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ConocoPhillips Boosts Dividend 38%; To Buyback $3 Mln Shares In 2020

ConocoPhillips (COP) announced Monday an increase in its quarterly dividend of 38 percent, to 42 cents per share, representing an annualized increase in the dividend of about $500 million, payable on December 2, 2019, to stockholders of record at the close of business on October 17, 2019.

The company also announced that it expects to repurchase $3 billion of its shares in 2020.

The company said it returned about 45 percent of cash from operations to shareholders since 2016 and remains committed to deliver peer-leading return of capital annually.

ConocoPhillips also said it will present a 10-year outlook at its Analyst & Investor meeting on November 19, 2019 that will include a capital investment plan, a detailed portfolio review, a financial framework focused on free cash flow generation, and a commitment to both returns on capital employed and returns of capital to shareholders.

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