CLAIM #16509 · ConocoPhillips (COP) · 2025Q1 earnings call · May 8, 2025 · due Dec 31, 2026
“I'd also add that it has a negligible impact on production next year.”
Ryan Lance · CEO
How to check this claim
Look at: Total company production (BOE/d), fiscal year 2026 vs. fiscal year 2025
It came true if: FY2026 production within -1% to +1% of FY2025 production (i.e., no material decline attributable to the $500 million budget cuts)
Where: Company quarterly/annual production disclosures (10-K / earnings releases)
In context
“a little bit more color on the $500 million that was cut from the budget. Certainly understand that these areas were things that don't necessarily impact near term production here in 2025. But perhaps you could talk a little bit about more kind of what these things were, what countries they were located in? It sounds like there could be a little bit of kind of medium term production impact, but presumably you can go and spend more money if prices recover on some of that eventually. Ryan Lance: Sure. I can take that one. It's I think I kind of really gave the answer earlier. It's for lack of a better term, it's basically sort of all over our global portfolio. There's a little bit of deflation and optimization. There's nothing here specifically that's having any production impact this year. I'd also add that it has a negligible impact on production next year. Not really any one specific thing that I would call out. It's an inventory list of the first things we do when we look to sort of where can we tighten the belt and reduce some capital, but nothing really of note I'd want to call out really spread across the entire company. Bill Bullock: Yeah, that's what I would say Leo. It's a bit in Kirk's area and in Nick's area. So it's not any one particular area or any one particular category. Operator: Our next question comes from David Deckelbaum with TD Cowen. David Deckelbaum: I just wanted to follow-up in the context of talking about lower cost of supply over time. You guys more or less completed your asset sale target post the Marathon deal with the most recent divestiture. How do you guys think about the cadence, if any, of non-core asset sal”
Verify independently
SEC filings for COP ↗ · Claim quote is verbatim from the 2025Q1 earnings call.