ConocoPhillips reports Q3 earnings with dividend increase and expanded buyback program

ConocoPhillips reported third-quarter earnings with revenue of $13.604 billion, below expectations of $14.018 billion. However, adjusted earnings per share were $1.78, surpassing the forecast of $1.64. The company generated $5.8 billion in operating cash flow. The company announced a 34% increase in its quarterly dividend to $0.78, payable on December 2, 2024. Additionally, ConocoPhillips expanded its share repurchase program by up to $20 billion. The quarter ended with $7.1 billion in cash and short-term investments. Production rose to 1,917 thousand barrels of oil equivalent per day, an increase from the previous year. ConocoPhillips also raised its full-year production outlook for 2024 to 1.94-1.95 million barrels per day.