ConocoPhillips hikes share buyback as company tops third-quarter profit estimates on higher output

exceeded Wall Street’s third-quarter profit estimates on Thursday as the Texas-based oil and gas producer reaped the benefits of higher production, sending its shares rising 2.6 per cent at $105.5 in premarket trading.

Benchmark Brent crude averaged $78.3 a barrel in the reported quarter, nearly 9 per cent lower than last year, but still favorable enough for oil and gas producers to drill profitably. The company increased its existing share repurchase authorization by up to $20-billion and reiterated its $9-billion minimum shareholder return for 2024.

Plans to close the deal this quarter remain on track and the company expects to significantly exceed its initial $500-million synergy forecast, CEO Ryan Lance said.

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