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Bloomberg: ConocoPhillips Launches Plan to Distance Itself from Shale


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Bloomberg: ConocoPhillips Launches Plan to Distance Itself from Shale

Business

Category: Business News

ConocoPhillips announced a 10-year plan to buy back $30 billion of shares, equivalent to about half of its current market capitalization, as the oil producer attempts to distance itself from the troubled U.S. shale industry.

The company also said it will pay dividends of about $20 billion over the period and limit average capital expenditure to about 10% above current levels.

Read entire article HERE.

Source: Bloomberg