ConocoPhillips (NYSE: COP) today announced an increase in its quarterly dividend of 38 percent, to 42 cents per share. This represents an annualized increase in the dividend of approximately $500 million. The dividend is payable Dec. 2, 2019, to stockholders of record at the close of business on Oct. 17, 2019. The company also announced that it expects to repurchase $3 billion of its shares in 2020.
“This increase in our ordinary dividend reflects the significant transformation our company has undergone over the past few years,” said Ryan Lance, chairman and chief executive officer. “Since announcing our returns-focused value proposition in 2016, we have improved our underlying performance drivers and lowered our sustaining price for the business. Given these enhancements, we are confident we can fund a higher, growing cash dividend, while maintaining a substantial, consistent buyback program. Since 2016 we have returned about 45 percent of cash from operations to shareholders and we remain committed to delivering peer-leading return of capital annually.”
ConocoPhillips will hold an Analyst & Investor meeting on Nov. 19, 2019 in Houston, Texas. The company will present a 10-year outlook that includes a capital investment plan, a detailed portfolio review, a financial framework focused on free cash flow generation, and a commitment to both returns on capital employed and returns of capital to shareholders.
About ConocoPhillips
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 17 countries, $71 billion of total assets, and approximately 10,900 employees as of June 30, 2019. Production excluding Libya averaged 1,303 MBOED for the six months ended June 30, 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2018. For more information, go to www.conocophillips.com.