ConocoPhillips sets $15 bln stock buyback by 2009

NEW YORK (MarketWatch) -- ConocoPhillips on Monday set plans to buy back as much as $15 billion of its own stock through the end of 2008, the latest in a series of mammoth stock purchase plans by Fortune 500 companies.

ConocoPhillips (COP) shares rose 3.71% to $84.05 on the heels of the move, which came the same day Johnson & Johnson (JNJ) announced a $10 billion buyback.

The buyback by the Houston-based oil giant includes $2 billion remaining under the $4 billion program previously announced on Feb. 9.

Based upon its commodity price and operational outlook, ConocoPhillips said it expects third-quarter purchases of $2 billion to $3 billion and fourth-quarter purchases of a similar range.

ConocoPhillips on Monday also announced a quarterly dividend of 41 cents a share payable Sept. 4 to stockholders of record at the close of business on July 31