ConocoPhillips Announces 4.5 Percent Increase in Quarterly Dividend
HOUSTON -- July 11, 2013
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
“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
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.
--- # # # ---
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
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements. Forward-looking
statements relate to future events and anticipated results of operations,
business strategies, and other aspects of our operations or operating results.
In many cases you can identify forward-looking statements by terminology such
as "anticipate," "estimate," "believe," "continue," "could," "intend," "may,"
"plan," "potential," "predict," "should," "will," "expect," "objective,"
"projection," "forecast," "goal," "guidance," "outlook," "effort," "target"
and other similar words. However, the absence of these words does not mean
that the statements are not forward-looking. Where, in any forward-looking
statement, the company expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, there can be no assurance that such
expectation or belief will result or be achieved. The actual results of
operations can and will be affected by a variety of risks and other matters
including, but not limited to, changes in commodity prices; changes in
expected levels of oil and gas reserves or production; operating hazards,
drilling risks, unsuccessful exploratory activities; difficulties in
developing new products and manufacturing processes; unexpected cost
increases; international monetary conditions; potential liability for remedial
actions under existing or future environmental regulations; potential
liability resulting from pending or future litigation; limited access to
capital or significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets; and general
domestic and international economic and political conditions; as well as
changes in tax, environmental and other laws applicable to our business. Other
factors that could cause actual results to differ materially from those
described in the forward-looking statements include other economic, business,
competitive and/or regulatory factors affecting our business generally as set
forth in our filings with the Securities and Exchange Commission. Unless
legally required, ConocoPhillips undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.
Aftab Ahmed, 281-293-4138 (media)
Vladimir R. dela Cruz, 212-207-1996 (investors)
Press spacebar to pause and continue. Press esc to stop.