ConocoPhillips (COP) Shares Pop on New Stock Buyback, Increased Dividend; Announces $13.5B FY11 Capital Budget
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ConocoPhillips (NYSE: COP) shares are trading higher today, following announcements that they have authorized both a $10 billion common stock buyback and a 20% boost in their quarterly dividend.
The $10 billion is in addition to the $5 billion that COP announced last March 24th. Currently, there is about $1 billion left under the buyback program. COP bought back $900 million last quarter, $400 million in Q210.
The company's dividend also increased by 20% from $0.55 to $0.66, or $2.64 annualized. The dividend is going to cost COP about another $300 million per year. Bloomberg notes that the dividend yield, at 3.1%, is the higher for all major U.S. oil producers.
Additionally, COP announced a new $13.5 billion capital program for 2011, of which 90% will support Exploration and Production (E&P) segment expenditures. An additional 9% will be allocated for Refining and Marketing (R&M). According to the release: "The 2011 capital program for Corporate and all other segments is approximately $0.3 billion, primarily for global information systems and corporate facilities."
E&P CapEx will be split 50/50 between North America and Europe, Asia Pacific and Africa.
COP stock is trading 2% better today, after starting out relatively flat.
The $10 billion is in addition to the $5 billion that COP announced last March 24th. Currently, there is about $1 billion left under the buyback program. COP bought back $900 million last quarter, $400 million in Q210.
The company's dividend also increased by 20% from $0.55 to $0.66, or $2.64 annualized. The dividend is going to cost COP about another $300 million per year. Bloomberg notes that the dividend yield, at 3.1%, is the higher for all major U.S. oil producers.
Additionally, COP announced a new $13.5 billion capital program for 2011, of which 90% will support Exploration and Production (E&P) segment expenditures. An additional 9% will be allocated for Refining and Marketing (R&M). According to the release: "The 2011 capital program for Corporate and all other segments is approximately $0.3 billion, primarily for global information systems and corporate facilities."
E&P CapEx will be split 50/50 between North America and Europe, Asia Pacific and Africa.
COP stock is trading 2% better today, after starting out relatively flat.
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