ConocoPhillips Increases Dividend and Reloads Repurchase Program as Big Payouts Likely to Continue

ConocoPhillips reported adjusted earnings increased to $4.6 billion in the third quarter, compared with $2.4 billion a year earlier, largely on higher oil and gas prices. Following its three-tier capital return framework, it paid out $1.5 billion in dividends and variable return of cash and repurchased $2.8 billion in shares. With the earnings announcement, it also increased the regular dividend by 11% and increased its existing share repurchase authorization to $20 billion. With the previous quarter earnings release, it guided to $15 billion of shareholder returns for 2022. Through nine months, the company has returned $3.3 billion in ordinary and variable dividends and repurchased $6.5 billion in shares.