Houston-based ConocoPhillips said last week its third quarter production increased about 4 percent compared to 2024Q3, and its fullyear 2025 production forecast of 2.375 million boed is above prior guidance. Production for 3Q averaged 2.399 million boed – up 482,000 boed from a year earlier driven in part by its acquisition of Marathon Oil. Lower 48 output in 3Q averaged 1.528 million boed – including 686,000 boed from Delaware Basin, 196,000 boed from Midland Basin, and 403,000 boed from Eagle Ford Shale. Production for 4Q is expected in a range of 2.30 million to 2.34 million boed.
Preliminary 2026 guidance includes an estimate of capital spending of about $12 billion with reduced operating costs of $10.2 billion. Fullyear 2025 operating cost is expected to be $10.6 billion (prior guidance was $10.7 billion to $10.9 billion).
Ryan Lance, chairman and CEO, said Nov. 6, “ConocoPhillips again demonstrated strong operational and financial performance in the third quarter, resulting in higher production and reduced operating cost guidance for 2025… Looking to 2026, we expect lower capital and operating costs with flat to modest production growth.”
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