Conoco said the buybacks reflect its target of returning in excess of 30% of cash from operations to shareholders each year.
(Bloomberg) ConocoPhillips resumed its share buyback program as this year’s rally in crude prices puts the oil industry on a better financial footing to return more cash to investors.
The U.S. company is buying back stock at an annualized rate of $1.5 billion, it said Tuesday in a statement. That’s an increase of 50% compared with the pace of repurchases in the fourth quarter, the point at which the program was suspended in the wake of Conoco’s acquisition of rival producer Concho Resources Inc. The shares rose 1.5% in pre-market trading in New York.
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Top U.S. shale oil producer ConocoPhillips raised its capital budget for 2021 on its mega-deal with Concho Resources, while warning oil demand remains subdued as the world reels from the impact of COVID-19. BP , Chevron and Exxon Mobil posted multi-billion-dollar annual losses on pandemic-related price declines and assets writedowns. ConocoPhillips lost $2.7 billion for .
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FILE PHOTO: Logos of ConocoPhillips are seen in its booth at Gastech, the world s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai
(Reuters) - Top U.S. shale oil producer ConocoPhillips raised its capital budget for 2021 on its mega-deal with Concho Resources, while warning oil demand remains subdued as the world reels from the impact of COVID-19.
BP , Chevron and Exxon Mobil posted multi-billion-dollar annual losses on pandemic-related price declines and assets writedowns. ConocoPhillips lost $2.7 billion for the year including a $1.68 billion impairment charge, compared with a profit of $7.2 billion a year earlier.