ConocoPhillips (COP) Q4 2025 Earnings Down; Retains $12B 2026 Capital Expenditure Plan

ConocoPhillips (COP) reported Q4 2025 earnings of $1.4B ($1.17/share) and adjusted earnings of $1.3B ($1.02/share), down from $2.3B ($1.90/share) and $2.4B ($1.98/share) in Q4 2024, respectively. Full-year 2025 results: earnings $8.0B ($6.35/share), adjusted $7.7B ($6.16/share), with the decline attributed to lower commodity prices partially offset by higher volumes. The company declared a first-quarter 2026 ordinary dividend of $0.84/share, payable March 2, 2026, to shareholders of record Feb. 18, 2026. Q4 2025 realized prices averaged $42.46/BOE, a 19% drop from $52.37/BOE in Q4 2024. Production rose to 2,320 MBOED, but like-for-like declined 2.6%. In the Lower 48, production totaled 1,439 MBOED, led by the Delaware Basin (673 MBOE), Eagle Ford (370 MBOE), Bakken (198 MBOE), and Midland Basin (194 MBOE). CFO for 2025 was $19.9B, with $9.0B returned to shareholders via $5.0B in share repurchases and $4.0B in dividends; management plans to maintain 45% of CFO returns in 2026. The board reaffirmed a $12B 2026 capital program and aims to reduce capital and costs by $1B in 2027.