OilPrice.com
By Tsvetana Paraskova
ConocoPhillips (NYSE: COP) raised its 2022 shareholder returns by $5 billion after reporting Thursday that it tripled year-ago earnings, beating analysts' expectations.
Thanks to higher oil and gas prices, the U.S. producer joins other large companies in boosting the return on capital to shareholders after increasing its planned return on capital for 2022 by $5 billion to $15 billion.
The increase in return to shareholders comes after ConocoPhillips today reported adjusted earnings of $5.1 billion, or $3.91 per share, for the second quarter, compared to second-quarter 2021 adjusted earnings of $1.7 billion, or $1.27 per share.
Second-quarter 2022 earnings per share surpassed the $3.86 analyst consensus compiled by the Wall Street Journal.
"The second quarter delivered strong financial results and presented outstanding opportunities to accelerate the progress of our Triple Mandate to reliably and responsibly deliver oil and gas production to meet the demand of the energy transition pathway, deliver competitive and capital returns for our shareholders and achieve our net operating zero emissions ambition," said President and CEO Ryan Lance.
Details:https://oilprice.com/Latest-Energy-News/World-News/ConocoPhillips-Raises-Shareholder-Payout-By-5B-On-Profit-Surge.html