BENGALURU (Aug 4): US oil producer ConocoPhillips raised its planned capital returns to US$15 billion for 2022 after posting a second-quarter profit that more than doubled on the back of surging energy prices.
Oil and gas prices have skyrocketed as Western sanctions on major producer Russia throttle supply amid a rebound in demand from pandemic lows, thanks to economies reopening after restrictions.
ConocoPhillips said it now plans to return an additional US$5 billion to shareholders this year, joining oil major Chevron Corp in sweetening the pot for investors.
Houston, Texas-based ConocoPhillips's net income rose to US$5.1 billion, or US$3.96 per share, in the quarter ended June 30, from US$2.1 billion, or US$1.55 per share, a year earlier.
Source: TheEdge - 5 Aug 2022
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024
Created by edgeinvest | Mar 28, 2024