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ConocoPhillips targets $50 bln of free cash flow over next decade

Credit: REUTERS/LOREN ELLIOTT

ConocoPhillips unveiled its 10-year plan on Tuesday and said it would target free cash flow of about $50 billion with annual capital expenditures averaging less than $7 billion over the next decade.

Nov 19 (Reuters) - ConocoPhillips COP.N unveiled its 10-year plan on Tuesday and said it would target free cash flow of about $50 billion with annual capital expenditures averaging less than $7 billion over the next decade.

The largest U.S. independent crude producer also forecast annual production growth averaging more than 3% and said it expects to spend about $20 billion on dividends and $30 billion in share buybacks in 10 years.

(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

((arathys.nair@thomsonreuters.com; +1 646 223 8780 (Extn 3863); Twitter: https://twitter.com/ArathySom;))

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