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ConocoPhillips (COP) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
ConocoPhillips (COP) reported revenue of $16.5B for the first quarter 2025 (Q1 2025), +19% from a year earlier and +16% from the quarter before. Operating margin was 27.0%, net earnings $2.8B (17.2% of revenue).
ConocoPhillips, Q1 2025: revenue $16.5B (+19% year over year), operating margin 27.0%, net earnings $2.8B, operating cash flow $6.1B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $16.5B | +16% | +19% |
| Operating profit | $4.5B | +50% | +17% |
| Net earnings | $2.8B | +24% | +12% |
| Operating cash flow | $6.1B | +37% | +23% |
| Free cash flow | $2.7B | — | +32% |
What changed
Revenue was $16.5B in Q1 2025, up 19% year over year and up 16% from the previous quarter. Lower 48 was the largest line at 70% of revenue. Lower 48 added $2.2B year over year (up 24%), 84% of the total change. Asia Pacific Operating Segment declined 11%.
Operating profit was $4.5B, a 27.0% margin (down 0.5 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, below the 27% margin then. Total costs grew 20% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $2.8B, up 12% year over year. The effective tax rate was 36.2%.
Operating cash flow was $6.1B (up 23% year over year), 215% of net earnings. Non-cash charges added back $2.7B of depreciation and amortization. Working capital and other items added $0.52B. Capital expenditures of $3.4B left free cash flow of $2.7B.
Questions
What was ConocoPhillips' revenue in the first quarter 2025?
ConocoPhillips (COP) reported revenue of $16.5B for the first quarter 2025 (Q1 2025), +19% from a year earlier and +16% from the quarter before.
Was ConocoPhillips profitable in the first quarter 2025?
Operating profit was $4.5B (27.0% of revenue) and net earnings $2.8B.
Source: ConocoPhillips 10-Q on SEC EDGAR.