ConocoPhillips (NYSE:COP) today announced a quarterly dividend of 41 cents per share. The dividend is payable March 1, 2007, to stockholders of record at the close of business February 20, 2007. This represents a 14 percent increase in the dividend rate for the company's common stock over the previous quarter's rate of 36 cents per share.
ConocoPhillips also announced plans to repurchase up to a total of $4 billion of the company's common stock in 2007, including the $1 billion previously announced on January 12, 2007. ConocoPhillips expects first quarter 2007 purchases to be approximately $1 billion. The company anticipates communicating its plans for additional share repurchases in conjunction with the announcement of its 2008 capital program.