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CONOCOPHILLIPS (COP)
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ConocoPhillips : to Increase 2018 Buyback by 50% to $3 Billion

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07/12/2018 | 03:35pm CEST

By Waverly Colville

ConocoPhillips (COP) is boosting its 2018 buyback program by 50% to $3 billion in cash, the company announced Thursday.

The board increased the buyback authorization by $9 billion, bringing the total authorization to $15 billion. The initial $6 billion limit is set to be maxed out, given the buyback expansion and $3 billion of repurchased in 2016 and 2017.

The company estimates that the $15 billion authorization represents about 20% of the shares outstanding as of Sept. 30, 2016, based shares already bought back and future buybacks based on the current stock price.

The Houston-based energy company started repurchasing shares in late 2016. Chairman and Chief Executive Ryan Lance said in prepared remarks that the expanded buyback program is a signal the company sees upside potential in its shares.

ConocoPhillips also said it has paid off $2.1 billion of debt during the second quarter, reaching its goal of $15 billion in debt much earlier than its late 2019 forecast.

Shares were up 1.4% during pretrading Thursday.

Write to Waverly Colville at waverly.colville@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CONOCOPHILLIPS 1.08% 75.04 Delayed Quote.36.71%
WTI 0.37% 70.03 Delayed Quote.14.41%
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Financials ($)
Sales 2018 37 957 M
EBIT 2018 9 157 M
Net income 2018 5 194 M
Debt 2018 10 449 M
Yield 2018 1,52%
P/E ratio 2018 16,72
P/E ratio 2019 14,25
EV / Sales 2018 2,57x
EV / Sales 2019 2,46x
Capitalization 87 204 M
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Technical analysis trends CONOCOPHILLIPS
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 81,5 $
Spread / Average Target 8,6%
EPS Revisions
Managers
NameTitle
Ryan M. Lance Chairman & Chief Executive Officer
Donald Evert Wallette CFO, Executive VP-Finance & Commercial
Matthew J. Fox EVP-Strategy, Exploration & Technology
Richard Lee Armitage Independent Director
Harald Johan Norvik Independent Director
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