Conoco Phillips

Strong First Quarter Performance: ConocoPhillips produced 2.389 million BOE per day in Q1 2025, exceeding guidance. Adjusted earnings were $2.09 per share, and cash flow from operations (CFO) reached $5.5 billion, bolstered by a $650 million benefit from working capital changes. Despite a softer price environment, the company continues to deliver robust operational execution.

Capital Spending Reduction: ConocoPhillips revised its full-year capital expenditure guidance down to $12.3-$12.6 billion, approximately $0.5 billion lower than prior estimates, reflecting improved capital efficiency and optimization efforts. This reduction will not negatively impact production growth, which is still expected to be low single digits.

Sustained Return of Capital: The company returned $2.5 billion to shareholders in Q1 2025, maintaining its long-term strategy of distributing 45% of CFO. Management continues to view shares as attractive and is committed to share buybacks, having repurchased $1.5 billion worth in the first quarter.