ConocoPhillips profit highest since 18
by Bloomberg
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Today at 2:01 a.m.
ConocoPhillips beat estimates as rising commodity prices led America s biggest independent oil producer to the highest profit in nearly three years.
Conoco on Tuesday posted adjusted earnings of $1.27 a share in the second quarter, compared with the $1.13 estimate in a Bloomberg survey of analysts. The stock rose 2.3% in New York.
U.S. energy companies are using buybacks and dividends to attract investors to the sector after years of poor performance left it making up just 2.6% of the S&P 500, down from more than 12% a decade ago. Conoco became one of the first large energy companies to increase shareholder returns in response to high commodity prices when it lifted its share buyback by two-thirds to $2.5 billion a year in June.
ConocoPhillips Posts Highest Profit Since 2018
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ConocoPhillips beast estimates, posting highest profits since 2018
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Market movers: Stocks that saw action on Wednesday - and why Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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A roundup of some of the North American equities making moves in both directions today
On the rise
Grocery retailer
The company, which owns grocery chains including Sobeys, Safeway, IGA, FreshCo and others, reported same-store sales growth of 10.7 per cent in the third quarter, not including fuel sales. (This is an important metric in retail, which shows sales growth not related to store openings or closings.) Fuel sales at its locations with gas stations continued to be down.
ConocoPhillips resumes $1.5-billion share buyback program Reuters Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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LOREN ELLIOTT/Reuters
ConocoPhillips said on Wednesday it has resumed its share buyback program and pledged to keep spending flat even as oil prices climbed, the latest U.S. energy firm to embrace investor returns over production growth.
Despite the uptick in crude prices, oil companies are expected to largely limit spending to marginally higher as investors reward companies showing capital discipline after years of low returns from the sector.