ConocoPhillips (NYSE: COP) announced the repurchase of up to $15 billion of the company’s shares through the end of 2008. The $15 billion includes $2 billion remaining under the existing $4 billion program.
The company expects third quarter 2007 purchases of $2 billion to $3 billion, and fourth quarter 2007 purchases of a similar range.
ConocoPhillips today also announced a quarterly dividend of 41 cents per share.
ConocoPhillips is an integrated petroleum company with interests around the world.
PAYOUT YIELD ANALYSIS
With 1.63 billion shares outstanding, the $15 billion repurchase will return $9.20 per share. With an annualized dividend of $1.64, the combined Total Payout will be $10.84. At a share price of $83, the projected Total Payout Yield will be 13.1% if the repurchase is completed over the next 4 quarters.
- Payout Yield Staff