CLAIM #16568 · ConocoPhillips (COP) · 2025Q4 earnings call · Feb 5, 2026 · due Dec 31, 2028
“So, we're seeing that basically drive next $2 billion after the one we have now, then the next two comes from those LNG projects.”
Andy O'Brien · CFO
How to check this claim
Look at: Cumulative free cash flow improvement versus baseline (company-defined), specifically the incremental $2 billion attributed to LNG project ramp (NFE, Port Arthur, NFS) on top of the initial $1 billion
It came true if: Company-reported free cash flow improvement reaches approximately $3 billion cumulative by FY2028 (the $1 billion already identified plus the additional $2 billion from LNG projects in 2027-2028)
Where: Company financial statements and management commentary on free cash flow inflection (10-K/10-Q, earnings calls FY2027-FY2028)
In context
“now, European regas exposure that looks like it'll be full you know, over the next season. So, if we could get some color on that, it would be great. Thanks. Andy O'Brien: Okay. Yeah. Kind of a touching a touching a few different topics there. We'll try and I'll try and sort of try and try and cover them. You know, the first part of it is we've been very clear that sort of basically, we're seeing a billion dollars per year, $26.27, 28 of free cash flow improvement. And think you're starting to allude to this that '26 basically is essentially being driven by the OpEx and CapEx guidance that we've given driving that. But as we get into 'twenty seven and 'twenty eight, a significant part of that is being driven by the LNG where we have NFE coming on, Port Arthur coming on. And NFS coming on. So, we're seeing that basically drive next $2 billion after the one we have now, then the next two comes from those LNG projects. And remember, it's a combination of the revenues coming on, but the CapEx going away as well. So that's $2 billion a big chunk of that is coming in '27 and '28 from the LNG projects. Know, we've but when we've given those sensitivity on the $7 billion of free cash flow inflection, we've put prices out there basically for that. And I think where we basically placed the first 5,000,000 tons that we have out of Port Arthur Phase one into Europe and Asia. We feel pretty good about that. And you know, our view, I think, is that you know, we're pretty confident basically around sort of, you know, LNG prices basically holding up over the rest of this decade. So it's kind of that's what's built into our sensitivities and know, we're also in a situation where between now and 2030 where we're actua”
Verify independently
SEC filings for COP ↗ · Claim quote is verbatim from the 2025Q4 earnings call.