ConocoPhillips Increases 2022 Shareholder Payout by 50% After Strong Second Quarter

ConocoPhillips reported adjusted earnings increased to $5.1 billion in the second quarter, compared with $1.7 billion a year earlier, on higher oil and gas prices. Following a 25% increase in the first quarter, management increased shareholder returns by 50%, or $5 billion, for the full year to $15 billion (13% of market capitalization). Through the first half of the year, the company has already returned $1.9 billion in ordinary and variable dividends and repurchased $3.7 billion in shares. It also continued to reduce debt during the second quarter, with $3 billion of its $5 billion reduction target complete.