 previous paragraphs and 210 current paragraphs.
117 unchanged; 63 reworded; 29 added; 18 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 56 previous and 58 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (29)
Current report
In the second quarter of 2025, the price of crude oil continued to decline due to multiple macroeconomic and geopolitical forces which slowed global oil demand growth concurrent with higher oil production from OPEC Plus and other major oil producing countries. We continue to closely monitor the macroeconomic environment, including any impacts from tariffs, and the ongoing market volatility in the energy landscape and across global markets for implications to our business, results of operations and financial condition.
Current report
In November 2024, we completed our acquisition of Marathon Oil Corporation (Marathon Oil). In the first half of 2025, we completed the asset integration of Marathon Oil and remain on track for more than $1 billion of synergies on a run-rate basis by year-end 2025 and over $1 billion of one-time benefits. These one-time benefits include $0.5 billion recognized previously upon close of the transaction related to the utilization of foreign tax credits, with the remainder consisting of net operating losses expected to be realized in future periods. In August 2025, we announced incremental cost reductions and margin enhancements of more than $1 billion anticipated on a run-rate basis by year-end 2026. See Note 3.
Current report
In April 2025, we entered into a nine-year agreement securing regasification capacity at the Dunkerque LNG terminal in France which includes regasification services for approximately 1.5 MTPA of LNG expected to begin in 2028 that provides additional access to the European natural gas market.
Current report
Additionally, in May 2025, we entered into a 15-year LNG sales agreement for approximately 0.3 MTPA into Asia starting in 2028.
Current report
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law in the United States. The impacts of the OBBBA are currently under review and will be reflected in our consolidated financial statements starting in the third quarter of 2025, including an expected full-year 2025 cash tax benefit of approximately $0.5 billion, primarily due to an acceleration of tax depreciation.
Current report
•Declared third-quarter ordinary dividend of $0.78 per share.
Current report
•Completed the asset integration of Marathon Oil and remain on track for more than $1 billion of synergies on a run-rate basis by year-end 2025 and over $1 billion of one-time benefits.
Current report
•Announced incremental cost reductions and margin enhancements of more than $1 billion anticipated on a run-rate basis by year-end 2026.
Current report
•Signed an agreement to sell Anadarko Basin assets for $1.3 billion, subject to customary closing adjustments, expected to close at the beginning of the fourth quarter, exceeding $2 billion disposition target ahead of schedule.
Current report
•Increased disposition target to $5 billion by year-end 2026.
Current report
•Achieved optimized level of steady-state activity in the Lower 48 following the asset integration of Marathon Oil.
Current report
•Advanced global LNG strategy by signing a regasification agreement at the Dunkerque terminal in France and a sales agreement in Asia, both expected to begin in 2028.
Current report
•Successfully completed planned turnarounds in Norway and Qatar.
Current report
Full-year production is expected to be 2.35 to 2.37 MMBOED. The midpoint of full-year production guidance remains unchanged, even after adjusting for announced and closed dispositions.
Current report
All other guidance remains unchanged.
Current report
After adjusting for impacts from closed acquisitions and dispositions, second-quarter 2025 production increased by 72 MBOED or three percent from the same period a year ago. After adjusting for closed acquisitions and dispositions, production in the six-month period of 2025 increased 96 MBOED or four percent from the same period a year ago.
Current report
Sales and other operating revenues for the three- and six-month periods of 2025 increased $384 million and $3,053 million, respectively. Increases in the second quarter were due to higher volumes of $1,935 million, inclusive of sales volumes from our acquisition of Marathon Oil; higher realized natural gas prices of $288 million and timing of sales as compared to the prior period. These increases were partly offset by lower crude, bitumen and NGL realized prices of $2,029 million. Increases in the six-month period of 2025 were due to higher volumes of $3,989 million, inclusive of sales volumes from our acquisition of Marathon Oil; timing of sales as compared to the prior period and higher realized natural gas prices of $768 million. These increases were partly offset by lower crude, bitumen and NGL realized prices of $2,698 million. See Note 3.
Current report
Alaska reported earnings of $135 million and $462 million in the three- and six-month periods of 2025, respectively, compared with earnings of $360 million and $706 million in the three- and six-month periods of 2024, respectively.
Current report
Earnings in the second quarter of 2025 included lower sales revenues resulting from lower realized prices of $207 million, partly offset by higher produced volumes of $79 million. Decreases to earnings included higher production and operating expenses of $41 million, driven by higher lease operating expenses and well work activity, and higher DD&A of $30 million primarily driven by higher rates and higher production.
Current report
Lower 48 reported earnings of $1,399 million and $3,189 million in the three- and six-month periods of 2025, respectively compared with earnings of $1,259 million and $2,640 million in the three- and six-month periods of 2024, respectively.
Current report
Earnings in the six-month period of 2025 included higher sales revenues resulting from higher volumes of $2,556 million which included volumes from our acquisition of Marathon Oil. Additional increases to revenues included a gain of $242 million primarily associated with the divestiture of the Ursa and Europa fields, and Ursa Oil Pipeline Company LLC. These increases were partly offset by lower overall realized prices of $863 million, driven by lower crude prices. Decreases to earnings in the six-month period of 2025 included higher DD&A of $728 million and higher production and operating expenses of $575 million, primarily from our acquisition of Marathon Oil. See Note 3.
Current report
Asset Dispositions
Current report
Planned Dispositions
Current report
In July 2025, we signed an agreement to divest Lower 48 assets in the Anadarko Basin for approximately $1.3 billion, subject to customary closing adjustments. This transaction is expected to close at the beginning of the fourth quarter of 2025. See Note 3.
Current report
Canada reported earnings of $149 million and $405 million in the three- and six-month periods of 2025, respectively, compared with earnings of $261 million and $441 million in the three- and six-month periods of 2024, respectively.
Current report
Earnings in the six-month period of 2025 included lower sales revenues resulting from lower realized prices of $160 million, partly offset by higher volumes of $92 million. Increases to earnings include lower DD&A of $38 million driven by year-end upward reserve revisions.
Current report
Production increases were partly offset by field-wide turnarounds in the Greater Ekofisk Area of Norway in the second quarter of 2025 and normal field decline.
Current report
Asia Pacific reported earnings of $330 million and $641 million for the three- and six-month periods of 2025, respectively, compared with earnings of $444 million and $956 million in the three- and six-month periods of 2024, respectively.
Current report
In July 2025, we signed an agreement to divest Lower 48 assets in the Anadarko Basin for approximately $1.3 billion, subject to customary closing adjustments. This transaction is expected to close at the beginning of the fourth quarter of 2025. See Note 3.
Removed paragraphs (18)
Previous report
In the second quarter of 2025, we began to see the price of crude oil decline due to several macroeconomic market impacts. This includes the U.S. announcing the imposition of broad-ranging tariffs on several U.S. trade partners and the related reactions to such tariffs, including retaliatory tariffs. There is significant uncertainty as to the scope and duration of these or any future tariffs. Other macroeconomic market impacts include actions taken by OPEC Plus and other major oil producing countries. We are continuing to closely monitor the macroeconomic environment, and despite ongoing market volatility in the energy landscape and across global markets, we believe our business strategy will continue providing value in volatile environments; however, the ultimate impact on the company's results of operations and financial condition remains uncertain.
Previous report
In November 2024, we completed our acquisition of Marathon Oil Corporation (Marathon Oil). In the first quarter of 2025, we continued to integrate the acquired assets into our portfolio. We expect to capture greater than $1 billion in synergies on a run rate basis within the first full year following the close of the transaction. See Note 3.
Previous report
Operationally, we remain focused on safely executing the business while also progressing key strategic initiatives. At Willow, we made significant progress during the winter construction season and achieved critical milestones. In the Lower 48, we continued to execute our program as well as integrate Marathon Oil assets into our portfolio, focusing on operating and capital efficiencies. Internationally, we became the sole operator of the Kebabangan Cluster (KBBC) PSC in Malaysia in January 2025, extending the PSC to 2050 and making KBBC our first operated producing asset in Malaysia. We also achieved first oil at partner-operated Gumusut Phase 4 in February 2025.
Previous report
•Lowered full-year capital expenditure guidance while maintaining full-year production guidance;
Previous report
•Declared second-quarter ordinary dividend of $0.78 per share;
Previous report
•Achieved record Eagle Ford drilling performance from leveraging combined best practices;
Previous report
•Completed the largest winter construction season at Willow and achieved critical milestones;
Previous report
•Completed $1.3 billion of noncore Lower 48 asset sales, including $0.6 billion during the quarter and $0.7 billion in May with the close of Ursa and associated assets;
Previous report
Production and Capital
Previous report
Full-year capital expenditure guidance is lowered to $12.3 to $12.6 billion versus prior guidance of approximately $12.9 billion.
Previous report
All other guidance remains unchanged. Guidance includes the impact from closed dispositions.
Previous report
Alaska reported earnings of $327 million in the first quarter of 2025 compared with earnings of $346 million in the first quarter of 2024.
Previous report
Lower 48 reported earnings of $1,790 million in the first quarter of 2025 compared with earnings of $1,381 million in the first quarter of 2024.
Previous report
Asset Dispositions and Held For Sale
Previous report
Canada reported earnings of $256 million in the first quarter of 2025 compared with earnings of $180 million in the first quarter of 2024.
Previous report
Asia Pacific reported earnings of $311 million in the first quarter of 2025 compared with earnings of $512 million in the first quarter of 2024.
Previous report
Gumusut Phase 4 First Production in Malaysia
Previous report
In February 2025, Phase 4 of the partner-operated Gumusut field which straddles the Malaysia-Brunei border, reached first production.
Reworded paragraphs (63)
Previous wording
ConocoPhillips is one of the world’s leading E&P companies based on production and reserves, with operations and activities in 15 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects. Headquartered in Houston, Texas, at March 31, 2025, we employed approximately 11,800 people worldwide and had total assets of $124 billion.
Current wording
ConocoPhillips is one of the world’s leading E&P companies based on production and reserves, with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects. Headquartered in Houston, Texas, at June 30, 2025, we employed approximately 11,700 people worldwide and had total assets of $123 billion.
Previous wording
In conjunction with our acquisition of Marathon Oil, we communicated a disposition proceeds target of $2 billion across the portfolio. Through May 2025, we have closed definitive agreements to dispose of certain assets in the Lower 48 segment for proceeds of approximately $1.3 billion. This is inclusive of noncore assets in our Lower 48 segment disposed of in the first quarter of 2025 as well as the disposition of the Ursa and Europa Fields, and Ursa Oil Pipeline Company LLC in the second quarter of 2025. See Note 3.
Current wording
In conjunction with our acquisition of Marathon Oil, we communicated a disposition proceeds target of $2 billion across the portfolio. In August 2025, we announced an increase to this target for a total of $5 billion by year-end 2026. Through the second quarter of 2025, we have sold assets in the Lower 48 segment for proceeds of approximately $1.3 billion, including noncore assets in our Lower 48 segment sold in the first quarter of 2025 and the Ursa and Europa fields and Ursa Oil Pipeline Company LLC sold in the second quarter of 2025. In July 2025, we signed an agreement to divest assets in the Anadarko Basin for approximately $1.3 billion, subject to customary closing adjustments. This transaction is expected to close at the beginning of the fourth quarter of 2025. See Note 3.
Previous wording
In May 2025, we declared a second-quarter ordinary dividend of $0.78 per share.
Current wording
In August 2025, we declared a third-quarter ordinary dividend of $0.78 per share.
Previous wording
Production was 2,389 MBOED in the first quarter of 2025, an increase of 487 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, first-quarter 2025 production increased by 115 MBOED or five percent from the same period a year ago.
Current wording
Production was 2,391 MBOED in the second quarter of 2025, an increase of 446 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, second-quarter 2025 production increased by 72 MBOED or three percent from the same period a year ago.
Previous wording
First-quarter 2025 production resulted in $6.1 billion of cash provided by operating activities. We returned $2.5 billion to shareholders, consisting of $1.5 billion through share repurchases and $1 billion through our ordinary dividend. We ended the quarter with cash, cash equivalents, restricted cash and short-term investments totaling $7.5 billion and long-term investments in debt securities of $1.0 billion.
Current wording
Second-quarter 2025 production resulted in $3.5 billion of cash provided by operating activities. We returned $2.2 billion to shareholders, consisting of $1.2 billion through share repurchases and $1.0 billion through our ordinary dividend. We ended the quarter with cash, cash equivalents, restricted cash and short-term investments totaling $5.7 billion and long-term investments in debt securities of $1.1 billion.
Previous wording
Also in the first quarter of 2025, we re-invested $3.4 billion into the business in the form of capital expenditures and investments, with over half of the expenditures related to flexible, short-cycle unconventional plays in the Lower 48 segment, where our production has access to both domestic and export markets.
Current wording
Also in the second quarter of 2025, we re-invested $3.3 billion into the business in the form of capital expenditures and investments, with over half of the expenditures related to flexible, short-cycle unconventional plays in the Lower 48 segment, where our production has access to both domestic and export markets.
Previous wording
Brent crude oil prices averaged $75.66 per barrel in the first quarter of 2025, a decrease of nine percent compared with $83.24 per barrel in the first quarter of 2024. WTI at Cushing crude oil prices averaged $71.42 per barrel in the first quarter of 2025, a decrease of seven percent compared with $76.96 per barrel in the first quarter of 2024. Oil prices were lower in the first quarter of 2025 due to higher than expected global oil supplies and elevated geopolitical uncertainties impacting markets.
Current wording
Brent crude oil prices averaged $67.82 per barrel in the second quarter of 2025, a decrease of 20 percent compared with $84.94 per barrel in the second quarter of 2024. WTI at Cushing crude oil prices averaged $63.74 per barrel in the second quarter of 2025, a decrease of 21 percent compared with $80.57 per barrel in the second quarter of 2024. Oil prices were lower in the second quarter of 2025 due to higher global oil supplies and slower global economic and oil demand growth.
Previous wording
U.S. Henry Hub natural gas prices averaged $3.65 per MMBTU in the first quarter of 2025, an increase of 62 percent compared with $2.25 per MMBTU in the first quarter of 2024. U.S. Henry Hub prices improved due to cold winter weather and stronger demand. Lower 48 segment realized gas prices improved in the first quarter of 2025 primarily due to fewer third-party pipeline constraints. Volatility in regional markers is expected throughout 2025.
Current wording
U.S. Henry Hub natural gas prices averaged $3.44 per MMBTU in the second quarter of 2025, an increase of 82 percent compared with $1.89 per MMBTU in the second quarter of 2024. U.S. Henry Hub prices improved due to stronger demand and lower inventory levels versus the same time last year. The risk of volatility in regional markers remains throughout 2025.
Previous wording
Our realized bitumen price averaged $45.29 per barrel in the first quarter of 2025, an increase of two percent compared with $44.30 per barrel in the first quarter of 2024. The increase in the first quarter of 2025 was driven by narrowing WCS differentials due to increased egress at the Trans Mountain Pipeline Expansion. We continue to optimize bitumen price realizations through enhanced diluent recovery unit operations, blending and transportation strategies.
Current wording
Our realized bitumen price averaged $39.43 per barrel in the second quarter of 2025, a decrease of 28 percent compared with $54.59 per barrel in the second quarter of 2024. The decrease in the second quarter of 2025 was driven by falling WTI prices due to concerns over a slowdown in global trade and OPEC Plus increasing production targets, partly offset by strengthened WCS differentials due to additional egress capacity at the Trans Mountain Pipeline Expansion.
Previous wording
For the first quarter of 2025, our total average realized price was $53.34 per BOE compared with $56.60 per BOE in the first quarter of 2024.
Current wording
For the second quarter of 2025, our total average realized price was $45.77 per BOE, a decrease of 19 percent compared with $56.56 per BOE in the second quarter of 2024.
Previous wording
•Reported first-quarter 2025 earnings per share of $2.23;
Current wording
•Reported second-quarter 2025 earnings per share of $1.56.
Previous wording
•Generated cash provided by operating activities of $6.1 billion;
Current wording
•Generated cash provided by operating activities of $3.5 billion.
Previous wording
•Delivered total company and Lower 48 production of 2,389 MBOED and 1,462 MBOED, respectively;
Current wording
•Delivered total company and Lower 48 production of 2,391 MBOED and 1,508 MBOED, respectively.
Previous wording
•Distributed $2.5 billion to shareholders, including $1.5 billion through share repurchases and $1.0 billion through the ordinary dividend;
Current wording
•Distributed $2.2 billion to shareholders, including $1.2 billion through share repurchases and $1.0 billion through the ordinary dividend
Previous wording
•Ended the quarter with cash, cash equivalents, restricted cash and short-term investments of $7.5 billion and long-term investments of $1.0 billion.
Current wording
•Ended the quarter with cash, cash equivalents, restricted cash and short-term investments of $5.7 billion and long-term investments of $1.1 billion.
Previous wording
Second-quarter 2025 production is expected to be 2.34 to 2.38 MMBOED.
Current wording
Third-quarter 2025 production is expected to be 2.33 to 2.37 MMBOED.
Previous wording
Unless otherwise indicated, discussion of consolidated results for the three-month period ended March 31, 2025, is based on a comparison with the corresponding period of 2024.
Current wording
Unless otherwise indicated, discussion of consolidated results for the three- and six-month periods ended June 30, 2025, is based on a comparison with the corresponding period of 2024.
Previous wording
Total production in the first quarter of 2025 was 2,389 MBOED, an increase of 487 MBOED or 26 percent from the same period a year ago. Production increases include:
Current wording
Total production in the second quarter of 2025 was 2,391 MBOED, an increase of 446 MBOED or 23 percent from the same period a year ago. Total production in the six-month period of 2025 was 2,391 MBOED, an increase of 468 MBOED or 24 percent from the same period a year ago. Production increases include:
Previous wording
Purchased commodities in the first quarter of 2025 increased $854 million due to higher volumes associated with our acquisition of Marathon Oil, higher crude volumes and gas prices, partly offset by lower crude prices. See Note 3.
Current wording
Purchased commodities for the three- and six-month periods of 2025 increased $227 million and $1,081 million, respectively. These increases were due to higher volumes associated with our acquisition of Marathon Oil, higher crude volumes and higher natural gas prices, partly offset by lower crude prices. See Note 3.
Previous wording
Production and operating expenses in the first quarter of 2025 increased $491 million primarily due to impacts from our acquisition of Marathon Oil in the fourth quarter of 2024. See Note 3.
Current wording
Production and operating expensesfor the three- and six-month periods of 2025 increased $408 million and $899 million, respectively, primarily due to impacts from our acquisition of Marathon Oil in the fourth quarter of 2024. See Note 3.
Previous wording
DD&A expenses in the first quarter of 2025 increased $535 million mainly due to impacts from our acquisition of Marathon Oil in the fourth quarter of 2024. See Note 3.
Current wording
DD&A for the three- and six-month periods of 2025 increased $504 million and $1,039 million, respectively, mainly due to impacts from our acquisition of Marathon Oil in the fourth quarter of 2024. See Note 3.
Previous wording
Unless otherwise indicated, discussion of segment results for the three-month period ended March 31, 2025, is based on a comparison with the corresponding period of 2024 and are shown after-tax.
Current wording
Unless otherwise indicated, discussion of segment results for the three- and six-month periods ended June 30, 2025, is based on a comparison with the corresponding period of 2024 and are shown after-tax.
Previous wording
Earnings in the first quarter of 2025 included lower revenues resulting from lower realized prices of $89 million, partly offset by higher volumes of $22 million. Decreases to earnings included higher DD&A expenses of $22 million. Increases to earnings included lower taxes other than income taxes of $52 million driven by an impact from the settlement of a contingent matter and lower exploration expenses primarily due to absence of seismic work of $26 million from the first quarter of 2024.
Current wording
Earnings in the six-month period of 2025 included lower sales revenues resulting from lower realized prices of $288 million, partly offset by higher produced volumes of $103 million. Earnings decreases in the six-month period of 2025 included higher production and operating expenses of $59 million, driven by higher lease operating expenses and well work activity, and higher DD&A of $51 million. Increases to earnings included lower taxes other than income taxes of $54 million driven by an impact from the settlement of a contingent matter.
Previous wording
Average production increased seven MBOED in the three-month period of 2025. Increases to production were primarily due to new wells online, less downtime and production from our fourth quarter of 2024 acquisition of additional working interest in the Kuparuk River Unit and Prudhoe Bay Unit.
Current wording
Average production increased 15 MBOED and 11 MBOED in the three- and six-month periods of 2025, respectively. Increases to production were primarily due to new wells online and less downtime.
Previous wording
The Lower 48 segment consists of operations located in the U.S. Lower 48 states and commercial operations. As of March 31, 2025, the Lower 48 contributed 66 percent of our consolidated liquids production and 73 percent of our consolidated natural gas production.
Current wording
The Lower 48 segment consists of operations located in the U.S. Lower 48 states and commercial operations. As of June 30, 2025, the Lower 48 contributed 66 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.
Previous wording
Earnings in the first quarter of 2025 included higher revenues resulting from higher volumes of $1,305 million, which included volumes from our acquisition of Marathon Oil. Additional increases to revenues included timing of sales, partly offset by lower overall realized prices of $109 million, driven by lower crude prices. Decreases to earnings in the first quarter of 2025 included higher DD&A expenses of $378 million and higher production and operating expenses of $326 million, primarily from our acquisition of Marathon Oil. See Note 3.
Current wording
Earnings in the second quarter of 2025 included higher sales revenues resulting from higher volumes of $1,251 million, which included volumes from our acquisition of Marathon Oil. Additional increases to revenues included a gain of $254 million primarily associated with the divestiture of the Ursa and Europa fields, and Ursa Oil Pipeline Company LLC. These increases were partly offset by lower overall realized prices of $747 million, driven by lower crude prices. Decreases to earnings in the second quarter of 2025 included higher DD&A of $350 million and higher production and operating expenses of $248 million, primarily from our acquisition of Marathon Oil. See Note 3.
Previous wording
Average production increased 416 MBOED in the three-month period of 2025. Increases to production were primarily due to new wells online from our development programs in the Delaware Basin, Eagle Ford, Midland Basin and Bakken. Production also increased due to our acquisition of Marathon Oil in November 2024. See Note 3.
Current wording
Average production increased 403 MBOED and 410 MBOED in the three- and six-month periods of 2025, respectively. Increases to production were primarily due to new wells online from our development programs in the Delaware Basin, Eagle Ford, Midland Basin and Bakken. Production also increased due to our acquisition of Marathon Oil in November 2024. See Note 3.
Previous wording
Through May 2025, we have completed divestitures of noncore assets totaling approximately $1.3 billion in proceeds. Production from these assets averaged approximately 26 MBOED in 2024. This is inclusive of noncore assets disposed of in the first quarter of 2025 as well as the disposition of the Ursa and Europa Fields, and Ursa Oil Pipeline Company LLC in the second quarter of 2025. See Note 3.
Current wording
Through the second quarter of 2025, we have completed divestitures of noncore assets totaling approximately $1.3 billion in proceeds. Production from these assets averaged approximately 26 MBOED in 2024. This is inclusive of noncore assets disposed of in the first quarter of 2025 as well as the disposition of the Ursa and Europa fields, and Ursa Oil Pipeline Company LLC in the second quarter of 2025. See Note 3.
Previous wording
Earnings in the first quarter of 2025 included higher revenues driven primarily by higher volumes of $33 million. Additional increases to earnings resulted from lower DD&A expenses of $20 million driven by year-end upward reserve revisions and lower production and operating expenses of $12 million, driven by lower workover activity.
Current wording
Earnings in the second quarter of 2025 included lower sales revenues resulting from lower realized prices of $167 million, partly offset by higher volumes of $55 million. Increases to earnings include lower DD&A of $17 million driven by year-end upward reserve revisions.
Previous wording
Average production increased 14 MBOED in the three-month period of 2025. Increases to production resulted from new wells online in the Montney and Surmont.
Current wording
Average production increased 15 MBOED and 14 MBOED in the three- and six-month periods of 2025, respectively. Increases to production resulted from new wells online in the Montney and Surmont.
Previous wording
The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea and the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. As of March 31, 2025, our Europe, Middle East and North Africa operations contributed eight percent of our consolidated liquids production and 19 percent of our consolidated natural gas production.
Current wording
The Europe, Middle East and North Africa segment consists of operations principally located in the Norwegian sector of the North Sea and the Norwegian Sea, Qatar, Libya, Equatorial Guinea and commercial and terminalling operations in the U.K. As of June 30, 2025, our Europe, Middle East and North Africa operations contributed eight percent of our consolidated liquids production and 18 percent of our consolidated natural gas production.
Previous wording
Europe, Middle East and North Africa reported earnings of $419 million in the first quarter of 2025 compared with earnings of $304 million in the first quarter of 2024.
Current wording
Europe, Middle East and North Africa reported earnings of $237 million and $656 million in the three- and six-month periods of 2025, respectively, compared with earnings of $251 million and $555 million in the three- and six-month periods of 2024, respectively.
Previous wording
Earnings in the first quarter of 2025 included higher revenues resulting from higher volumes of $90 million, which included volumes added from our acquisition of Marathon Oil and higher realized prices of $21 million impacted by higher gas prices. See Note 3.
Current wording
Earnings in the second quarter of 2025 included higher revenues inclusive of higher volumes of $46 million, which included volumes added from our acquisition of Marathon Oil, partly offset by lower realized prices of $50 million impacted by lower crude prices. Earnings decreases in the second quarter included higher production and operating expenses of $20 million, primarily from our acquisition of Marathon Oil. See Note 3.
Previous wording
Sales and other operating revenues in the first quarter of 2025 increased $2,669 million due to higher volumes of $2,027 million inclusive of sales volumes from our acquisition of Marathon Oil; higher gas, bitumen and NGL realized prices of $539 million and timing of sales as compared to the prior period. The increases in sales and other operating revenue were partly offset by lower crude realized prices of $733 million. See Note 3.
Current wording
Earnings in the six-month period of 2025 included higher revenues resulting from higher volumes of $141 million, which included volumes from our acquisition of Marathon Oil and timing of sales compared to the prior period, offset by lower overall realized prices of $29 million, driven by lower crude prices. Decreases to earnings in the six-month period included higher production and operating expenses of $42 million and higher DD&A of $19 million, primarily from our acquisition of Marathon Oil. See Note 3.
Previous wording
Average consolidated production increased 53 MBOED in the three-month period of 2025. Increases to production were due to the impact from assets acquired from Marathon Oil as well as new wells online in Norway and Libya. See Note 3.
Current wording
Average consolidated production increased 31 MBOED and 43 MBOED in the three- and six-month periods of 2025, respectively. Increases to production were due to the impact from assets acquired from Marathon Oil as well as new wells online in Norway and Libya. See Note 3.
Previous wording
Earnings in the first quarter of 2025 included lower revenues resulting from lower realized prices of $40 million, partly offset by higher volumes of $24 million. Decreases to earnings included the absence of a $76 million tax benefit associated with a deepwater investment tax incentive for Malaysia blocks J and G; lower earnings from equity affiliates of $76 million, primarily due to lower LNG sales prices; and higher exploration expenses of $37 million driven primarily by dry hole expenses associated with certain suspended wells. See Note 7 and Note 19.
Current wording
Earnings in the six-month period of 2025 included lower revenues resulting from lower realized prices of $121 million, partly offset by higher volumes of $28 million. Additional decreases to earnings included lower earnings from equity affiliates of $131 million, primarily due to lower LNG sales prices, the absence of a $76 million tax benefit associated with a deepwater investment tax incentive for Malaysia blocks J and G and higher exploration expenses of $37 million driven primarily by dry hole expenses associated with certain suspended wells. See Note 6 and Note 19.
Previous wording
Average consolidated production increased six MBOED in the three-month period of 2025. Increases to production were primarily due to development activity in Bohai Bay in China and Gumusut in Malaysia; an increase in crude oil entitlement percentage and higher gas demand in Malaysia.
Current wording
Average consolidated production increased two MBOED and four MBOED in the three- and six-month periods of 2025, respectively. Increases to production were primarily due to development activity in Bohai Bay in China and Gumusut in Malaysia.
Previous wording
Net interest expense consists of interest and debt expense, net of interest income and capitalized interest. Net interest expense was impaired due to higher interest expense of $60 million driven by our acquisition of Marathon Oil, partly offset by an impact to interest expense of $36 million from the settlement of a contingent matter.
Current wording
Net interest expense consists of interest and debt expense, net of interest income and capitalized interest. Net interest expense was impaired in the three- and six-month periods of 2025 due to higher interest expense of $54 million and $105 million, respectively, driven by our acquisition of Marathon Oil. See Note 3.
Previous wording
Corporate G&A expenses include compensation programs and staff costs. Corporate G&A expenses increased $5 million in the first quarter of 2025, primarily due to transaction and integration expenses associated with our acquisition of Marathon Oil, partially offset by mark to market adjustments associated with certain compensation programs.
Current wording
Corporate G&A expenses include compensation programs and staff costs. Corporate G&A expenses increased $69 million and $74 million in the three- and six-month periods of 2025, primarily due to transaction and integration expenses associated with our acquisition of Marathon Oil and mark to market adjustments associated with certain compensation programs. See Note 3.
Previous wording
Other income (expense) or “Other” includes certain consolidating tax-related items, foreign currency transaction gains and losses, environmental costs associated with sites no longer in operation, other costs not directly associated with an operating segment, gains/losses on the early retirement of debt, holding gains or losses on equity securities and pension settlement expense. “Other” was impaired in the first quarter of 2025 primarily due to lower tax benefits related to stock compensation of $38 million and a first quarter 2025 consolidating tax adjustment of $28 million.
Current wording
Other income (expense) includes certain consolidating tax-related items, foreign currency transaction gains and losses, environmental costs associated with sites no longer in operation, other costs not directly associated with an operating segment, gains/losses on the early retirement of debt, holding gains or losses on equity securities and pension settlement expense. Other income (expense) was improved in the second quarter of 2025 primarily due to a consolidating tax adjustment of $55 million.
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Earnings in the second quarter of 2025 included lower revenues resulting from lower realized prices of $79 million. Decreases to earnings included lower earnings from equity affiliates of $69 million, primarily due to lower LNG sales prices.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
•Retired $0.5 billion of debt at maturity; and
Previous report — wording carried elsewhere
Production increases were partially offset by normal field decline.
Previous report — wording carried elsewhere
After adjusting for impacts from closed acquisitions and dispositions, first-quarter 2025 production increased by 115 MBOED or five percent from the same period a year ago.