Earnings Highlights COP & EOG

ConocoPhillips (COP)

ConocoPhillips completed the asset integration of Marathon Oil and remains on track for more than $1 billion of synergies on a run-rate basis by year-end 2025. The company has achieved an optimized level of steady-state activity in the Lower 48 following the asset integration of Marathon Oil.

Q2 2025 production was mostly in line with annual midpoint guidance. Full year 2025 production guidance is unchanged from the prior reporting quarter. Production is expected to remain flat from now until the end of 2025.

EOG Resources (EOG)

Q2 2025 oil, NGLs and natural gas production were above guidance midpoints. Capital expenditures and per-unit operating costs were also better than guidance midpoints.

EOG Resources completed the $3.5 billion debt offering to fund the acquisition of Encino Acquisition Partners. The company continues to see strong operational execution across all of the company’s basins

Full year 2025 guidance is revised higher from the prior reporting quarter across all commodities.