ConocoPhillips reports mixed Q3 results and raises dividend while boosting production outlook

ConocoPhillips reported mixed third-quarter results, with an adjusted earnings per share of $1.78, surpassing estimates, but revenue fell short at $13.6 billion. The company increased its quarterly dividend by 34% to $0.78 per share. The production outlook for fiscal year 2024 was raised to 1.94-1.95 million barrels of oil equivalent per day. Analysts expect significant free cash flow growth, aided by strong performance and cash flow from Marathon Oil. Truist Securities maintained a Buy rating on ConocoPhillips, with a price target of $138. The company may repurchase nearly all shares issued to Marathon Oil within 6-7 quarters, depending on stable prices and dividend policies.