Freehold Royalties reported $74 million in revenue and $59 million in funds from operations (FFO; $0.36/share) in Q3 2025.
The company paid $44 million in dividends ($0.27/share) and reduced net debt by $7.3 million, resulting in 1.1x net debt to FFO.
Production averaged 16,054 boe/d, a 10% year-over-year increase, with 65% liquids weighting.
The average realized price was $48.92/boe, including a 33% premium on U.S. production.

6 days ago

Press Release

ConocoPhillips raises Alaska Willow project cost to $9B

COP

New Projects/Investments

Dividends

Guidance Update

ConocoPhillips increased the projected cost of its Willow oil and gas project in Alaska to $8.5–9 billion, attributing the rise to inflation and higher North Slope construction expenses, while maintaining a schedule for first oil in early 2029.
The project is about 50% complete, expected to yield 600 million barrels over 30 years with peak output of 180,000 bpd, and to generate $1 billion in annual free cash flow from 2026–2028 toward a $7 billion incremental target by 2029.
Willow leverages existing infrastructure in the 23.5 million-acre National Petroleum Reserve–Alaska and connects to the Trans-Alaska Pipeline System, enhancing transportation efficiency and U.S. energy independence.
ConocoPhillips raised its quarterly dividend by 8% to $0.84 per share, increased full-year production guidance to 2.375 million boe/d, and lowered operating cost guidance to $10.6 billion.

Nov 7, 2025, 2:27 AM

Bloomberg

ConocoPhillips raises 2025 production guidance despite lower Q3 earnings

COP

Guidance Update

Dividends

Share Buyback

ConocoPhillips reported Q3 adjusted EPS of $1.61, down from $1.78 a year earlier, with net income of $1.7 billion (vs. $2.1 billion) due to lower realized commodity prices despite higher production.
Revenues increased to $15.5 billion from $13.6 billion year-over-year, although average realized oil and gas prices declined.
Full-year 2025 production guidance was raised to 2.375 million boe/d, with Q4 output expected between 2.30–2.34 million boe/d.
The company generated $5.9 billion in operating cash flow, spent $2.9 billion on capex, and returned $2.2 billion to shareholders via $1.3 billion in buybacks and $1.0 billion in dividends.
Over $3 billion in asset sales have been completed YTD targeting $5 billion by end-2026; capital cost estimates for major projects were lowered, and quarter-end liquidity stood at $6.6 billion in cash & short-term investments plus $1.1 billion in long-term investments.

Nov 7, 2025, 12:23 AM

Morningstar

ConocoPhillips reports Q3 2025 results

COP

Earnings

Guidance Update

Share Buyback

ConocoPhillips produced 2,399,000 BOE/d, delivered $1.61 adjusted EPS, generated $5.4 billion CFO, invested $2.9 billion in capex, returned $2.2 billion to shareholders, and ended Q3 with $6.6 billion in cash plus $1.1 billion in long-term investments.
Raised 2025 guidance to 2,375,000 BOE/d, lowered operating cost guidance to $10.6 billion (from $10.8 billion), and has secured over $3 billion of asset sales toward a $5 billion target.
Increased Willow project capex estimate to $8.5–9 billion with first oil in early 2029, and reduced three LNG equity projects’ total capex from $4 billion to $3.4 billion after a $600 million credit.

Nov 6, 2025, 5:00 PM

Transcript

ConocoPhillips reports Q3 2025 results and updates outlook

COP

Earnings

Guidance Update

New Projects/Investments

Produced 2,399,000 boe/d, delivered $1.61 adjusted EPS and $5.4 billion CFO; CapEx of $2.9 billion in Q3 2025.
Year-to-date returned $7 billion (45% of CFO) to shareholders, including $1.3 billion in buybacks and $1 billion in dividends this quarter.
Raised 2025 production guidance to 2,375,000 boe/d, cut operating cost guidance to $10.6 billion, and closed over $3 billion of asset sales toward a $5 billion target.
Updated Willow capex to $8.5–9 billion with first oil targeted in early 2029; LNG projects capex reduced by $600 million to $3.4 billion, ~80% complete and first startup at NFE expected next year.
2026 outlook calls for CapEx of $12 billion, OpEx of $10.2 billion, flat to 2% production growth, and a $7 billion free cash flow inflection by 2029.

Nov 6, 2025, 5:00 PM

Transcript

ConocoPhillips reports Q3 2025 results

COP

Earnings

Guidance Update

New Projects/Investments

ConocoPhillips produced 2,399,000 BOED, delivered $1.61 adjusted EPS, generated $5.4 billion of cash from operations, and spent $2.9 billion on CapEx; returned $2.2 billion to shareholders and held $6.6 billion cash at quarter end.
Raised 2025 production guidance to 2,375,000 BOED, lowered full-year operating cost guidance to $10.6 billion, and advanced over $3 billion of asset sales toward a $5 billion target.
Updated Willow Project capex to $8.5–9 billion (≈50% complete) with first oil in early 2029, and reduced three LNG projects’ capex by $600 million to $3.4 billion (≈80% complete).
Preliminary 2026 guidance assumes ~$12 billion CapEx, $10.2 billion operating costs, and 0–2% production growth; expects a $7 billion free cash flow inflection by 2029.

Nov 6, 2025, 5:00 PM

Transcript

ConocoPhillips announces Q3 2025 results and raises dividend

COP

Earnings

Dividends

Guidance Update

Reported Q3 2025 earnings of $1.7 billion (EPS $1.38, adjusted EPS $1.61) and generated $5.9 billion in operating cash flow (CFO $5.4 billion).
Achieved production of 2.399 MMBOED; raised full-year 2025 production guidance to 2.375 MMBOED and lowered adjusted operating cost guidance to $10.6 billion.
Increased the quarterly ordinary dividend by 8% to $0.84 per share, payable December 1, 2025.
Provided preliminary 2026 guidance: $12 billion of capital expenditures, $10.2 billion of adjusted operating costs, and 0–2% underlying production growth.

Nov 6, 2025, 12:11 PM

8-K

ConocoPhillips plans workforce reduction amid earnings decline

COP

Layoffs

Earnings

M&A

ConocoPhillips plans to reduce its workforce by 20–25%, affecting approximately 3,250 employees and contractors this year.
The cuts follow a decline in Q2 earnings due to lower prices and higher costs.
The company is divesting non-essential assets, including its Anadarko Basin holdings for $1.3 billion.
Shares fell 4.5% to $94.52, extending a 13% year-over-year decline.

Sep 3, 2025, 3:12 PM

Bloomberg

ConocoPhillips reports Q2 2025 earnings and strategic updates

COP

Earnings

M&A

Guidance Update

ConocoPhillips delivered Q2 2025 production of 2.391 MMBOE/d, beating guidance, reported $1.42 adjusted EPS, generated $4.7 B cash from operations, and invested $3.3 B capex; ended with $5.7 B cash and $1.1 B long-term investments.
Returned $2.2 B to shareholders (≈45% of H1 CFO) via $1.2 B buybacks and $1.0 B dividends, on track with full-year capital return policy.
Completed Marathon Oil integration, now realizing > $1 B run-rate synergies by year-end plus $1 B one-time tax benefits, executed $2.5 B in dispositions, and raised total asset sale target to $5 B by end-2026.
Reaffirmed full-year production midpoint despite ~40 k BOE/d Anadarko sale; maintained tightened capex and cost guidance; expects mid-high 30% effective tax rate and $0.5 B deferred tax benefit from the One Big Beautiful Bill.
Projects in LNG, Alaska, and operational improvements are expected to drive a $7 B free cash flow inflection by 2029 at $70/bbl WTI.

Aug 7, 2025, 9:40 PM

ConocoPhillips seeks approval for Alaska Arctic expansion

COP

New Projects/Investments

ConocoPhillips is seeking federal approval to drill four new exploratory wells and conduct 3D seismic surveys in Alaska’s National Petroleum Reserve, adjacent to its $7.5 billion Willow project.
The Willow project is expected to produce up to 600 million barrels over 30 years and peak at 180,000 barrels per day.
The company plans to allocate $1 billion to $1.2 billion annually for regional development in Alaska, and holds $7.5 billion in cash and short-term investments, having returned $2.5 billion to shareholders recently.
If approved, the drilling campaign would run from November through early May to align with Arctic operational seasons.

Jul 14, 2025, 11:09 PM

Bloomberg

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