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ConocoPhillips Reiterates Commitment To Returns-focused Strategy

ConocoPhillips (COP) on Tuesday reiterated its commitment to the returns-focused strategy it launched in 2016.

The company said it will provide details of a 2020-2029 operating and financial plan as well as provide region and asset reviews of its global portfolio at its Analyst & Investor Meeting in Houston later today.

The highlights of ConocoPhillips' ten-year plan include free cash flow of about $50 billion based on a real West Texas Intermediate price of $50 per barrel, and annual capital expenditures averaging less than $7 billion over the decade.

It also includes a capital expenditures plan that will reflect optimized pace of development within each asset, low capital intensity and overall low-declining base production.

Further, the plan includes currently announced and planned dispositions, as well as a future 25 percent dilution of company-operated Alaska assets in line with the ConocoPhillips' historical practice of not funding major-project expenditures at 100 percent.

The plan forecasts underlying compound annual production growth averaging over 3 percent, projected ordinary dividends of about $20 billion, and projected share buybacks of $30 billion over the 10-year period.

ConocoPhillips noted that the planned dividends and repurchases will be funded from free cash flow over life of the plan.

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