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.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK Treasury chief unveils budget with 40 billion pounds in tax hikes, promising greater investmentLONDON (AP) — British Treasury chief Rachel Reeves is announcing 40 billion pounds in tax hikes in her first budget, saying she will use the money to “invest, invest, invest” and get the economy growing.
Source: SooToday - 🏆 8. / 85 Read more »

UK Treasury chief unveils budget with $50 billion in tax hikes, promising greater investmentLONDON (AP) — British Treasury chief Rachel Reeves told lawmakers Wednesday that taxes will rise by 40 billion pounds ($52 billion) in order to plug a hole in the public finances and investment projects to boost growth.
Source: SooToday - 🏆 8. / 85 Read more »

Netflix earnings, subscriber growth top estimates as investors eye potential price hikesNetflix stock is rising after the streaming giant beat third quarter EPS and revenue estimates. Here's what to know.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »