Yesterday, ConocoPhillips (COP) reported first-quarter 2025 earnings that exceeded expectations. This was driven by higher oil equivalent production volumes, which surpassed the high end of the upstream player’s production guidance, contributing to a strong business outlook.Before analyzing the factors driving this positive outlook, let’s review the first-quarter results.COP’s Q1 Earnings SnapshotConocoPhillips reported adjusted earnings per share of $2.09, which beat the Zacks Consensus Estimate of$2.06. ...