ConocoPhillips Offers Investors $1 Billion in Variable Cash Payouts
- New quarterly payouts subject to board review, approval
- Company also raises 2022 spending after Permian deals
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ConocoPhillips unveiled a $1 billion variable dividend as the second-largest driller in the Permian basin aims to boost investor returns in the new year.
The new quarterly dividend will be set based on forward oil prices, cash flow and other factors and could result in eight cash payouts every year beginning in January 2022, according to a statement Monday. It’s the latest effort by the company to raise shareholder return after posting the highest quarterly profit in a decade. ConocoPhillips has said it plans to hand out about $7 billion in total to investors in 2022, a 16% increase from 2021.