COP: Huge Beat -- Anticipating A Change In The Quarterly Dividend -- 1Q23

Locator: 44538I. 

Dividend: 51 cents plus 60 cents, pays June 1 and June 27.

COP:

Earnings, briefly:

Re-posting From April 12, 2023, link here:

COP: link here.

• ConocoPhillips unveiled a 10-year plan Wednesday, April 12, 2023, that envisions more than $115B of free cash flow available for distributions and capital spending averaging ~$10B annually, resulting in a 4%-5% production compound annual growth rate at an average reinvestment rate of ~50%. 
• The plan foresees durable cash flow growth with projected cash from operations and FCF compounded annual growth rate of ~6% and 11%, respectively, and return on capital employed increasing at least one percentage point annually. 
• Conoco said it will seek a resource base of 20B boe at less than $40/bbl WTI, representing a resource life of more than 30 years at current production levels. 
• The company also pledged to speed up its greenhouse gas intensity reduction target through 2030 by 10% to a range of 50%-60% using a 2016 baseline. 
• ConocoPhillips (COP) is expected to provide shareholders with almost 5% in annualized dividends and share buybacks, generating strong shareholder returns.