ConocoPhillips to resume share buybacks in Q4 with plans to repurchase $1 billion of its own stock

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ConocoPhillips said Wednesday it is planning to resume share buybacks in the fourth quarter with plans to repurchase $1 billion worth. The Houston-based oil and gas company made the announcement as it offered updated guidance for the third quarter. The company expects production volumes of 1,050 thousands barrels of oil equivalent per day, or MBoed, to 1,070. “This estimate reflects the impact of third-quarter curtailments and planned seasonal turnaround activity,” the company said in a statement. It expects average realized prices of $30 to $32 per barrel of oil equivalent. ConocoPhillips expects adjusted operating costs to range from $1.180 billion to $1.250 billion, and capex excluding acquisitions of $750 million to $820 million. The company will release third-quarter earnings on Oct. 29. Shares were up 0.4% premarket, but have fallen 50% in the year to date, while the S&P 500 has gained 3.2%.
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