ConocoPhillips Announces Increase in Quarterly Dividend


ConocoPhillips announced an increase in its quarterly dividend amounting to 43 cents per share. The dividend is payable on Dec. 1, 2020, to stockholders of record at the close of business on Oct. 19, 2020.

The dividend amounted to a one cent increase over the quarterly dividend of 42 cents per share announced in July.

The company will release final third-quarter financial results on Oct. 29. It already has announced it intends to resume share repurchases of $1 billion in the fourth quarter of 2020. The repurchases will be funded from available cash on the balance sheet.

ConocoPhillips said it expects to report third-quarter 2020 production volumes of 1,050 to 1,070 thousand barrels of oil equivalent per day. It reflects the impact of  third-quarter curtailments and planned seasonal turnaround activity

Curtailments for the quarter were approximately 90 MBOED on a net basis. Of the total net curtailments, approximately 65 MBOED were in the Lower 48, 15 MBOED were in the Surmont operation in Canada and the remainder were in Malaysia and Norway. Based on estimated average realized prices, the estimated cash from operations (CFO) of the curtailed volumes is approximately $150 million. The company fully restored production in the Lower 48, Alaska and Canada by the end of the third quarter.