ConocoPhillips Outlines 2018-2020 Operating Plan - Quick Facts

(RTTNews) - ConocoPhillips (COP) announced the company's 2018-2020 operating plan which averages annual capital expenditures of $5.5 billion. The operating plan aims: greater than 20 percent cash return on capital employed (CROCE) by 2020; sustaining capital of $3.5 billion; and less than a $40-per-barrel average sustaining price.

Under the 2018-2020 operating plan, ConocoPhillips targets: greater than 30 percent payout of cash provided by operating activities to shareholders annually, including dividends and share buybacks; extending the $1.5 billion per year of share buybacks for an additional year through 2020, resulting in total 2017-2020 share buybacks of $7.5 billion; and debt reduction to $15 billion in 2019. ConocoPhillips also targets approximately 5 percent underlying production compound annual growth rate (CAGR) and over 5 percent cash margin CAGR, resulting in more than a 10 percent cash flow CAGR.

The company announced that it has set a target to reduce greenhouse gas emissions intensity by 5-to-15 percent by 2030.