HOUSTON – ConocoPhillips (NYSE: COP) today announced that its board of directors has raised the company’s quarterly dividend to 69 cents per share, an increase of 4.5 percent.
“A compelling dividend is a key part of our offering to shareholders and this increase is aligned with our commitment to target consistent dividend growth over time,” said Ryan Lance, chairman and chief executive officer. “Our base business is operating to plan, our development programs and major projects are on track to deliver production and margin growth, and our asset disposition program is advancing as expected. Our diverse asset base, significant technical capability and strong balance sheet provide confidence in ConocoPhillips’ future and the ability to execute our plans for growth and returns.”
The dividend is payable on Sept. 3, 2013, to stockholders of record at the close of business on July 22, 2013.
The dividend increase is part of ConocoPhillips’ plan to increase value for shareholders through portfolio optimization, focused capital investments that deliver 3 to 5 percent growth in production and cash margins, improved returns on capital, and a compelling dividend.
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ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 30 countries, $57 billion in annualized revenue, $118 billion of total assets, and approximately 17,100 employees as of March 31, 2013. Production from continuing operations averaged 1,555 MBOED for the three months ended March 31, 2013, and proved reserves were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to http://www.conocophillips.com/.
Aftab Ahmed (media)
Vladimir R. dela Cruz (investors)
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