Markets
COP

ConocoPhillips Reiterates Commitment To Returns-focused Strategy

(RTTNews) - 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

COP

Latest Markets Videos