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ConocoPhillips Reports Decline in Q2 Production

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ConocoPhillips (COP), the Texas-based independent exploration and production company, on Thursday reported Q2 production of 2.25 million barrels of oil equivalent per day, down from 2.39 million boe/d in the corresponding quarter last year.

Crude oil output for the quarter ended June 30 stood at 1.09 million barrels a day, declining from 1.16 million b/d in the year-ago period.

In Q2, the company produced 3.71 billion cubic feet per day of natural gas, which compares to 4.01 Bcf/d reported last year.

Natural gas liquids output for the quarter was reported at 420,000 b/d, dropping from 424,000 b/d in Q2 2025, while bitumen production for the period stood at 115,000 b/d, down from 144,000 b/d in the year-ago period.

For Q2, ConocoPhillips reported total average realized price of $62.33/boe, versus $45.77/boe in Q2 last year.

Average H1 production stood at 2.28 million boe/d, which compares to 2.34 million boe/d reported in the corresponding year-ago period after adjusting for closed acquisitions and disposals.

"Organic growth from Lower 48 was more than offset by the impact of the Middle East conflict on Qatar and higher Surmont royalties," the company said.

In H1, the total realized price stood at $56.37/boe, 14% higher than the $49.54/boe reported last year.

The company projects Q3 production in the range of 2.29-2.32 million boe/d.

In Q2, ConocoPhillips reached an agreement for its re-entry into Syria, inked a deal to acquire a 42% interest in a joint venture in northern Iraq's Kirkuk area, and also agreed to sell non-core Lower 48 assets for $1.7 billion in a transaction that closed in July.

The company said it reached its $5 billion disposal target ahead of schedule. It secured 2 million tonnes per annum of additional offtake agreements during the quarter, increasing its total LNG offtake to 12 MTPA.

In a separate statement issued on Thursday, ConocoPhillips said that Andy O'Brien, chief financial officer and executive vice president, strategy and commercial, will takeover from incumbent Ryan Lance as president and chief executive officer of the company effective Sept. 1.

Lance will retire as president and CEO and transition to executive chair of the board, the statement said.

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