Conoco raises dividend, to sell $10B of assets
NEW YORK — ConocoPhillips on Wednesday said it will increase its quarterly dividend 6 percent, sell $10 billion of assets and lower capital spending in 2010 in an effort to strengthen its financial position.
The third-largest U.S. oil company announced a quarterly dividend of 50 cents per share, up from last quarter’s dividend of 47 cents per share. The dividend is payable Dec. 1 to stockholders of record at the close of business Oct. 30.
The Houston-based company also said it plans to spend less on capital projects in 2010 compared with 2009 levels. Next year’s capital budget is set around $11 billion, down from $12.5 billion in 2009. At this level of funding, ConocoPhillips said it will support exploration, production and reserve replacement, while preserving its project portfolio for future development.
ConocoPhillips said that over the next two years, it intends to sell about $10 billion of assets, primarily from its exploration & production and refining & marketing portfolio. Proceeds from the sales would be used to pay off debt and to accelerate the company’s return to its stated target debt-to capital ratio of 20 percent to 25 percent.
In a statement, the company said these moves are in line with its plan to “improve its financial position and increase returns on capital through a combination of enhanced capital discipline and portfolio rationalization.”
Shares of the company rose 48 cents to $48.89 in midday trading.
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