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CONOCOPHILLIPS

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ConocoPhillips Lifts Planned 2021 Share Repurchases by $1 Billion

06/30/2021 | 09:05am EDT

By Robb M. Stewart

ConocoPhillips boosted its planned share buybacks in 2021 by $1 billion in the expectation of greater savings and benefits from its recently-completed takeover of shale rival Concho Resources Inc.

Ahead of a market update Wednesday in which the energy company said it would affirm its commitment to a disciplined, returns-focused strategy, it said the increase in planned share repurchases would bring total planned distributions for the year to about $6 billion, or 7% of ConocoPhillips's current market capitalization.

The company in March resumed share buybacks at an annualized level of $1.5 billion, a 50% increase on repurchases underway in the final quarter of 2020 when the program was suspended due to the Concho acquisition. ConocoPhillips closed the $9.7 billion acquisition of Concho in mid-January, greatly expanding its footprint in the Permian Basin of Texas and New Mexico, the hottest oil field in the U.S.

ConocoPhillips said it was raising anticipated Concho transaction-related synergies and savings to $1 billion annually. At the same time, it said it would reduce capital spending in 2021 and adjusted operating cost guidance by $200 million and $100 million, due to "stronger-than-expected business execution."

Capital expenditure is expected to average about $7 billion annually, resulting in roughly 3% compounded annual production growth at an average reinvestment rate of about 50%, it said.

ConocoPhillips said its return on capital employed is projected to grow 1 to 2 percentage points annually, with balance sheet strength further improving throughout 2022-2031 plan period.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

06-30-21 0904ET

Stocks mentioned in the article
ChangeLast1st jan.
CONOCOPHILLIPS 2.33% 63.71 Delayed Quote.59.31%
WTI 0.11% 73.401 Delayed Quote.46.78%
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Financials (USD)
Sales 2021 40 723 M - -
Net income 2021 6 735 M - -
Net Debt 2021 12 188 M - -
P/E ratio 2021 12,4x
Yield 2021 2,75%
Capitalization 85 313 M 85 313 M -
EV / Sales 2021 2,39x
EV / Sales 2022 2,36x
Nbr of Employees 10 100
Free-Float 64,1%
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Mean consensus BUY
Number of Analysts 28
Last Close Price 63,71 $
Average target price 76,07 $
Spread / Average Target 19,4%
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Managers and Directors
Ryan M. Lance Chairman & Chief Executive Officer
William L. Bullock Chief Financial Officer & Executive Vice President
Dominic E. Macklon Executive VP-Strategy, Sustainability & Technology
Pragati Mathur Chief Digital & Information Officer
Shannon Weinberg Kinney Secretary & Chief Compliance Officer
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