ConocoPhillips Reaffirms Goal To Deliver Double-digit Annual Returns

(RTTNews) - ConocoPhillips (COP) reaffirmed its goal to deliver double-digit annual returns to shareholders.

At the Annual Meeting of Stockholders, the company also reiterated its five ongoing strategic priorities to drive long-term performance. It will deliver 3 to 5 percent compound annual production growth, as well as growth in reserves, through global drilling programs in legacy assets, unconventional assets and major projects; generate 3 to 5 percent compound annual margin growth over the next several years, at flat prices, by shifting the company's production mix to higher-value products; offer a compelling dividend.

The company expects to spend an average of about $16 billion per year over the next several years to deliver its margin and volume growth. Over the next few years, the company will allocate 95 percent of its capital toward investments that deliver margins greater than the company's average today.

The company also announced that Charles Bunch, chairman and chief executive officer of PPG Industries, has been elected to serve on the ConocoPhillips board of directors. Bunch has a 34-year history with PPG and also currently serves on the board of PNC Financial Services Group, as well as being a member of the University of Pittsburgh's board of trustees. He previously served as a director of H.J. Heinz Company and as chairman of the Federal Reserve Bank of Cleveland, the National Association of Manufacturers, and the American Coatings Association.

With the election of Bunch the ConocoPhillips board has 10 members, nine of which are independent directors. He will serve on the Audit and Finance Committee of the ConocoPhillips board of directors.