ConocoPhillips (NYSE:COP) announced today that it intends to resume its share repurchase program in the fourth quarter. The oil company had previously suspended buybacks in April as it slashed spending and production to combat a significant decline in oil prices. But with oil prices improving and the company bringing the bulk of its curtailed production back on line, it has the confidence to resume its buybacks.
ConocoPhillips anticipates repurchasing $1 billion of stock during the fourth quarter using the available cash on its balance sheet, which stood at $7.2 billion at the end of the second quarter. While the company retains the option to determine the level and pace of buybacks, it’s the first oil producer to resume its repurchase program following this year’s crash in oil prices.
ConocoPhillips also reported preliminary operational and financial results for the third quarter; it expects to unveil its