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ConocoPhillips 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 5, 2026
Period End
February 5, 2026
Security
COP
In the record · 2016–202610-K1110-Q338-K108

COP filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 108 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · Jun ’17Jun ’17
  2. Deal closed8-K · Jan ’21Jan ’21
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Jan ’25Jan ’25

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

ConocoPhillips (COP) reported fourth-quarter 2025 GAAP earnings of $1.4 billiona, or $1.17 per share, down from $2.3 billion, or $1.90 per share, a year earlier.

Adjusted earnings were $1.3 billionb, or $1.02 per share, versus $1.98 per share in 4Q24. The decline was driven primarily by lower realized prices, with the company's total average realized price falling 19% year over year to $42.46 per BOE, partially offset by higher volumes. For full-year 2025, GAAP earnings were $8.0 billion ($6.35 per share) and adjusted earnings were $7.7 billion ($6.16 per share), compared with $9.2 billion ($7.79 per share) on an adjusted basis in 2024.

Full-year CFO was $19.9 billionc, and the company returned $9.0 billion (45% of CFO) to shareholders through $5.0 billion of buybacks and $4.0 billion of dividends. Management issued 2026 guidance calling for capital expenditures of roughly $12 billion, adjusted operating costs of about $10.2 billion, and production of 2.33 to 2.36 MMBOED, with first-quarter production expected at 2.30 to 2.34 MMBOED. The company is targeting a $1 billion reduction in capital and costs in 2026 and expects to return 45% of CFO to shareholders again this year.

It also declared a first-quarter ordinary dividend of $0.84d per share, payable March 2, 2026. Management reiterated an expected $7 billion in incremental free cash flow by 2029, including $1 billion per year from 2026 through 2028. Operationally, the Marathon Oil integration was completed with synergy capture doubled to more than $1 billion on a run-rate basis, and the company is on track to reach more than $1 billion in incremental cost reductions and margin enhancements by year-end 2026.

Year-end 2025 proved reserves were 7.6 BBOE, with a reserve replacement ratio of 80% (99% organic). Progress continued on major LNG and Alaska projects, including NFE startup expected in 2H 2026. Investors should note that the release is a preliminary earnings announcement, and final reserves data will be provided in the 10-K due in February.

02—Key points

Key Highlights

  1. Q4 2025 GAAP EPS of $1.17 and adjusted EPS of $1.02, down from $1.90 and $1.98 in Q4 2024, mainly on lower realized prices (down 19% to $42.46/BOE).
  2. FY2025 CFO of $19.9 billion; $9.0 billion (45% of CFO) returned to shareholders via $5.0 billion of buybacks and $4.0 billion of dividends.
  3. 2026 guidance: capital expenditures of ~$12 billion, adjusted operating costs of ~$10.2 billion, and production of 2.33 to 2.36 MMBOED.
  4. Q1 2026 ordinary dividend declared at $0.84 per share, payable March 2, 2026, to holders of record on February 18, 2026.
  5. Year-end 2025 proved reserves of 7.6 BBOE; reserve replacement ratio of 80% (99% organic) and three-year RRR of 145%.
  6. Marathon Oil integration completed, with run-rate synergy capture more than doubled to over $1 billion; targeting over $1 billion in incremental cost reductions and margin enhancements by year-end 2026.
  7. Disposition program: $3.2 billion closed in 2025, with a $5 billion total target by year-end 2026; NFE LNG startup expected in 2H 2026.

03—Questions

Frequently Asked Questions

  1. Why did ConocoPhillips' earnings decline in Q4 2025 despite higher production?

    The decline was driven primarily by lower commodity prices. The total average realized price fell 19% year over year to $42.46 per BOE, which more than offset the benefit of higher volumes. Q4 2025 production of 2,320 MBOED was up 137 MBOED from Q4 2024, but after adjusting for acquisitions and dispositions, underlying production fell 2.6%.

  2. How much capital will ConocoPhillips spend and return to shareholders in 2026?

    The company guided to approximately $12 billion in capital expenditures and $10.2 billion in adjusted operating costs for 2026. It expects to return 45% of CFO to shareholders, consistent with its long-term track record, and declared a Q1 2026 dividend of $0.84 per share.

  3. What is the outlook for production and free cash flow?

    2026 production is guided to 2.33 to 2.36 MMBOED, with Q1 2026 at 2.30 to 2.34 MMBOED including weather-related downtime. Management expects $7 billion in incremental free cash flow by 2029, including $1 billion each year from 2026 through 2028, driven by a targeted $1 billion reduction in capital and costs in 2026.

  4. How healthy are ConocoPhillips' reserves?

    Year-end 2025 proved reserves were 7.6 BBOE, with a reserve replacement ratio of 80% for the year. Excluding acquisitions and dispositions, the organic ratio was 99%, and the three-year RRR was 145% (106% organic). Final reserve details will be included in the Form 10-K expected in February 2026.

  5. What is the status of the Marathon Oil integration and cost savings?

    The Marathon Oil integration was completed in 2025, and run-rate synergy capture doubled to more than $1 billion, with an additional ~$1 billion of one-time benefits achieved. The company is on track for more than $1 billion in incremental cost reductions and margin enhancements on a run-rate basis by year-end 2026.

04—Continue

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