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ConocoPhillips hikes dividend by 38%, expects to buy back $3B shares in 2020

ConocoPhillips raised its quarterly dividend by 38% to 42 cents per share and said it would buy back $3 billion of its shares in 2020.

The new dividend represents an annualized increase of about $500 million, according to an Oct. 7 news release. It would be paid Dec. 2 to shareholders of record as of Oct. 17.

"This increase in our ordinary dividend reflects the significant transformation our company has undergone over the past few years," Chairman and CEO Ryan Lance said in the release. "[W]e are confident we can fund a higher, growing cash dividend, while maintaining a substantial, consistent buyback program."

ConocoPhillips is the world's biggest independent exploration and production company with operations across 17 countries.