ConocoPhillips (COP): Business Model Canvas [Dec-2025 Updated]

You're digging into the strategy of a major energy player, trying to see past the headlines to where the real money is being made in 2025. Honestly, the Business Model Canvas for ConocoPhillips reveals a disciplined, low-cost Exploration and Production (E&P) core, targeting production of about $\mathbf{2.375}$ Million Barrels of Oil Equivalent per Day (MMBOED) with a breakeven cost hovering between $\mathbf{\$30}$ and $\mathbf{\$40}$ a barrel. But the real pivot is their aggressive move into Liquefied Natural Gas (LNG), evidenced by key partnerships like the one with Sempra Energy for the Port Arthur export facility, all while promising investors top-quartile returns. Keep reading below to see the nine building blocks that detail exactly how they plan to manage this transition and fund those payouts.

ConocoPhillips (COP) - Canvas Business Model: Key Partnerships

You're looking at the critical alliances ConocoPhillips (COP) has locked in to secure its future production and transition strategy as of late 2025. These aren't just handshake deals; they involve real capital commitments and capacity guarantees.

LNG Infrastructure and Offtake Agreements

The partnership with Sempra Energy on the Port Arthur LNG (PALNG) project is central to ConocoPhillips' global LNG strategy. This alliance is structured around equity ownership and long-term offtake commitments for U.S. Gulf Coast supply.

For Port Arthur LNG Phase 1, ConocoPhillips holds a 30% equity stake. This phase, which consists of two liquefaction trains, is expected to achieve commercial operations in 2027 and 2028. The equity stake secures 5 million metric tons per annum (Mtpa) of offtake capacity for a 20-year term.

The expansion, Phase 2, is targeted for a Final Investment Decision (FID) in 2025. Phase 2 will add two more liquefaction trains, aiming to increase the total facility capacity from approximately 13 Mtpa (Phase 1) to up to 26 Mtpa. ConocoPhillips extended its commitment by signing a definitive 20-year Sale and Purchase Agreement (SPA) for an additional 4 Mtpa from Phase 2.

ConocoPhillips' capital deployment for its LNG equity projects has seen adjustments. The company reduced its total LNG project capital guidance to $3.4 billion after securing a $0.6 billion credit against Port Arthur capital spending. Taking this credit into account, the company is approximately 80% complete with total LNG project capital.

The partnership with QatarEnergy involves ConocoPhillips as a key partner in the North Field East (NFE) equity LNG project, with first LNG expected in 2026. ConocoPhillips is also progressing the North Field South (NFS) project in Qatar.

Here's a quick look at the key LNG commitments:

Low-Carbon Hydrogen and Ammonia Development

ConocoPhillips is advancing its low-carbon ambitions through a cornerstone partnership with JERA Americas and Uniper to develop a large-scale production and export facility on the US Gulf Coast. This collaboration builds on a Heads of Agreement (HOA) signed previously.

The proposed ammonia facility aims for an initial production capacity of approximately 2 million tons per year (Mt/year) of low-carbon ammonia. The parties aim to start commercial production by the end of the 2020s.

ConocoPhillips has set a commercial target to achieve 100,000 tons per year of hydrogen production capacity by 2030. To support this, the company made a direct investment of $275 million in hydrogen infrastructure, targeting tangible production capacity of 25,000 metric tons per year.

Technology Ventures and Emissions Monitoring

The company uses strategic venture investments to gain exposure to emissions reduction technologies. These investments signal a pivot toward deploying solutions that impact its operational footprint.

• Invested in Avnos, participating in an over $80 million investment round to accelerate its novel Hybrid Direct Air Capture (HDAC) technology.
• Invested $7 million in LongPath Technologies' Series A financing to deploy continuous methane monitoring technology.

Midstream and Operational Cost Partnerships

The scale gained from the Marathon Oil integration and portfolio optimization is being leveraged to drive down operational costs through midstream agreements and efficiency programs.

ConocoPhillips is driving a further $1 billion-plus in company-wide cost reductions and margin enhancements, with a target completion by the end of 2026.

The company's financial performance in 2025 reflects this operational scale. For the first nine months of 2025, cash provided by operating activities was $15.5 billion, generating CFO of $15.6 billion excluding working capital changes. For the first six months of 2025, CFO was $10.2 billion.

These operational projects are expected to deliver significant future cash flow. ConocoPhillips expects $3.5 billion of incremental annual sustaining free cash flow from NFE, Port Arthur, NFS, and Willow combined, relative to 2025 levels, at commodity prices of $70 WTI, $10 TTF, and $4 Henry Hub.

As of the third quarter of 2025, the ordinary dividend was raised by 8% to $0.84 per share quarterly, representing an annualized dividend of $3.36 per share and a yield of 3.8%.

Finance: draft 13-week cash view by Friday.

ConocoPhillips (COP) - Canvas Business Model: Key Activities

You're looking at the core actions ConocoPhillips is taking right now to run the business and shape its future, especially after that big Marathon Oil deal. Honestly, it's a mix of maximizing current assets and making calculated bets on the next energy cycle.

Global Exploration and Production (E&P) of hydrocarbons

The primary activity is still finding and producing oil and gas globally, but the focus is clearly on efficiency and high-grading the portfolio. By the third quarter of 2025, total production hit 8,880 MBOED (thousand barrels of oil equivalent per day). This shows the scale after integrating new assets. To give you a clearer picture of the core U.S. operations, Q1 2025 production was 2,389 MBOED total, with the Lower 48 contributing 1,462 MBOED. The Permian Basin was a powerhouse, delivering 816,000 boed in that first quarter, and the Eagle Ford added a record 379,000 boed. The company raised its full-year 2025 production guidance to 2.375 MMboe/d. That's the engine running.

Here's a snapshot of the scale and immediate synergy capture:

Integration of Marathon Oil assets for synergy realization

ConocoPhillips is actively working to realize the value from the Marathon Oil acquisition, which closed in late 2024. The goal is to hit more than $1 billion in run-rate synergies by the end of 2025. These savings are broken down into G&A costs, operating costs, and capital cost reductions, leveraging the combined footprint. The integration is key to keeping the cost of supply low across the expanded Lower 48 assets.

Execution of major capital projects like Willow and Port Arthur LNG

You're seeing major capital deployment on long-term growth engines. The Willow project in Alaska has seen its total capital estimate revised up to $8.5 billion to $9 billion, driven by inflation, though it remains on schedule for first oil in early 2029. The project is about 50% complete as of late 2025. The total life-of-project CapEx estimate for Willow is cited as $9.6 billion.

On the LNG front, Port Arthur LNG Phase 1, where ConocoPhillips has a 30% equity stake and secured 5 Mtpa offtake, is targeting commercial operations in 2027 (Train 1) and 2028 (Train 2). For Phase 2, Sempra is targeting a Final Investment Decision (FID) in 2025. ConocoPhillips has already signed a definitive 20-year Sale and Purchase Agreement (SPA) for 4 Mta of LNG from Phase 2. The combined Phases 1 and 2 represent a $27 billion investment, designed for a total capacity of approximately 26 Mtpa.

Disciplined capital allocation and cost optimization across the portfolio

Capital discipline is front and center, especially with major projects peaking. Full-year 2025 capital expenditures (CapEx) guidance was trimmed to a range of $12.3-$12.6 billion, down from an earlier projection of $12.9 billion. They also lowered full-year adjusted operating cost guidance to $10.6 billion or $10.7 to $10.9 billion. The company is planning a $10 billion return of capital to shareholders in 2025. Management expects preliminary 2026 CapEx and OpEx to be down about $1 billion combined from 2025 levels. The goal is to drive the free cash flow breakeven point into the low 30s WTI by the end of the decade.

The quarterly dividend was recently increased by 8% to $0.84 per share.

Advancing low-carbon initiatives and emissions reduction technologies

ConocoPhillips is advancing its low-carbon strategy with specific financial commitments, balancing it against E&P activities. The company has committed $1.5 billion toward low-carbon initiatives through 2030. A key focus is hydrogen, with a direct investment of $275 million in hydrogen infrastructure, aiming for 100,000 tons per year of production capacity by 2030. They are also focused on operational emissions, having committed to meeting the World Bank Zero Routine Flaring by 2025 goal. Methane intensity has seen a significant drop, reduced by approximately 70% since 2015.

• Achieved zero routine flaring ambition by 2025.
• Invested $275 million in hydrogen infrastructure as of 2025.
• Participated in an $80 million investment round for Direct Air Capture technology.
• Participated in a $79 million equity investment for methane pyrolysis technology.

Finance: draft 13-week cash view by Friday.

ConocoPhillips (COP) - Canvas Business Model: Key Resources

You're looking at the core assets that power ConocoPhillips' operations right now. The company's strength is definitely rooted in its deep, durable, and diverse portfolio, which is built to meet global energy demands. This isn't just about volume; it's about owning high-quality resource positions across key geographies.

Here's a quick look at some of the hard numbers defining these key resources as of late 2025, based on recent guidance and Q3 reporting:

The global asset base is geographically spread across major areas, giving ConocoPhillips operational flexibility. You see major hubs in the Lower 48 states, Alaska, Norway, and Qatar, among others. This geographic diversity helps manage regional risks, you know.

A significant intangible asset is the proprietary Optimized Cascade® LNG technology. This is a proven liquefaction process that ConocoPhillips licenses. By 2026, plants using this technology are expected to have a total global installed production capacity exceeding 118 million tonnes per annum (MTPA), making them a major global technology provider in the space. The process itself relies on three multi-staged, cascaded refrigerant circuits using pure refrigerants like propane, ethylene, and methane for high efficiency.

The foundation of their low-cost structure comes from their extensive inventory of resource basins, particularly in the Lower 48 segment, which is their largest by production. These assets offer a low cost-of-supply and low GHG-intensity profile. The focus areas within this segment include:

• Delaware Basin (Permian)
• Midland Basin (Permian)
• Eagle Ford
• Bakken

The integration of Marathon Oil assets further enhanced these positions with complementary acreage in these key, low-cost areas. If onboarding takes 14+ days, churn risk rises, but for ConocoPhillips, these core assets provide a defintely durable foundation.

Finance: draft 13-week cash view by Friday.

ConocoPhillips (COP) - Canvas Business Model: Value Propositions

You're looking at the core promises ConocoPhillips is making to its customers, investors, and the market as of late 2025. These aren't just mission statements; they are backed by hard numbers from their operational guidance and recent financial results.

Reliable, large-scale supply of crude oil and natural gas

ConocoPhillips is delivering on scale, especially following the integration of the Marathon Oil assets. The sheer volume they are moving is a key part of their value proposition to global energy markets.

The company has set its full-year 2025 production guidance at 2.375 million barrels of oil equivalent per day (MMBOED). This follows strong execution, with Q2 2025 production reported at 2,391 MBOED. The Lower 48 segment, a core area, contributed 1,508 MBOED in that same quarter. This scale is a direct result of strategic growth, including assets from the Marathon acquisition, which made ConocoPhillips one of the largest stakeholders in key basins like the Bakken and Eagle Ford.

Here are some production highlights from the first half of 2025:

• Q1 2025 Total Production: 2,389 MBOED.
• Q2 2025 Lower 48 Production: 1,508 MBOED.
• 2025 Full-Year Production Guidance: 2.375 MMBOED.

Differentiated value proposition focused on returns and free cash flow

The focus has clearly shifted to maximizing shareholder value through disciplined capital allocation, with free cash flow (FCF) generation being the primary engine for this. They are signaling that the capital spent on long-cycle projects, like Willow and LNG expansions, will translate into significant future cash flow.

For the full year 2025, ConocoPhillips announced plans to return $10 billion to shareholders. This commitment is supported by robust cash generation, with Cash from Operations (CFO) reaching $15.6 billion through the first nine months of 2025. The company is also looking ahead, projecting FCF to reach $7 billion by 2029, based on conservative commodity price assumptions. For context, the Price-to-Free-Cash-Flow Ratio (TTM ended Sep. 2025) stood at 16.21.

The planned capital return for 2025 breaks down as follows:

Low-cost-of-supply advantage, with breakeven costs around $30-$40/barrel

While the specific breakeven number you mentioned isn't explicitly in the latest filings, the company's operational efficiency and cost guidance strongly support a low-cost structure. They are actively managing costs even while investing heavily in major projects.

ConocoPhillips lowered its full-year 2025 adjusted operating expense guidance to $10.6 billion. This cost discipline helps maintain strong margins even when realized prices soften. For example, the total realized price per barrel of oil equivalent (BOE) in the first six months of 2025 was $49.54 per BOE, and in Q3 2025, the realized price was $46.44 per BOE. The ability to generate significant cash flow, like the $4.7 billion in operational cash flow reported for Q2 2025, on these realized prices underscores their competitive cost position.

Commitment to top-quartile shareholder returns via dividends and buybacks

ConocoPhillips is actively returning capital, positioning its dividend as a top-quartile offering within the S&P 500. The company is executing on its buyback plan, which contributed to a 3.6% share count reduction over the past year (as of late 2025).

The dividend policy shows clear commitment:

• Q3 2025 Quarterly Ordinary Dividend: $0.84 per share.
• Annualized Dividend based on Q3 rate: $3.36 per share.
• Dividend Payout Ratio (DPR) as of late 2025: 47.52%.
• Total Shareholder Returns YTD through Q3 2025: $7 billion.

Lower-carbon intensity production to meet evolving customer demands

ConocoPhillips is making measurable progress against specific intensity targets, which is a key value driver for customers focused on supply chain emissions. They are on track to meet several near-term goals.

The company's progress on emissions intensity metrics is concrete:

Furthermore, the company is investing in low-carbon infrastructure, having invested $275 million in hydrogen infrastructure as a step toward a 2030 goal of 100,000 tons per year of hydrogen production capacity. Also, they participated in an $80 million investment round for Direct Air Capture technology.

ConocoPhillips (COP) - Canvas Business Model: Customer Relationships

Long-term, contract-based relationships with credit-worthy B2B partners

ConocoPhillips solidifies its market position through multi-year offtake agreements that secure demand for its production and development assets. These relationships are critical for underpinning Final Investment Decisions (FID) on major projects.

Key long-term agreements announced or active as of late 2025 include:

Furthermore, the company had contractual commitments to deliver approximately 675 billion cubic feet of natural gas and 253 million barrels of crude oil with various expiration dates extending through the year 2034, as noted in early 2025 filings.

Dedicated commercial teams for tailored supply agreements

The Commercial business unit, comprising roughly 250 employees, manages the commodity portfolio, which includes natural gas, LNG, crude oil, NGLs, bitumen, and power. This unit is responsible for commercial deal development, infrastructure agreements, and commercial asset optimization. The leadership structure includes the Chief Commercial Officer, Khoa Dao, who leads commercial activities across natural gas, LNG, crude oil, NGLs, and power. Functional teams within Commercial include:

• Gas & Power Marketing
• Crude Oil & NGLs Marketing
• LNG Marketing
• LNG Technology & Licensing

The front office, consisting of traders and schedulers, works closely with the Commercial Integration team to manage confirmations and ensure ConocoPhillips has verified agreements with counterparties, focusing on moving equity barrels with maximum efficiency and best value.

Investor relations focused on transparent capital allocation and returns

ConocoPhillips communicates a clear, cycle-tested capital allocation framework to its investor base, prioritizing returns while funding necessary growth. The stated long-term allocation priorities include:

• Invest enough capital to sustain production and pay the existing dividend.
• Grow the dividend annually.
• Maintain an 'A' credit rating.
• Return greater than 30 percent of cash from operations (CFO) to stockholders.
• Make disciplined investments to enhance returns.

Financial results in 2025 demonstrate this focus. For the first nine months of 2025, the company generated Cash Provided by Operating Activities (CFO) of $15.6 billion (excluding working capital changes) and returned $7.0 billion to shareholders through dividends and buybacks ($3.0 billion in ordinary dividends and $4.0 billion in share repurchases). In Q1 2025 specifically, the company returned $2.5 billion, representing 45% of CFO. The ordinary dividend was raised by 8% to $0.84 per share in Q3 2025. Full-year 2025 capital expenditures guidance was reduced to a range of $12.3 billion to $12.6 billion.

Operational dependability reinforcing brand as a reliable upstream partner

The brand as a reliable partner is reinforced by consistent production growth achieved through efficiency gains, even while lowering capital spending. For the first nine months of 2025, total production was 2,393 MBOED, an increase of 472 MBOED from the prior year. The full-year 2025 production guidance was raised to 2.375 MMBOED. This was achieved while lowering the full-year 2025 adjusted operating cost guidance to $10.6 billion. The integration of Marathon Oil is a key driver, expected to yield $500 million in annual cost synergies. The company is focused on delivering the same volume for less capital, with 2025 capital spending reduced by about $0.5 billion from prior guidance.

ConocoPhillips (COP) - Canvas Business Model: Channels

You're looking at how ConocoPhillips moves its product from the wellhead to the customer, which is a massive logistical undertaking given their global footprint. This isn't just about drilling; it's about the infrastructure that turns barrels and MCFs into delivered energy.

Global network of crude oil and natural gas pipelines

ConocoPhillips maintains a significant owned and operated infrastructure base to ensure product flow from key production areas to processing and export hubs. This network is critical for delivering volumes from assets like the Lower 48, Alaska, and international operations.

LNG export facilities (e.g., APLNG, Port Arthur LNG) for international markets

The company is aggressively building out its global LNG supply network, securing long-term offtake agreements to serve international demand, which is a key channel for monetizing natural gas resources. The Port Arthur project is central to this strategy.

ConocoPhillips has secured significant capacity through long-term sales and purchase agreements (SPAs) and equity stakes in major U.S. liquefaction projects:

The total contracted LNG supply from these announced U.S. projects alone is 10 MTPA, supporting a flexible supply network.

Direct sales to major refiners and integrated oil companies

The primary channel for crude oil and NGLs involves direct sales to large downstream counterparties, leveraging the company's scale and production base. For the first six months of 2025, ConocoPhillips' total production reached 2,391 MBOED (Million Barrels of Oil Equivalent per Day).

Production volumes from key U.S. shale assets, which feed into these sales channels, were substantial in Q2 2025:

• Lower 48 delivered production: 1,508 MBOED.
• Permian Basin contribution: 845 MBOED.
• Eagle Ford contribution: 408 MBOED.
• Bakken contribution: 205 MBOED.

Financial performance tied to these sales channels in the first half of 2025 included Sales and other operating revenues of $16,517 million for the first quarter alone.

Trading and marketing organizations for commodity sales

ConocoPhillips' marketing function is evident in its portfolio management, including strategic asset dispositions to optimize the portfolio and fund shareholder returns. The company is actively managing its asset base to align with its core strategy.

Key portfolio management activities in 2025 included:

• Agreement signed to sell Anadarko Basin assets for $1.3 billion.
• This sale exceeded the previous disposition target of $2 billion ahead of schedule.
• The company subsequently increased its disposition target to $5 billion by the end of 2026.

The trading operations recognize gains/losses either on a gross or net basis depending on the contract designation, with some eligible crude and gas contracts recognized upon settlement.

ConocoPhillips (COP) - Canvas Business Model: Customer Segments

You're looking at the core buyers for ConocoPhillips (COP) as of late 2025, post-Marathon Oil integration. The business model is heavily weighted toward large, credit-worthy energy players who need massive, reliable volumes of crude and gas.

Major Refiners and Integrated Oil Companies (largest revenue driver)

This group is the bedrock of ConocoPhillips' revenue, primarily purchasing crude oil and condensate for their downstream processing assets. The sheer scale of crude sales makes this segment the most significant contributor to the top line.

For the estimated Fiscal Year 2025, the Crude Oil segment is projected to be the single-biggest revenue driver, making up an expected 69% of total revenues, which are forecast to be $61 Bil in FY2025. This compares to the $39.01 B generated by the Crude oil product line in FY2024.

The company's overall production base supports this demand. Total company production for the full year 2024 averaged 1,987 MBOED (thousand barrels of oil equivalent per day). For 2025, ConocoPhillips has issued production guidance in the range of 2.34 to 2.38 MMBOED (million barrels of oil equivalent per day).

International LNG Buyers, primarily Asian and European utilities

This segment is a key growth area, focusing on securing long-term contracts for Liquefied Natural Gas (LNG) supply. Asian buyers, in particular, represent a dominant outlet for these volumes.

The Asia-Pacific region accounted for over 40% of ConocoPhillips' 2024 LNG sales volume. The company is actively building out its controlled portfolio supply, with a stated goal to grow this to between 10 and 15 MTPA (million tonnes per annum).

Recent contractual wins in 2025 highlight the focus on locking in long-term buyers:

• Secured a 15-year supply agreement for 300,000 metric ton-per-year with China's Guangdong Pearl River Investment Management Group (GPRIMG), starting in 2028.
• Signed a long-term Sales and Purchase Agreement (SPA) for 4 MTPA of LNG for 20 years at the Port Arthur LNG Phase 2 project.
• Announced an agreement to purchase 1 MTPA for 20 years on a FOB basis from NextDecade at Rio Grande LNG Train 5.
• Secured regasification capacity at the Dunkerque LNG terminal in France for approximately 1.5 MTPA, set to begin in 2028.

Industrial End-Users and Natural Gas Utilities requiring bulk supply

This segment involves direct sales of natural gas for industrial consumption and utility power generation, where reliability of bulk supply is paramount. The company's Natural Gas Product Line generated $6.44 B in revenue in FY2024.

The overall portfolio includes substantial gas reserves and production, which feeds these bulk supply needs. The company's Q2 2025 production was 2,391,000 barrels of oil equivalent per day.

The following table provides a snapshot of ConocoPhillips' revenue composition and production scale, which underpins the volume commitments to all customer types:

Global commodity markets for uncontracted production volumes

A portion of ConocoPhillips' output, particularly from its large Lower 48 operations, is sold into global commodity markets via spot transactions or short-term contracts. This exposure means realized prices fluctuate with market conditions.

The Lower 48 region was the largest revenue generator by geography in FY2024, bringing in $43.48 B, representing 79.58% of regional revenue. The company's total average realized price for full-year 2024 was $54.83 per BOE.

The company has been actively managing its portfolio, which impacts the volume available for these open markets. In the first half of 2025, ConocoPhillips:

• Sold $600 million in non-core Permian assets.
• Closed a $735 million Gulf of Mexico asset sale to Shell.
• Raised its total disposition target to $5 billion.

ConocoPhillips (COP) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive ConocoPhillips' spending, which is key to understanding their profitability, especially after a major integration like Marathon Oil. Here's the quick math on their expected 2025 cost base, grounded in their latest disclosures.

The company has been aggressively optimizing its spending profile, driven by operational efficiencies and synergies from the Marathon Oil acquisition. This focus on cost discipline is a central pillar of their current cost structure.

When you look at the quarterly actuals, you see the immediate impact of the combined entity. For the first quarter of 2025, ConocoPhillips reported specific expense line items reflecting this scale-up.

Production and operating expenses, often referred to as lifting costs, show a clear step-up post-acquisition. Operating Expenses for the first quarter of 2025 were reported at $2,506 million, up from $2,015 million in Q1 2024, with the increase driven by acquisition-related costs. To be fair, the trailing twelve months operating expenses ending September 30, 2025, reached $47.492B.

The Depreciation, Depletion, and Amortization (DD&A) charge, which reflects the using up of asset value, also increased significantly due to the larger asset base from the Marathon Oil deal. The Q1 2025 DD&A was $2,746 million.

Integration costs are being offset by expected savings, which directly impact the ongoing cost structure. ConocoPhillips completed the asset integration of Marathon Oil in Q2 2025.

The company is realizing significant benefits from this combination, which lowers the effective cost base:

• On track for more than $1 billion of run-rate synergies by year-end 2025.
• Anticipated over $1 billion in one-time benefits from the integration in 2025.
• Initial synergy target was $500 million in run-rate cost and capital savings within the first full year.
• Announced incremental cost reductions and margin enhancements of more than $1 billion anticipated on a run-rate basis by year-end 2026.

These synergy targets are a crucial component of the cost structure, as they are factored into the lowered full-year adjusted operating cost guidance of $10.6 billion. Finance: draft 13-week cash view by Friday.

ConocoPhillips (COP) - Canvas Business Model: Revenue Streams

You're looking at the core ways ConocoPhillips brings in cash, which is all about selling the molecules they pull out of the ground. For the full fiscal year 2025, the total revenue expectation is around $61 Billion.

The primary revenue driver remains the sale of crude oil and condensate, which is the biggest slice of the pie by a significant margin.

Here's how the estimated full-year 2025 revenue breaks down by product line, based on available analyst projections:

The sales of Natural Gas and Liquefied Natural Gas (LNG) are a significant component, expected to contribute about $9.4 Billion to the total revenue for FY 2025.

For the Sales of Natural Gas Liquids (NGLs) and Bitumen, the expectation for FY 2025 is $10.0 Billion. This segment is noted as being key to revenue growth over the near term.

You need to track the specific quarterly results, too. For the first quarter of 2025, ConocoPhillips reported that Sales and other operating revenues totaled $16.517 billion.

Distributions from equity affiliates provide another layer of income. For the first quarter of 2025, the reported Equity in earnings of affiliates was $392 million. Looking ahead, ConocoPhillips has a revised 2025 guidance for distributions from APLNG specifically:

• Expected full-year APLNG distributions for 2025: $0.8B.
• The expected distribution for Q1 2025 from APLNG was $0.2B.

That APLNG guidance of $800 million for the full year is definitely something to keep on your radar for tracking performance against expectations.