HOUSTON–(BUSINESS WIRE)–ConocoPhillips (NYSE: COP) today announced that its board of directors has raised the company’s quarterly dividend to 26.5 cents per share, an increase of 6 percent. The dividend is payable on March 1, 2017, to stockholders of record at the close of business on Feb. 14, 2017.
“Today’s announced 6 percent increase in our quarterly dividend rate is consistent with our priorities and an important part of returning 20 to 30 percent of cash from operating activities to shareholders when combined with share buybacks,” said Ryan Lance, chairman and chief executive officer. “Today’s increase represents our intention to offer a dividend that is competitive, sustainable and affordable through the cycles.”
The company will host a conference call webcast on Thursday, Feb. 2, 2017, at 12:00 p.m. EST to discuss fourth-quarter and full-year 2016 financial and operating results. To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the “Register” link in the Investor Presentations section.
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 20 countries, $94 billion of total assets, and approximately 14,900 employees as of Sept. 30, 2016. Production averaged 1,560 MBOED for the nine months ended Sept. 30, 2016, and proved reserves were 8.2 billion BOE as of Dec. 31, 2015. For more information, go to www.conocophillips.com.