ConocoPhillips Boosts Dividend 38%; To Buyback $3 Mln Shares In 2020

(RTTNews) - ConocoPhillips (COP) announced Monday an increase in its quarterly dividend of 38 percent, to 42 cents per share, representing an annualized increase in the dividend of about $500 million, payable on December 2, 2019, to stockholders of record at the close of business on October 17, 2019.

The company also announced that it expects to repurchase $3 billion of its shares in 2020.

The company said it returned about 45 percent of cash from operations to shareholders since 2016 and remains committed to deliver peer-leading return of capital annually.

ConocoPhillips also said it will present a 10-year outlook at its Analyst & Investor meeting on November 19, 2019 that will include 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.