Fueled by a Needle-Moving Acquisition, This Oil Stock Is Boosting Its Dividend by 34% and Plans to Buy Back $20 Billion of Its Stock

ConocoPhillips (NYSE: COP) is firing on all cylinders these days. The oil giant's legacy business is performing extremely well. Meanwhile, the company is about to get a big boost from closing its needle-moving acquisition of Marathon Oil (NYSE: MRO). Those factors are giving the oil stock the confidence to return a lot more cash to its shareholders. It's boosting its dividend and share repurchase program.ConocoPhillips recently reported its third-quarter results. The oil giant produced over 1.9 million barrels of oil equivalent per day (BOE/d) during the period, surpassing the high end of its production guidance. It achieved record production in the lower 48 states, with strong results across its Permian, Bakken, and Eagle Ford operating areas. Its production rose 3% year over year after adjusting for acquisitions and asset sales. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool