ConocoPhillips Issues Q3 Production View, Cuts FY22 Outlook; Declares Dividend - Update

(RTTNews) - ConocoPhillips (COP), an oil and gas exploration and production business, on Thursday said its third-quarter 2022 production is expected to be 1.70 to 1.76 million barrels of oil equivalent per day or MMBOED, reflecting the impacts of planned seasonal turnarounds primarily in Alaska and the Asia-Pacific region.

The company's full-year production is expected to be around 1.74 MMBOED reflecting uncertainty in Libya and modest updates across the portfolio.

The previous full-year production estimate was around 1.76 MMBOED.

Further, ConocoPhillips announced a $5 billion increase in planned 2022 return of capital to $15 billion. The company declared both a third-quarter ordinary dividend of 46 cents per share and a fourth-quarter variable return of cash or VROC payment of $1.40 per share.

The quarterly ordinary dividend of 46 cents per share will be payable September 1, to stockholders of record at the close of business on August 16.