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.
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