(ConocoPhillips) Oil giant ConocoPhillips expects to return up to $7 billion to shareholders in 2022, an increase of 16%.
ConocoPhillips forecasts an average oil production of 1.8 million barrels per day in 2022, representing a low-single-digit growth from the current year.
The oil producer added its first variable cash return of 20 cents per share, payable on January 14. The payment is in addition to $2.4 billion in ordinary dividends and share buybacks of $3.5 billion.
ConocoPhillips projects as much as $7.2 billion in capital expenditures next year, down from the initial estimate of $8 billion. $200 million of the expenditure will go towards reducing the company’s carbon footprint.
The company’s updated forecasts come when other oil giants prioritize shareholder returns overspending while keeping the output flat.
COP: NYSE is up +2.11%.
