ConocoPhillips Sweetens Shareholder Returns by $5 Billion as Profit Jumps

Houston-based ConocoPhillips said the average price received for a barrel of oil and gas rose 77% from a year earlier to $88.57. The company has not hedged any of its oil and gas sales to make the most of higher market prices, it said.

Shariq Khan and Gary McWilliams, Reuters

ConocoPhillips Co. on Aug. 4 raised its shareholder payout target by 50% after the largest U.S. independent oil producer beat Wall Street’s earnings estimates on surging energy prices.

Oil and gas prices have skyrocketed with Western sanctions on major producer Russia throttling energy supply amid a rebound in demand from pandemic lows. Crude is trading about 25% higher since the start of the year and results also benefited from strong natural gas prices.

Shares were down a fraction, to $91.03, in early trading but are up about 26% year to date.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access