ConocoPhillips (COP) will raise its quarterly dividend by 2.4 percent to 43 cents per share in 2020. This comes after a total dividend increase of 37.7 percent to $0.42 per share in 2019. In 2018 the oil company hiked its dividend twice. In 2016 Conoco however cut its dividend by 66.2 percent.
The next dividend is payable on December 1, 2020, to stockholders of record at the close of business on October 19, 2020. A new annual dividend rate of $1.72 per share yields 4.9% at a stock price of $35.13.
If we include this new dividend increase ConocoPhillips will pay an annual dividend of $1.85 billion to its shareholders. After the 66.2 percent dividend cut in 2016 the company hiked its dividend four consecutive years. The current dividend rate of 43 cents quarterly is 31 cents less than the record dividend of 74 cents quarterly paid in 2015 by the oil and gas company.
ConocoPhillips is an energy exploration and production company. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas and liquefied natural gas (LNG). The company operates worldwide with business in Alaska, Canada, Europa, North Africa, Asia Pacific and the Middle East. The company has paid a dividend to shareholders every year since at least 1983.