COP 10-Q report for 2025-06-30

COP 10-Q report for 2025-06-30 cop-20250630 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission file number: 001-32395 ConocoPhillips (Exact name of registrant as specified in its charter) Delaware 01-0562944 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 925 N. Eldridge Parkway , Houston , TX 77079 (Address of principal executive offices) (Zip Code) 281 - 293-1000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbols Name of each exchange on which registered Common Stock, $.01 Par Value COP New York Stock Exchange 7% Debentures due 2029 CUSIP—718507BK1 New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒        Accelerated filer ☐        Non-accelerated filer ☐        Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ The registrant had 1,248,942,311 shares of common stock, $.01 par value, outstanding at June 30, 2025. Table of Contents Page Commonly Used Abbreviations 1 Part I—Financial Information Item 1. Financial Statements Consolidated Income Statement 2 Consolidated Statement of Comprehensive Income 3 Consolidated Balance Sheet 4 Consolidated Statement of Cash Flows 5 Notes to Consolidated Financial Statements 6 Note 1 —Basis of Presentation 6 Note 2 —Inventories 6 Note 3 —Acquisitions and Dispositions 6 Note 4 —Investments and Long-Term Receivables 9 Note 5 —Debt 9 Note 6 —Suspended Wells and Exploration Expenses 10 Note 7 —Changes in Equity 11 Note 8 —Guarantees 12 Note 9 —Contingencies, Commitments and Accrued Environmental Costs 13 Note 10 —Derivative and Financial Instruments 16 Note 11 —Fair Value Measurement 20 Note 12 —Accumulated Other Comprehensive Income (Loss) 22 Note 13 —Cash Flow Information 23 Note 14 —Employee Benefit Plans 23 Note 15 —Related Party Transactions 24 Note 16 —Sales and Other Operating Revenues 25 Note 17 —Earnings Per Share 26 Note 18 —Segment Disclosures and Related Information 26 Note 19 —Income Taxes 32 Note 20 —New Accounting Standards 32 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures About Market Risk 55 Item 4. Controls and Procedures 55 Part II—Other Information Item 1. Legal Proceedings 55 Item 1A. Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 56 Item 6. Exhibit s 57 Signature 58 Commonly Used Abbreviations Table of Contents Commonly Used Abbreviations The following industry-specific, accounting and other terms, and abbreviations may be commonly used in this report. Currencies Accounting $ or USD U.S. dollar ARO asset retirement obligation CAD Canadian dollar ASC accounting standards codification EUR Euro ASU accounting standards update GBP NOK British pound Norwegian kroner DD&A depreciation, depletion and amortization EPS earnings per share Units of Measurement FASB Financial Accounting Standards Board BBL barrel BCF billion cubic feet FIFO first-in, first-out BOE barrel of oil equivalent G&A general and administrative MBD thousand barrels per day GAAP generally accepted accounting principles MCF thousand cubic f Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures About Market Risk 55 Item 4. Controls and Procedures 55 Part II—Other Information Item 1. Legal Proceedings 55 Item 1A. Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 56 Item 6. Exhibit s 57 Signature 58 Commonly Used Abbreviations Table of Contents Commonly Used Abbreviations The following industry-specific, accounting and other terms, and abbreviations may be commonly used in this report. Currencies Accounting $ or USD U.S. dollar ARO asset retirement obligation CAD Canadian dollar ASC accounting standards codification EUR Euro ASU accounting standards update GBP NOK British pound Norwegian kroner DD&A depreciation, depletion and amortization EPS earnings per share Units of Measurement FASB Financial Accounting Standards Board BBL barrel BCF billion cubic feet FIFO first-in, first-out BOE barrel of oil equivalent G&A general and administrative MBD thousand barrels per day GAAP generally accepted accounting principles MCF thousand cubic feet MM million LIFO last-in, first-out MMBOE million barrels of oil equivalent NPNS normal purchase normal sale MBOED thousand barrels of oil equivalent per PP&E properties, plants and equipment day VIE variable interest entity MMBOED million barrels of oil equivalent per day MMBTU million British thermal units MMCFD million cubic feet per day Miscellaneous MTPA million tonnes per annum CERCLA Federal Comprehensive Environmental Response Industry Compensation and Liability Act BLM Bureau of Land Management EPA Environmental Protection Agency CBM coalbed methane ESG environmental, social and governance CCS carbon capture and storage EU European Union E&P exploration and production FERC Federal Energy Regulatory Commission FEED front-end engineering and design FID final investment decision GHG greenhouse gas FPS floating production system HSE health, safety and environment FPSO floating production, storage and ICC International Chamber of Commerce offloading ICSID World Bank’s International G&G geological and geophysical Centre for Settlement of JOA joint operating agreement Investment Disputes LNG liquefied natural gas IRS Internal Revenue Service NGLs natural gas liquids OTC over-the-counter OPEC Organization of Petroleum NYSE New York Stock Exchange Exporting Countries SEC U.S. Securities and Exchange PSC production sharing contract Commission PUDs proved undeveloped reserves TSR total shareholder return SAGD steam-assisted gravity drainage U.K. United Kingdom WCS Western Canadian Select U.S. United States of America WTI West Texas Intermediate VROC variable return of cash 1 ConocoPhillips      2025 Q2 10-Q Financial Statements Table of Contents PART I. Financial Information Item 1.    Financial Statements Consolidated Income Statement ConocoPhillips Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Revenues and Other Income Sales and other operating revenues $ 14,004 13,620 30,521 27,468 Equity in earnings of affiliates 315 403 707 824 Gain (loss) on dispositions 317 ( 5 ) 396 88 Other income 104 118 217 232 Total Revenues and Other Income 14,740 14,136 31,841 28,612 Costs and Expenses Purchased commodities 5,085 4,858 11,273 10,192 Production and operating expenses 2,572 2,164 5,078 4,179 Selling, general and administrative expenses 250 164 441 342 Exploration expenses 81 102 198 214 Depreciation, depletion and amortization 2,838 2,334 5,584 4,545 Impairments 1 34 2 34 Taxes other than income taxes 572 536 1,123 1,091 Accretion on discounted liabilities 95 80 189 160 Interest and debt expense 232 198 437 403 Foreign currency transaction (gain) loss ( 3 ) 9 27 ( 9 ) Other expenses — ( 2 ) 6 ( 6 ) Total Costs and Expenses 11,723 10,477 24,358 21,145 Income (loss) before income taxes 3,017 3,659 7,483 7,467 Income tax provision (benefit) 1,046 1,330 2,663 2,587 Net Income (Loss) $ 1,971 2,329 4,820 4,880 Net Income (Loss) Per Share of Common Stock (dollars) Basic $ 1.56 1.99 3.80 4.15 Diluted 1.56 1.98 3.79 4.14 Weighted-Average Common Shares Outstanding (in thousands) Basic 1,257,512 1,168,198 1,265,387 1,173,410 Diluted 1,258,998 1,170,299 1,266,815 1,175,595 See Notes to Consolidated Financial Statements. ConocoPhillips      2025 Q2 10-Q 2 Financial Statements Table of Contents Consolidated Statement of Comprehensive Income ConocoPhillips Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Net Income (Loss) $ 1,971 2,329 4,820 4,880 Other comprehensive income (loss), net of tax: Defined benefit plans 6 4 13 9 Unrealized holding gain (loss) on securities 2 ( 1 ) 4 ( 4 ) Foreign currency translation adjustments 484 ( 73 ) 554 ( 303 ) Unrealized gain (loss) on hedging activities — 26 — 10 Other Comprehensive Income (Loss), Net of Tax 492 ( 44 ) 571 ( 288 ) Comprehensive Income (Loss) $ 2,463 2,285 5,391 4,592 See Notes to Consolidated Financial Statements. 3 ConocoPhillips      2025 Q2 10-Q Financial Statements Table of Contents Consolidated Balance Sheet ConocoPhillips Millions of Dollars June 30 2025 December 31 2024 Assets Cash and cash equivalents $ 4,901 5,607 Short-term investments 439 507 Accounts and notes receivable (net of allowance of $ 6 and $ 7 , respectively) 5,701 6,695 Inventories 1,897 1,809 Prepaid expenses and other current assets 1,001 1,029 Total Current Assets 13,939 15,647 Investments and long-term receivables 10,361 9,869 Net properties, plants and equipment (net of accumulated DD&A of $ 86,487 and $ 81,072 , respectively) 95,242 94,356 Other assets 3,057 2,908 Total Assets $ 122,599 122,780 Liabilities Accounts payable $ 6,517 6,044 Short-term debt 414 1,035 Accrued income and other taxes 1,742 2,460 Employee benefit obligations 710 1,087 Other accruals 1,603 1,498 Total Current Liabilities 10,986 12,124 Long-term debt 23,115 23,289 Asset retirement obligations and accrued environmental costs 8,225 8,089 Deferred income taxes 11,766 11,426 Employee benefit obligations 999 1,022 Other liabilities and deferred credits 1,936 2,034 Total Liabilities 57,027 57,984 Equity Common stock ( 2,500,000,000 shares authorized at $ 0.01 par value) Issued (2025— 2,252,479,047 shares; 2024— 2,250,672,734 shares) Par value 23 23 Capital in excess of par 77,643 77,529 Treasury stock (at cost: 2025— 1,003,536,736 shares; 2024— 974,806,010 shares) ( 73,899 ) ( 71,152 ) Accumulated other comprehensive income (loss) ( 5,902 ) ( 6,473 ) Retained earnings 67,707 64,869 Total Equity 65,572 64,796 Total Liabilities and Equity $ 122,599 122,780 See Notes to Consolidated Financial Statements. ConocoPhillips      2025 Q2 10-Q 4 Financial Statements Table of Contents Consolidated Statement of Cash Flows ConocoPhillips Millions of Dollars Six Months Ended June 30 2025 2024 Cash Flows From Operating Activities Net income (loss) $ 4,820 4,880 Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation, depletion and amortization 5,584 4,545 Impairments 2 34 Dry hole costs and leasehold impairments 85 48 Accretion on discounted liabilities 189 160 Deferred taxes 78 211 Distributions more (less) than income from equity affiliates ( 112 ) 364 (Gain) loss on dispositions ( 396 ) ( 88 ) Other ( 62 ) 10 Working capital adjustments Decrease (increase) in accounts and notes receivable 973 148 Decrease (increase) in inventories ( 84 ) ( 57 ) Decrease (increase) in prepaid expenses and other current assets ( 229 ) ( 147 ) Increase (decrease) in accounts payable ( 27 ) ( 183 ) Increase (decrease) in taxes and other accruals ( 1,221 ) ( 21 ) Net Cash Provided by Operating Activities 9,600 9,904 Cash Flows From Investing Activities Capital expenditures and investments ( 6,664 ) ( 5,885 ) Working capital changes associated with investing activities 551 173 Acquisition of businesses, net of cash acquired — 49 Proceeds from asset dispositions 1,341 178 Net sales (purchases) of investments ( 8 ) ( 794 ) Other ( 27 ) ( 13 ) Net Cash Used in Investing Activities ( 4,807 ) ( 6,292 ) Cash Flows From Financing Activities Repayment of debt ( 806 ) ( 563 ) Issuance of company common stock ( 55 ) ( 57 ) Repurchase of company common stock ( 2,722 ) ( 2,346 ) Dividends paid ( 1,982 ) ( 1,839 ) Other ( 55 ) ( 63 ) Net Cash Used in Financing Activities ( 5,620 ) ( 4,868 ) Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 148 ( 69 ) Net Change in Cash, Cash Equivalents and Restricted Cash ( 679 ) ( 1,325 ) Cash, cash equivalents and restricted cash at beginning of period 5,905 5,899 Cash, Cash Equivalents and Restricted Cash at End of Period $ 5,226 4,574 Restricted cash of $ 325 million and $ 298 million is included in the " Other assets " line of our Consolidated Balance Sheet at June 30, 2025, and December 31, 2024, respectively. See Notes to Consolidated Financial Statements. 5 ConocoPhillips      2025 Q2 10-Q Notes to Consolidated Financial Statements Table of Contents Notes to Consolidated Financial Statements Note 1—Basis of Presentation The interim-period financial information presented in the financial statements included in this report is unaudited and, in the opinion of management, includes all known accruals and adjustments necessary for a fair presentation of the consolidated financial position of ConocoPhillips, its results of operations and cash flows for such periods. All such adjustments are of a normal and recurring nature unless otherwise disclosed. Certain notes and other information have been condensed or omitted from the interim financial statements included in this report; therefore, these financial statements should be read in conjunction with the consolidated financial statements and notes included in our 2024 Annual Report on Form 10-K. Certain prior year financial statement line items have been reclassified to conform to the current year presentation. Note 2—Inventories Millions of Dollars June 30 2025 December 31 2024 Crude oil and natural gas $ 1,013 907 Materials and supplies 884 902 Total inventories $ 1,897 1,809 Inventories valued on the LIFO basis $ 588 578 Note 3—Acquisitions and Dispositions Acquisition of Marathon Oil Corporation (Marathon Oil) In November 2024, we completed our acquisition of Marathon Oil, an independent oil and gas exploration and production company with operations across the Lower 48 and in Equatorial Guinea. At close, the transaction was valued at $ 16.5 billion, which primarily represented 0.255 shares of ConocoPhillips common stock exchanged for each outstanding share of Marathon Oil common stock. Total Fair Value Millions of Dollars Value of ConocoPhillips common stock issued* $ 15,972 Cash transferred at close** 451 Value attributable to Marathon Oil share-based awards 67 Other liabilities incurred*** 17 Total Fair Value (Millions) $ 16,507 *Represents the fair value of approximately 143 million shares of ConocoPhillips common stock issued to Marathon Oil stockholders. The fair value is based on the number of eligible shares of Marathon Oil common stock at a 0.255 exchange ratio and ConocoPhillips' average stock price on November 22, 2024, which was $ 111.93 . **Cash transferred at close primarily represents funds contributed to Marathon Oil for repayment of Marathon Oil's estimated commercial paper liabilities as of the closing date. ***Liabilities incurred are related to cash settled share-based awards and payment of cash in lieu of fractional Marathon Oil shares outstanding. The transaction was accounted for as a business combination under FASB Topic ASC 805 using the acquisition method, which requires assets acquired and liabilities assumed to be measured at their acquisition date fair values. Fair value measurements were made for acquired assets and liabilities. Adjustments to those measurements may be made in subsequent periods, up to one year from the acquisition date, as we identify new information about facts and circumstances that existed as of the acquisition date to consider. At June 30, 2025, remaining items to finalize include allocation of fair value to unproved properties. The impact of finalizing the fair value allocation is not expected to have a material impact to our consolidated financial statements. ConocoPhillips      2025 Q2 10-Q 6 Notes to Consolidated Financial Statements Table of Contents Oil and gas properties were valued using a discounted cash flow approach incorporating market participant and internally generated price assumptions; production profiles; and operating and development cost assumptions. Debt assumed in the acquisition was valued based on observable market prices. The fair values of accounts receivable, accounts payable and most other current assets and current liabilities were determined to be equivalent to the carrying value due to their short-term nature. The acquisition, valued at $ 16.5 billion, was allocated to the identifiable assets and liabilities based on their estimated fair values as of the acquisition date of November 22, 2024. Assets Acquired Millions of Dollars Cash and cash equivalents $ 385 Accounts receivable, net 982 Inventories 339 Investments and long-term receivables 562 Net properties, plants and equipment 24,203 Other assets 201 Total assets acquired $ 26,672 Liabilities Assumed Accounts payable $ 1,183 Accrued income and other taxes 201 Employee benefit obligations 187 Long-term debt 4,719 Asset retirement obligations 781 Deferred income taxes 2,488 Other liabilities 606 Total liabilities assumed $ 10,165 Net assets acquired $ 16,507 With the completion of the transaction, we acquired proved properties o Item 1A. Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 56 Item 6. Exhibit s 57 Signature 58 Commonly Used Abbreviations Table of Contents Commonly Used Abbreviations The following industry-specific, accounting and other terms, and abbreviations may be commonly used in this report. Currencies Accounting $ or USD U.S. dollar ARO asset retirement obligation CAD Canadian dollar ASC accounting standards codification EUR Euro ASU accounting standards update GBP NOK British pound Norwegian kroner DD&A depreciation, depletion and amortization EPS earnings per share Units of Measurement FASB Financial Accounting Standards Board BBL barrel BCF billion cubic feet FIFO first-in, first-out BOE barrel of oil equivalent G&A general and administrative MBD thousand barrels per day GAAP generally accepted accounting principles MCF thousand cubic feet MM million LIFO last-in, first-out MMBOE million barrels of oil equivalent NPNS normal purchase normal sale MBOED thousand barrels of oil equivalent per PP&E properties, plants and equipment day VIE variable interest entity MMBOED million barrels of oil equivalent per day MMBTU million British thermal units MMCFD million cubic feet per day Miscellaneous MTPA million tonnes per annum CERCLA Federal Comprehensive Environmental Response Industry Compensation and Liability Act BLM Bureau of Land Management EPA Environmental Protection Agency CBM coalbed methane ESG environmental, social and governance CCS carbon capture and storage EU European Union E&P exploration and production FERC Federal Energy Regulatory Commission FEED front-end engineering and design FID final investment decision GHG greenhouse gas FPS floating production system HSE health, safety and environment FPSO floating production, storage and ICC International Chamber of Commerce offloading ICSID World Bank’s International G&G geological and geophysical Centre for Settlement of JOA joint operating agreement Investment Disputes LNG liquefied natural gas IRS Internal Revenue Service NGLs natural gas liquids OTC over-the-counter OPEC Organization of Petroleum NYSE New York Stock Exchange Exporting Countries SEC U.S. Securities and Exchange PSC production sharing contract Commission PUDs proved undeveloped reserves TSR total shareholder return SAGD steam-assisted gravity drainage U.K. United Kingdom WCS Western Canadian Select U.S. United States of America WTI West Texas Intermediate VROC variable return of cash 1 ConocoPhillips      2025 Q2 10-Q Financial Statements Table of Contents PART I. Financial Information Item 1.    Financial Statements Consolidated Income Statement ConocoPhillips Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Revenues and Other Income Sales and other operating revenues $ 14,004 13,620 30,521 27,468 Equity in earnings of affiliates 315 403 707 824 Gain (loss) on dispositions 317 ( 5 ) 396 88 Other income 104 118 217 232 Total Revenues and Other Income 14,740 14,136 31,841 28,612 Costs and Expenses Purchased commodities 5,085 4,858 11,273 10,192 Production and operating expenses 2,572 2,164 5,078 4,179 Selling, general and administrative expenses 250 164 441 342 Exploration expenses 81 102 198 214 Depreciation, depletion and amortization 2,838 2,334 5,584 4,545 Impairments 1 34 2 34 Taxes other than income taxes 572 536 1,123 1,091 Accretion on discounted liabilities 95 80 189 160 Interest and debt expense 232 198 437 403 Foreign currency transaction (gain) loss ( 3 ) 9 27 ( 9 ) Other expenses — ( 2 ) 6 ( 6 ) Total Costs and Expenses 11,723 10,477 24,358 21,145 Income (loss) before income taxes 3,017 3,659 7,483 7,467 Income tax provision (benefit) 1,046 1,330 2,663 2,587 Net Income (Loss) $ 1,971 2,329 4,820 4,880 Net Income (Loss) Per Share of Common Stock (dollars) Basic $ 1.56 1.99 3.80 4.15 Diluted 1.56 1.98 3.79 4.14 Weighted-Average Common Shares Outstanding (in thousands) Basic 1,257,512 1,168,198 1,265,387 1,173,410 Diluted 1,258,998 1,170,299 1,266,815 1,175,595 See Notes to Consolidated Financial Statements. ConocoPhillips      2025 Q2 10-Q 2 Financial Statements Table of Contents Consolidated Statement of Comprehensive Income ConocoPhillips Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Net Income (Loss) $ 1,971 2,329 4,820 4,880 Other comprehensive income (loss), net of tax: Defined benefit plans 6 4 13 9 Unrealized holding gain (loss) on securities 2 ( 1 ) 4 ( 4 ) Foreign currency translation adjustments 484 ( 73 ) 554 ( 303 ) Unrealized gain (loss) on hedging activities — 26 — 10 Other Comprehensive Income (Loss), Net of Tax 492 ( 44 ) 571 ( 288 ) Comprehensive Income (Loss) $ 2,463 2,285 5,391 4,592 See Notes to Consolidated Financial Statements. 3 ConocoPhillips      2025 Q2 10-Q Financial Statements Table of Contents Consolidated Balance Sheet ConocoPhillips Millions of Dollars June 30 2025 December 31 2024 Assets Cash and cash equivalents $ 4,901 5,607 Short-term investments 439 507 Accounts and notes receivable (net of allowance of $ 6 and $ 7 , respectively) 5,701 6,695 Inventories 1,897 1,809 Prepaid expenses and other current assets 1,001 1,029 Total Current Assets 13,939 15,647 Investments and long-term receivables 10,361 9,869 Net properties, plants and equipment (net of accumulated DD&A of $ 86,487 and $ 81,072 , respectively) 95,242 94,356 Other assets 3,057 2,908 Total Assets $ 122,599 122,780 Liabilities Accounts payable $ 6,517 6,044 Short-term debt 414 1,035 Accrued income and other taxes 1,742 2,460 Employee benefit obligations 710 1,087 Other accruals 1,603 1,498 Total Current Liabilities 10,986 12,124 Long-term debt 23,115 23,289 Asset retirement obligations and accrued environmental costs 8,225 8,089 Deferred income taxes 11,766 11,426 Employee benefit obligations 999 1,022 Other liabilities and deferred credits 1,936 2,034 Total Liabilities 57,027 57,984 Equity Common stock ( 2,500,000,000 shares authorized at $ 0.01 par value) Issued (2025— 2,252,479,047 shares; 2024— 2,250,672,734 shares) Par value 23 23 Capital in excess of par 77,643 77,529 Treasury stock (at cost: 2025— 1,003,536,736 shares; 2024— 974,806,010 shares) ( 73,899 ) ( 71,152 ) Accumulated other comprehensive income (loss) ( 5,902 ) ( 6,473 ) Retained earnings 67,707 64,869 Total Equity 65,572 64,796 Total Liabilities and Equity $ 122,599 122,780 See Notes to Consolidated Financial Statements. ConocoPhillips      2025 Q2 10-Q 4 Financial Statements Table of Contents Consolidated Statement of Cash Flows ConocoPhillips Millions of Dollars Six Months Ended June 30 2025 2024 Cash Flows From Operating Activities Net income (loss) $ 4,820 4,880 Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation, depletion and amortization 5,584 4,545 Impairments 2 34 Dry hole costs and leasehold impairments 85 48 Accretion on discounted liabilities 189 160 Deferred taxes 78 211 Distributions more (less) than income from equity affiliates ( 112 ) 364 (Gain) loss on dispositions ( 396 ) ( 88 ) Other ( 62 ) 10 Working capital adjustments Decrease (increase) in accounts and notes receivable 973 148 Decrease (increase) in inventories ( 84 ) ( 57 ) Decrease (increase) in prepaid expenses and other current assets ( 229 ) ( 147 ) Increase (decrease) in accounts payable ( 27 ) ( 183 ) Increase (decrease) in taxes and other accruals ( 1,221 ) ( 21 ) Net Cash Provided by Operating Activities 9,600 9,904 Cash Flows From Investing Activities Capital expenditures and investments ( 6,664 ) ( 5,885 ) Working capital changes associated with investing activities 551 173 Acquisition of businesses, net of cash acquired — 49 Proceeds from asset dispositions 1,341 178 Net sales Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures About Market Risk 55 Item 4. Controls and Procedures 55 Part II—Other Information Item 1. Legal Proceedings 55 Item 1A. Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 5. Other Information 56 Item 6. Exhibit s 57 Signature 58 Commonly Used Abbreviations Table of Contents Commonly Used Abbreviations The following industry-specific, accounting and other terms, and abbreviations may be commonly used in this report. Currencies Accounting $ or USD U.S. dollar ARO asset retirement obligation CAD Canadian dollar ASC accounting standards codification EUR Euro ASU accounting standards update GBP NOK British pound Norwegian kroner DD&A depreciation, depletion and amortization EPS earnings per share Units of Measurement FASB Financial Accounting Standards Board BBL barrel BCF billion cubic feet FIFO first-in, first-out BOE barrel of oil equivalent G&A general and administrative MBD thousand barrels per day GAAP generally accepted accounting principles MCF thousand cubic feet MM million LIFO last-in, first-out MMBOE million barrels of oil equivalent NPNS normal purchase normal sale MBOED thousand barrels of oil equivalent per PP&E properties, plants and equipment day VIE variable interest entity MMBOED million barrels of oil equivalent per day MMBTU million British thermal units MMCFD million cubic feet per day Miscellaneous MTPA million tonnes per annum CERCLA Federal Comprehensive Environmental Response Industry Compensation and Liability Act BLM Bureau of Land Management EPA Environmental Protection Agency CBM coalbed methane ESG environmental, social and governance CCS carbon capture and storage EU European Union E&P exploration and production FERC Federal Energy Regulatory Commission FEED front-end engineering and design FID final investment decision GHG greenhouse gas FPS floating production system HSE health, safety and environment FPSO floating production, storage and ICC International Chamber of Commerce offloading ICSID World Bank’s International G&G geological and geophysical Centre for Settlement of JOA joint operating agreement Investment Disputes LNG liquefied natural gas IRS Internal Revenue Service NGLs natural gas liquids OTC over-the-counter OPEC Organization of Petroleum NYSE New York Stock Exchange Exporting Countries SEC U.S. Securities and Exchange PSC production sharing contract Commission PUDs proved undeveloped reserves TSR total shareholder return SAGD steam-assisted gravity drainage U.K. United Kingdom WCS Western Canadian Select U.S. United States of America WTI West Texas Intermediate VROC variable return of cash 1 ConocoPhillips      2025 Q2 10-Q Financial Statements Table of Contents PART I. Financial Information Item 1.    Financial Statements Consolidated Income Statement ConocoPhillips Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Revenues and Other Income Sales and other operating revenues $ 14,004 13,620 30,521 27,468 Equity in earnings of affiliates 315 403 707 824 Gain (loss) on dispositions 317 ( 5 ) 396 88 Other income 104 118 217 232 Total Revenues and Other Income 14,740 14,136 31,841 28,612 Costs and Expenses Purchased commodities 5,085 4,858 11,273 10,192 Production and operating expenses 2,572 2,164 5,078 4,179 Selling, general and administrative expenses 250 164 441 342 Exploration expenses 81 102 198 214 Depreciation, depletion and amortization 2,838 2,334 5,584 4,545 Impairments 1 34 2 34 Taxes other than income taxes 572 536 1,123 1,091 Accretion on discounted liabilities 95 80 189 160 Interest and debt expense 232 198 437 403 Foreign currency transaction (gain) loss ( 3 ) 9 27 ( 9 ) Other expenses — ( 2 ) 6 ( 6 ) Total Costs and Expenses 11,723 10,477 24,358 21,145 Income (loss) before income taxes 3,017 3,659 7,483 7,467 Income tax provision (benefit) 1,046 1,330 2,663 2,587 Net Income (Loss) $ 1,971 2,329 4,820 4,880 Net Income (Loss) Per Share of Common Stock (dollars) Basic $ 1.56 1.99 3.80 4.15 Diluted 1.56 1.98 3.79 4.14 Weighted-Average Common Shares Outstanding (in thousands) Basic 1,257,512 1,168,198 1,265,387 1,173,410 Diluted 1,258,998 1,170,299 1,266,815 1,175,595 See Notes to Consolidated Financial Statements. ConocoPhillips      2025 Q2 10-Q 2 Financial Statements Table of Contents Consolidated Statement of Comprehensive Income ConocoPhillips Millions of Dollars Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Net Income (Loss) $ 1,971 2,329 4,820 4,880 Other comprehensive income (loss), net of tax: Defined benefit plans 6 4 13 9 Unrealized holding gain (loss) on securities 2 ( 1 ) 4 ( 4 ) Foreign currency translation adjustments 484 ( 73 ) 554 ( 303 ) Unrealized gain (loss) on hedging activities — 26 — 10 Other Comprehensive Income (Loss), Net of Tax 492 (

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This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.