Friday, February 4, 2005Houston - The major oil company, ConocoPhillips, today announced that it is to buy back up to $1bn worth of common stock over the next 2 years. The major aim of the repurchase is to ensure existing shareholders do not have their stakes in the company diluted over the coming years as a result the company's stock compensation program. The purchase of stock will be done over the next two years at manager's discretion at prevailing prices as permitted by securities laws and other legal requirements.
The company also announced a quarterly dividend of 50 cents per share which is to be payable on March 1, 2005, to stockholders of record at the close of business Feb. 15, 2005.
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