Look at the center-of-mass system. Here you have two photons with the same energy (and therefore momentum) heading towards each other, to total momentum is zero. They convert into a particle and antiparticle pair, which head away from each other with the same speed. They have the same mass, therefore again the total momentum is zero. Momentum is conserved. Energy conservation is easy, you take the energy of the photons, subtract the rest energy of the new particles, what is left is the kinetic energy. Each new particle gets 50% of that.
With a single photon you cannot find a solution that satisfies energy and momentum conservation.
The process actually is very efficient for photons with >1.022 GeV energy. Then the second photon can have close to zero energy, which is the case for virtual photons in a static electric field. For such high-energy gamma rays, pair production is the dominant absorption mechanism.