ConocoPhillips (NYSE:COP) stock fell 0.18% (As on May 9, 11:26:17 AM UTC-4, Source: Google Finance) after the company reported slightly better-than-expected earnings for the first quarter, as higher oil and gas production volumes more than offset lower prices and increased operating costs. The company has also lowered its full-year capital expenditure and operating cost guidance. ConocoPhillips completed the acquisition of Marathon Oil at the end of 2024, which expanded its presence in the Permian, Eagle Ford, Anadarko, and Bakken shale basins. For the first quarter, ConocoPhillips produced 2.389 million barrels of oil equivalent per day (boed), up by 487,000 boed compared to the same quarter last year. After adjusting for closed acquisitions and dispositions, first-quarter 2025 production increased by 115,000 boed, or by 5%, from the same period a year ago. ConocoPhillips’ Lower 48 delivered production stood at 1.462 million boed, including 816,000 boed from the Permian, 379,000 boed from the Eagle Ford, and 212,000 boed from the Bakken. The company’s total average realized price was $53.34 per BOE, 6% lower than the $56.60 per BOE realized in the first quarter of 2024.
COP in the first quarter of FY25 has reported the adjusted earnings per share of $2.09, beating the analysts’ estimates for the adjusted earnings per share of $1.98. The company has generated cash provided by operating activities of $6.1 billion and cash from operations (CFO) of $5.5 billion. . In addition, ConocoPhillips realized a change in investing working capital of $0.8 billion and received $0.6 billion of disposition proceeds from the sale of noncore Lower 48 assets. The company funded $3.4 billion of capital expenditures and investments, repurchased $1.5 billion of shares, paid $1.0 billion in ordinary dividends and retired debt of $0.5 billion at maturity.
ConocoPhillips lowered its full-year 2025 capital expenditures guidance to a range of $12.3 billion to $12.6 billion, down from the previous estimate of approximately $12.9 billion. The company also reduced its full-year adjusted operating cost guidance to between $10.7 billion and $10.9 billion, compared to the prior range of $10.9 billion to $11.1 billion. For the second quarter of 2025, the company expects production to range from 2.34 to 2.38 million barrels of oil equivalent per day (MMBOED).
On the other hand, the company also announced that W.L. (Bill) Bullock, executive vice president and chief financial officer, will retire after 39 years of service. Andy O’Brien, currently senior vice president of Strategy, Commercial, Sustainability and Technology, will succeed Bullock as CFO effective June 1, 2025.