ConocoPhillips hikes quarterly dividend

ConocoPhillips today announced that its board of directors has raised the company’s quarterly dividend to 73 cents per share, an increase of 5.8 percent.

This marks ConocoPhillips’ second dividend increase since the company separated its downstream operations in May 2012 to become the world’s largest independent E&P company based on production and proved reserves.

“Our company’s financial position is strong and our outlook for growth is positive. Our diverse asset base, significant technical capability and strong balance sheet provide confidence in ConocoPhillips’ future and the ability to execute our plans for growth and returns.”

“A compelling dividend remains a top priority for our company and reflects our commitment to deliver competitive shareholder returns,” said Ryan Lance, chairman and chief executive officer. “Our company’s financial position is strong and our outlook for growth is positive. Our diverse asset base, significant technical capability and strong balance sheet provide confidence in ConocoPhillips’ future and the ability to execute our plans for growth and returns.”

The dividend increase is part of ConocoPhillips’ plan to increase value for shareholders through portfolio optimization, focused capital investments that deliver 3 to 5 percent growth in both production and cash margins, improved returns on capital, and a compelling dividend.

The dividend is payable on Sept. 2, 2014, to stockholders of record at the close of business on July 21, 2014.