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ConocoPhillips pops after lifting dividend, planning $3B stock buyback

|About: ConocoPhillips (COP)|By:, SA News Editor

ConocoPhillips (NYSE:COP) +1.5% pre-market after raising its quarterly dividend to $0.42/share and unveiling plans to repurchase $3B worth of common shares in 2020.

The 38% dividend increase "reflects the significant transformation our company has undergone over the past few years," Chairman and CEO Ryan Lance says.

COP says it will present a 10-year outlook at next month's Investor Day to include a capital investment plan, a financial framework focused on free cash flow generation and a commitment to both returns on capital employed and returns of capital to shareholders.

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