CONOCOPHILLIPS
For the period ended Sep 30, 2025. Filed Nov 6, 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.
Sep 30, 2025 · Filed Nov 6, 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 2025-06-30; 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”Current report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001163165-25-000058
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 210 previous paragraphs and 203 current paragraphs.
123 unchanged; 64 reworded; 16 added; 19 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 58 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 (16)
Current report
In August 2025, we entered into a 20-year agreement, expected to begin in 2030, to purchase four MTPA of LNG offtake from Phase 2 of the Port Arthur LNG project, further advancing our global LNG portfolio strategy. Additionally, in August 2025, we entered into a 20-year agreement to purchase one MTPA of LNG offtake from the Rio Grande LNG Train 5 facility, expected to begin in 2031, bringing our total committed commercial LNG offtake portfolio to approximately 10 MTPA.
Current report
The relevant provisions of the One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, were implemented during the third quarter of 2025. While OBBBA did not have a material effect on our effective tax rate for the quarter, the changes introduced by the legislation impacted our current and deferred tax calculations, with approximately $0.4 billion cash tax benefit recognized in the third quarter of 2025 and the remaining approximately $0.1 billion to be recognized in the fourth quarter of 2025.
Current report
In November 2025, we declared an increase to our quarterly ordinary dividend from $0.78 per share to $0.84 per share, representing an eight percent increase.
Current report
•Raised ordinary dividend by 8% to $0.84 per share;
Current report
•Exceeded $3 billion in dispositions in 2025 and on track to meet $5 billion disposition target by year-end 2026;
Current report
•Advanced commercial LNG strategy by signing 20-year sales and purchase agreements at PALNG Phase 2 and Rio Grande LNG Train 5, expected to commence in 2030 and 2031, respectively;
Current report
Full-year production guidance has been raised to 2.375 MMBOED, compared to prior guidance of 2.35 to 2.37 MMBOED.
Current report
All other guidance remains unchanged. Guidance includes the impact from closed dispositions.
Current report
Alaska reported earnings of $130 million and $592 million in the three- and nine-month periods of 2025, respectively, compared with earnings of $267 million and $973 million in the three- and nine-month periods of 2024, respectively.
Current report
Earnings in the third quarter of 2025 included lower sales revenues resulting from lower realized prices of $95 million. Decreases to earnings also included higher production and operating expenses of $30 million, driven by a severance accrual related to certain announced cost reduction initiatives. See Note 15.
Current report
Earnings in the third quarter of 2025 included higher sales revenues resulting from higher volumes of $1,041 million, which included volumes from our acquisition of Marathon Oil. These increases were partly offset by lower overall realized prices of $429 million, driven by lower crude prices. Decreases to earnings in the third quarter of 2025 included higher DD&A of $344 million and higher production and operating expenses of $199 million, primarily from our acquisition of Marathon Oil. See Note 3.
Current report
Asset Dispositions, Assets Held for Sale and Planned Dispositions
Current report
On October 1, 2025, we closed the disposition of Anadarko Basin assets for $1.3 billion. Including Anadarko Basin, we have completed divestitures of assets totaling approximately $2.6 billion in proceeds. Production from these assets averaged approximately 33MBOED in 2024. See Note 3.
Current report
Additionally, in the fourth quarter of 2025, we closed or expect to close dispositions of certain noncore assets for approximately $0.5 billion, subject to customary closing adjustments. See Note 3.
Current report
Canada reported earnings of $188 million and $593 million in the three- and nine-month periods of 2025, respectively, compared with earnings of $25 million and $466 million in the three- and nine-month periods of 2024, respectively.
Current report
In the fourth quarter of 2025, we closed or expect to close dispositions of certain noncore Lower 48 assets for approximately $0.5 billion, subject to customary closing adjustments. See Note 3.
Removed paragraphs (19)
Previous 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.
Previous report
Additionally, in May 2025, we entered into a 15-year LNG sales agreement for approximately 0.3 MTPA into Asia starting in 2028.
Previous 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.
Previous report
In August 2025, we declared a third-quarter ordinary dividend of $0.78 per share.
Previous report
•Declared third-quarter ordinary dividend of $0.78 per share.
Previous 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.
Previous report
•Increased disposition target to $5 billion by year-end 2026.
Previous report
•Achieved optimized level of steady-state activity in the Lower 48 following the asset integration of Marathon Oil.
Previous 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.
Previous report
•Successfully completed planned turnarounds in Norway and Qatar.
Previous 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.
Previous report
All other guidance remains unchanged.
Previous 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.
Previous report
Asset Dispositions
Previous report
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 report
Planned Dispositions
Previous 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.
Previous 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.
Previous 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.
Reworded paragraphs (64)
Previous 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.
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 September 30, 2025, we employed approximately 11,400 people worldwide and had total assets of $122 billion.
Previous wording
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 wording
Throughout 2025, the price of crude oil has been volatile 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.
Previous wording
The global energy industry continues to evolve. We believe ConocoPhillips plays an essential role in responsibly meeting the global demand for energy, while continuing to deliver competitive returns on and of capital and working to meet our previously established emissions-reduction targets. We call this our Triple Mandate, and it represents our commitment to create long-term value for stockholders. Our value proposition to deliver competitive returns to stockholders through price cycles is guided by our foundational principles which consist of maintaining balance sheet strength, providing peer-leading distributions, making disciplined investments, and demonstrating responsible and reliable ESG performance.
Current wording
As the global energy industry continues to evolve, we remain committed to creating long-term value for our stockholders. We believe ConocoPhillips plays an essential role in responsibly meeting the global demand for energy, while continuing to deliver competitive returns on and of capital and working to meet our previously established emissions-reduction targets. Our value proposition to deliver competitive returns to stockholders through price cycles is guided by our foundational principles which consist of maintaining balance sheet strength, providing peer-leading distributions, making disciplined investments, and demonstrating responsible and reliable ESG performance.
Previous wording
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 wording
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. We expect approximately $0.8 billion to consist of G&A reductions, lease operating cost improvements and opportunities in transportation and processing and approximately $0.2 billion to be achieved through margin expansion. See Note 3.
Previous 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.
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. ConocoPhillips has executed dispositions of over $3 billion in 2025 and is on track to meet its $5 billion disposition target by year-end 2026. On October 1, 2025, the company closed the disposition of Lower 48 assets in the Anadarko Basin for $1.3 billion. Additionally, in the fourth quarter of 2025, the sale of certain noncore assets closed or expect to close for approximately $0.5 billion, subject to customary closing adjustments. See Note 3.
Previous 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.
Current wording
Production was 2,399 MBOED in the third quarter of 2025, an increase of 482 MBOED from the same period a year ago. After adjusting for impacts from closed acquisitions and dispositions, third-quarter 2025 production increased by 83 MBOED or four percent from the same period a year ago.
Previous 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.
Current wording
Third-quarter 2025 production resulted in $5.9 billion of cash provided by operating activities. We returned over $2.2 billion to shareholders, consisting of $1.3 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 $6.6 billion and long-term investments in debt securities of $1.1 billion.
Previous 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.
Current wording
Also in the third quarter of 2025, we re-invested $2.9 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 $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.
Current wording
Brent crude oil prices averaged $69.07 per barrel in the third quarter of 2025, a decrease of 14 percent compared with $80.18 per barrel in the third quarter of 2024. WTI at Cushing crude oil prices averaged $64.93 per barrel in the third quarter of 2025, a decrease of 14 percent compared with $75.10 per barrel in the third quarter of 2024. Oil prices were lower in the third quarter of 2025 as global oil supplies increased faster than global oil demand.
Previous 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.
Current wording
U.S. Henry Hub natural gas prices averaged $3.07 per MMBTU in the third quarter of 2025, an increase of 43 percent compared with $2.15 per MMBTU in the third quarter of 2024. U.S. Henry Hub prices improved due to stronger demand and lower inventory levels versus the same time last year. We expect a risk of volatility in regional markers to remain throughout 2025.
Previous 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.
Current wording
Our realized bitumen price averaged $41.58 per barrel in the third quarter of 2025, a decrease of 12 percent compared with $47.32 per barrel in the third quarter of 2024. The decrease in the third 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 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.
Current wording
For the third quarter of 2025, our total average realized price was $46.44 per BOE, a decrease of 14 percent compared with $54.18 per BOE in the third quarter of 2024.
Previous wording
•Reported second-quarter 2025 earnings per share of $1.56.
Current wording
•Reported third-quarter 2025 earnings per share of $1.38;
Previous wording
•Generated cash provided by operating activities of $3.5 billion.
Current wording
•Generated cash provided by operating activities of $5.9 billion;
Previous wording
•Delivered total company and Lower 48 production of 2,391 MBOED and 1,508 MBOED, respectively.
Current wording
•Delivered total company and Lower 48 production of 2,399 MBOED and 1,528 MBOED, respectively;
Previous wording
•Distributed $2.2 billion to shareholders, including $1.2 billion through share repurchases and $1.0 billion through the ordinary dividend
Current wording
•Distributed over $2.2 billion to shareholders, including $1.3 billion through share repurchases and $1.0 billion through the ordinary dividend; and
Previous 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.
Current wording
•Ended the quarter with cash, cash equivalents, restricted cash and short-term investments of $6.6 billion and long-term investments of $1.1 billion.
Previous wording
Third-quarter 2025 production is expected to be 2.33 to 2.37 MMBOED.
Current wording
Fourth-quarter 2025 production is expected to be 2.30 to 2.34 MMBOED.
Previous 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.
Current wording
Unless otherwise indicated, discussion of consolidated results for the three- and nine-month periods ended September 30, 2025, is based on a comparison with the corresponding period of 2024.
Previous 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:
Current wording
Total production in the third quarter of 2025 was 2,399 MBOED, an increase of 482 MBOED or 25 percent from the same period a year ago. Total production in the nine-month period of 2025 was 2,393 MBOED, an increase of 472 MBOED or 25 percent from the same period a year ago. Production increases include:
Previous wording
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 wording
After adjusting for impacts from closed acquisitions and dispositions, third-quarter 2025 production increased by 83 MBOED or four percent from the same period a year ago. After adjusting for closed acquisitions and dispositions, production in the nine-month period of 2025 increased 92 MBOED or four percent from the same period a year ago.
Previous wording
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 wording
Sales and other operating revenues for the three- and nine-month periods of 2025 increased $1,990 million and $5,043 million, respectively. Increases in the third quarter were due to higher volumes of $1,875 million, inclusive of sales volumes from our acquisition of Marathon Oil; higher realized natural gas prices of $303 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 $1,273 million. Increases in the nine-month period of 2025 were due to higher volumes of $5,863 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 $1,069 million. These increases were partly offset by lower crude, bitumen and NGL realized prices of $3,968 million. See Note 3.
Previous 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.
Current wording
Purchased commodities for the three- and nine-month periods of 2025 increased $1,110 million and $2,191 million, respectively. These increases were due to higher volumes associated with our acquisition of Marathon Oil, higher natural gas prices and higher crude and natural gas volumes, partly offset by lower crude prices. See Note 3.
Previous 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.
Current wording
Production and operating expensesfor the three- and nine-month periods of 2025 increased $371 million and $1,270 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 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.
Current wording
DD&A for the three- and nine-month periods of 2025 increased $527 million and $1,566 million, respectively, primarily 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- and six-month periods ended June 30, 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 nine-month periods ended September 30, 2025, is based on a comparison with the corresponding period of 2024 and are shown after-tax.
Previous wording
The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas. As of June 30, 2025, Alaska contributed 12 percent of our consolidated liquids production and two percent of our consolidated natural gas production.
Current wording
The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas. As of September 30, 2025, Alaska contributed 11 percent of our consolidated liquids production and two percent of our consolidated natural gas production.
Previous 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.
Current wording
Earnings in the nine-month period of 2025 included lower sales revenues resulting from lower realized prices of $383 million, partly offset by higher produced volumes of $90 million. Earnings decreases in the nine-month period of 2025 also included higher production and operating expenses of $90 million, driven by higher lease operating expenses and well work activity and a severance accrual related to certain announced cost reduction initiatives, and higher DD&A of $63 million, primarily driven by higher rates and higher production. See Note 15. Increases to earnings included lower taxes other than income taxes of $34 million driven by an impact from the settlement of a contingent matter.
Previous 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.
Current wording
Average production remained flat in the three-month period and increased seven MBOED in the nine-month period of 2025, compared to the respective periods in 2024. 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 June 30, 2025, the Lower 48 contributed 66 percent of our consolidated liquids production and 74 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 September 30, 2025, the Lower 48 contributed 67 percent of our consolidated liquids production and 74 percent of our consolidated natural gas production.
Previous wording
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 wording
Lower 48 reported earnings of $1,240 million and $4,429 million in the three- and nine-month periods of 2025, respectively, compared with earnings of $1,241 million and $3,881 million in the three- and nine-month periods of 2024, respectively.
Previous wording
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 wording
Earnings in the nine-month period of 2025 included higher sales revenues resulting from higher volumes of $3,607 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 $1,290 million, driven by lower crude prices. Additional decreases to earnings in the nine-month period of 2025 included higher DD&A of $1,072 million and higher production and operating expenses of $773 million, primarily from our acquisition of Marathon Oil. See Note 3.
Previous 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.
Current wording
Average production increased 381 MBOED and 402 MBOED in the three- and nine-month periods of 2025, respectively, compared to the respective periods in 2024. 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
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.
Current wording
Earnings in the third quarter of 2025 included higher sales revenues resulting from higher volumes of $128 million, partly offset by lower realized prices of $58 million. Increases to earnings include lower production and operating expenses of $39 million primarily due to the absence of prior-year planned turnaround activity at Surmont.
Previous wording
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 wording
Earnings in the nine-month period of 2025 included higher sales revenues resulting from higher volumes of $221 million and timing of sales, offset by lower realized prices of $221 million. Additional increases to earnings include lower production and operating expenses of $56 million primarily due to the absence of prior-year planned turnaround activity at Surmont and lower DD&A of $42 million driven by year-end upward reserve revisions.
Previous 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.
Current wording
Average production increased 40 MBOED and 24 MBOED in the three- and nine-month periods of 2025, respectively. Increases to production resulted from new wells online in the Montney and Surmont and the absence of prior-year planned turnaround activity at Surmont.
Previous 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.
Current wording
Europe, Middle East and North Africa reported earnings of $327 million and $983 million in the three- and nine-month periods of 2025, respectively, compared with earnings of $298 million and $853 million in the three- and nine-month periods of 2024, respectively.
Previous 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.
Current wording
Earnings in the third quarter of 2025 included higher revenues inclusive of higher volumes of $115 million, which included volumes added from our acquisition of Marathon Oil, partly offset by lower realized prices of $61 million impacted by lower crude prices. Decreases to earnings in the third quarter included higher production and operating expenses of $19 million and higher DD&A of $18 million, primarily from our acquisition of Marathon Oil. See Note 3.
Previous 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.
Current wording
Earnings in the nine-month period of 2025 included higher revenues resulting from higher volumes of $250 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 $86 million, driven by lower crude prices. Decreases to earnings in the nine-month period included higher production and operating expenses of $61 million and higher DD&A of $37 million, primarily from our acquisition of Marathon Oil. See Note 3.
Previous 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.
Current wording
Average consolidated production increased 56 MBOED and 46 MBOED in the three- and nine-month periods of 2025, respectively, compared to the respective periods in 2024. 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.
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Previous report — wording carried elsewhere
•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.
Previous report — wording carried elsewhere
•Announced incremental cost reductions and margin enhancements of more than $1 billion anticipated on a run-rate basis by year-end 2026.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.