ConocoPhillips boosts dividend, buybacks
HOUSTON
The Houston oil producer says it will pay 66 cents per share on
March 1 to shareholders of record on Feb. 22. The share repurchase
plan, if completed, would more than double the amount spent on
buybacks last year. Repurchasing shares takes them off the open
market and pushes prices of remaining shares higher.
Conoco recently has been aggressive in rewarding shareholders
while transforming its business. It sold off a number of
oil-producing assets during the past few years while focusing on
developing North American fields.
In 2010, Conoco's earnings increased nearly threefold to $11.4
billion.
Shares rose 2.4 percent to $71.75.
