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    ConocoPhillips to boost shareholder returns by 16% in 2022


The major expects a rebound in output next year, partly thanks to the acquisition of Shell's Permian business.

by: Joseph Murphy

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ConocoPhillips to boost shareholder returns by 16% in 2022

ConocoPhillips intends to increase shareholder returns by 16% in 2022 to $7bn, the US oil major announced on December 6.

The company is also adding a new variable return of cash, with the first payment of $0.20/share to be made on January 14. These rewards will add to around $2.4bn of ordinary dividends that ConocoPhillips expects to pay, and the $3.5bn of share repurchases it expects to make.

ConocoPhillips estimates its capital expenditure will come to around $7.2bn in 2022. From that sum the company has set aside $200mn for projects that will reduce its emissions.

The major expects to produce on average about 1.8mn barrels of oil equivalent per day, up from a projected 1.53-1.57mn boe/d. The company will gain from the acquisition of Shell's operations in the US Permian basin.