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ConocoPhillips Updates FY22 Production View; Lifts 2022 Returns Of Capital; Declares Dividend

ConocoPhillips (COP) Thursday said it expects second-quarter production to be 1.67 to 1.73 million barrels of oil equivalent per day or MMBOED, reflecting the impacts of seasonal turnarounds planned in Europe and Canada as well as weather impacts experienced during April in the Bakken.

The company's full-year production is now expected to be around 1.76 MMBOED, reflecting a net reduction of approximately 25 MBOED from acquisitions and dispositions closed as of May 5, 2022.

The company previously expected 2022 production of 1.8 MMBOED.

Further, ConocoPhillips announced a $2 billion increase in expected 2022 returns of capital to $10 billion.

The company announced a quarterly ordinary dividend of 46 cents per share, payable June 1, to stockholders of record at the close of business on May 17. In addition, the company announced a third-quarter variable return of cash or VROC of 70 cents per share, payable July 15, to stockholders of record at the close of business on June 28.

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