ConocoPhillips (NYSE:COP) delivered first-quarter earnings that topped Wall Street expectations and trimmed its full-year spending plans, signaling strong operational discipline in the face of ongoing market volatility. Shares rose 5% intra-day today following the announcement.

The company reported adjusted earnings per share of $2.09, beating the consensus estimate of $1.98 and marking a modest increase from $2.03 in the same period a year ago.

In a move welcomed by investors, ConocoPhillips lowered its full-year 2025 capital expenditures guidance to a range of $12.3 billion to $12.6 billion, down from an earlier forecast of approximately $12.9 billion. The company also cut its expected adjusted operating costs for the year to $10.7 billion–$10.9 billion, from the prior $10.9 billion–$11.1 billion range.

CEO Ryan Lance emphasized the company’s consistent execution and capital discipline, noting that its diversified asset portfolio and solid balance sheet position it well to navigate a shifting macroeconomic environment while maintaining shareholder returns.