ConocoPhillips Plans 2022 Capex About $7.2 billion
December 06 2021 - 7:59AM
Dow Jones News
By Michael Dabaie
ConocoPhillips said it plans company-wide 2022 capital
expenditures of about $7.2 billion and initiated a three-tier
return of capital program.
The company issued an update following the closing of the its
acquisition of Shell's Permian Basin properties on Dec. 1 for net
cash of $8.6 billion.
The planned capital includes $200 million for Scope 1 and 2
emissions-reduction projects across the company's global operations
and investments in several early-stage low carbon technology
opportunities to address end-use emissions.
ConocoPhillips said it expects 2022 annual average production of
about 1.8 million barrels of oil equivalent per day, representing
low single-digit percentage underlying growth versus pro forma
2021.
The expected 2022 return of capital to shareholders of about $7
billion represents about a 16% increase versus 2021.
The company is initiating a three-tier capital return program
that will consist of an ordinary dividend tier, a share repurchase
tier, and a newly authorized quarterly variable return of cash
tier. The first VROC of 20 cents a share will be paid on Jan. 14,
2022, the company said.
The company said it expects to provide additional 2022 guidance
in conjunction with fourth-quarter 2021 earnings in early
February.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 06, 2021 08:44 ET (13:44 GMT)
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