ConocoPhillips announced that it would be selling its Indonesia assets for $1.355 billion to MedCo Energi on the heels of its preliminary 2022 capex budget note to the public.
Highlights of that announcement are below:
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Planned companywide 2022 capital expenditures of ~$7.2 billion
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The planned capital includes ~$0.2 billion for Scope 1 and 2 emissions-reduction projects across the company’s global operations and investments in several early-stage low carbon technology opportunities to address end-use emissions;
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Expected 2022 annual average production of ~1.8 MMBOED, representing low single-digit percentage underlying growth versus pro forma 2021;
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Expected 2022 return of capital to shareholders of ~$7 billion, representing a ~16% increase versus 2021. The company is initiating a three-tier capital return program that will consist of a compelling ordinary dividend tier, a share repurchase tier, and a newly authorized quarterly variable return of cash (VROC) tier. The first VROC of $0.20 per share will be paid on Jan. 14, 2022, to shareholders of record as of Jan. 3, 2022.
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