ConocoPhillips Outlines 10-Year Financial Plan
November 19 2019 - 9:54AM
Dow Jones News
By Michael Dabaie
ConocoPhillips (COP) said it is outlining details of its 2020 to
2029 operating and financial plan at its Analyst & Investor
Meeting Tuesday.
The oil and gas company said the 10-year plan includes 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.
The capital expenditures plan reflects optimized pace of
development within each asset, low capital intensity and overall
low-declining base production, Conoco said.
ConocoPhillips said it forecasts underlying compound annual
production growth averaging over 3%.
The company said its plan projects $30 billion in share buybacks
over the 10-year period, representing almost 50% of current market
capitalization.
Conoco said planned dividends and repurchases funded from free
cash flow over life of the plan represent a combined annual
shareholder payout that exceeds its distribution target of more
than 30% of cash from operations.
Shares were up 0.7% premarket to $57.10.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
November 19, 2019 09:39 ET (14:39 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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