In the second quarter of 2025, the company reported an estimated $7.7 billion in earnings (loss) excluding identified items (non-GAAP). In comparison to the first quarter of 2025, this represents a consistent performance.
However, when considering the impact of market factors on the second quarter of 2025 results relative to the first quarter of 2025, there are notable changes. The estimated effects of market factors impacting the second quarter of 2025 results include a decrease in liquids prices by $1.2 billion, a decrease in gas prices by $0.7 billion, and a change in industry margins resulting in a decrease of $0.1 billion.
Additionally, the estimated effects of planned and seasonal factors, and other items impacting the second quarter of 2025 results, include a decrease in scheduled maintenance by $0.2 billion and other various impacts.
It's important to note that the figures presented may not add up precisely due to rounding. Furthermore, the press release highlights that the information provided is not comprehensive of all changes between the first and second quarters of 2025 results and does not account for all adjustments and charges required to fully reflect the changes in industry conditions. The market has reacted to these announcements by moving the company's shares -0.97% to a price of $111.11. For more information, read the company's full 8-K submission here.
