ConocoPhillips Q3 Profit Tops Estimates; Lifts Dividend; Plans Addl. $20 Bln Share Repurchase

(RTTNews) - Exploration and production company ConocoPhillips (COP) reported Thursday that third-quarter 2022 earnings were $4.53 billion or $3.55 per share, compared to $2.38 billion or $1.78 per share last year.

Adjusted earnings were $4.6 billion or $3.60 per share, compared to $2.4 billion, or $1.77 per share in the prior year.

On average, 21 analysts polled by Thomson Reuters expected earnings of $3.44 per share for the quarter. Analysts' estimates typically exclude special items.

Further, ConocoPhillips announced a 11 percent increase in quarterly ordinary dividend to 51 cents per share, payable December 1, to stockholders of record at the close of business on November 15.

The company also announced the Board of Directors approved a $20 billion increase in the existing share repurchase program to $45 billion, consistent with the company's plan for future share repurchases.

Looking ahead, the company projects fourth-quarter 2022 production to be 1.74 to 1.80 million barrels of oil equivalent per day or MBOED. The company's full-year expected production remains unchanged at 1.74 MMBOED.

In addition, ConocoPhillips announced that Jack Harper, executive vice president, Lower 48, has elected to leave the company due to family medical reasons. Nick Olds, currently executive vice president, Global Operations, has become executive vice president, Lower 48.

Andy O'Brien, currently vice president and treasurer, has become senior vice president, Global Operations, and joined the Executive Leadership Team, effective November 1, 2022.

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