ConocoPhillips Increases Quarterly Dividend, Share Repurchase Authorization

(RTTNews) - ConocoPhillips (COP) said its Board of Directors approved an increase to the company's existing share repurchase authorization by up to $20 billion. ConocoPhillips also declared a fourth-quarter ordinary dividend of $0.78 per share payable Dec. 2, 2024, to stockholders of record at the close of business on Nov. 11, 2024. The company noted that it is on track to distribute at least $9 billion to shareholders for 2024.

Ryan Lance, CEO, said: "We still anticipate closing the planned acquisition of Marathon Oil this quarter and expect to significantly exceed our initial $500 million synergy guidance."

Third quarter production was 1,917 MBOED, an increase of 111 MBOED from the same period a year ago. After adjusting for closed acquisitions and dispositions, third-quarter production increased 47 MBOED or 3% from the same period a year ago.

The company stated that its full-year production is expected to be approximately 1.94 to 1.95 MMBOED, as compared to prior guidance of 1.93 to 1.94 MMBOED. Fourth-quarter production is expected to be 1.99 to 2.03 million barrels of oil equivalent per day.

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