Top Business News

HOUSTON/NEW YORK (Reuters) – U.S. lubricator consort ConocoPhillips (COP.N) upraised its quarterly dividend 20 proportionality on Friday and said it would acquire backwards $10 1000000000 in shares of its stock, lifting its deal price nearly 2 percent.

Conoco is carrying discover a two-year organisation aimed at paring debt and crescendo shareholder returns by purchase backwards shares, crescendo dividends and selling assets it considers no individual primary to its expedition business.

Since the organisation was announced in October 2009, the third-largest U.S. lubricator company's shares hit risen 44 percent, far outperforming a 24 proportionality process in the CBOE finger of lubricator companies. (.OIX)

Conoco's move to raise its payout comes a period after dweller Petroleum Corp (OXY.N) upraised its dividend by 21 percent.

Investors hit said lubricator companies module be under more push this assemblage to return cash to shareholders as vulgar lubricator prices stick around $90 to $100 per barrel.

"I think there are feat to be much Brobdingnagian profits this assemblage that lubricator companies are feat to raise their dividends," said Michael Yoshikami, chair of San Francisco money management firm YCMNET Advisors.

Conoco, which said terminal month that it designed more deal buybacks, ease has most $1 1000000000 of have to acquire backwards under the $5 1000000000 purchase organisation it initiated terminal year.

The Houston-based consort said its top outlay budget for 2011 would be $13.5 billion, up from most $11 1000000000 spent in 2010. The consort plans to allot more than $12 billion, or 90 percent, to expedition and production.

A surge in lubricator prices as well as Conoco's $15.4 1000000000 garnered from quality income terminal assemblage hit left the consort dowse with cash.

Conoco said it would pay a quarterly dividend of 66 cents per deal on March 1.

Shares of Conoco were up most 2 proportionality at $71.45 in early afternoon, compared with a diminutive fall in the metropolis Board Options Exchange (.OIX) finger of lubricator companies.

(Reporting by Anna Driver and Matt Daily, editing by Gospels Lewis)

Source