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ConocoPhillips doubles down on investor returns after bumper oil and gas profits By Reuters

© Reuters. FILE PHOTO: A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermid
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(Reuters) -ConocoPhillips reported a jump in third-quarter profit on Thursday, extending a string of bumper earnings from global oil producers benefiting from higher energy prices and robust demand, and sweetened its share repurchase plan to $45 billion.

The company’s larger U.S. rivals Exxon Mobil (NYSE:) and Chevron (NYSE:) have also reported strong results, rekindling calls for energy companies to pay more taxes.

Total average realized price was $83.07 per barrel of oil equivalent (boe), ConocoPhillips (NYSE:) said, 46% higher compared to a year earlier.

Production was 1.75 million barrels of oil equivalent per day (boed), an increase of 210,000 boed from the same period a year ago.

ConocoPhillips also raised its quarterly dividend by 11% and approved a $20 billion increase in the existing share repurchase program.

The Houston, Texas-based company’s net income rose to $4.5 billion, or $3.55 per share, for the three months ended Sept. 30, from $2.4 billion, or $1.78 per share, a year earlier.

Story Credit: investing.com

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