ConocoPhillips Positive Pricing View Drives Buyback -- Market Talk
Dow Jones
Oil giant ConocoPhillips sounds an optimistic note on energy prices as it steps up its stock buyback levels. ConocoPhillips says that while it's still early in the new year, commodity prices have strengthened to the point that its $1.72 annual dividend alone may not be enough to meet its pledge to return more than 30% of cash from operations to shareholders each year. ConocoPhillips says it now plans to buy back stock at an annual rate of $1.5B, up from a prior rate of $1B, and notes it will monitor the price environment closely and adjust the program as needed. The company also says that despite its more constructive outlook on 2021, it doesn't plan to boost its $5.5B operating capital program.