ConcoPhillips increases share buyback authorization to $15 billion, to buy back $3 billion in 2018

MarketWatch - MarketPulse

COP, -2.36%
said Thursday it is increasing its 2018 share buyback program to $3 billion from $2 billion. At the same time, the company’s board has approved an additional $9 billion to its overall buyback authorization, increasing it to $15 billion. The energy giant said it has paid down $2.1 billion of debt in the second quarter, and has achieved its $15 billion target “significantly” earlier than its original target date of year-end 2019. Shares were not yet active premarket, but have gained 27.6% in 2018 through Wednesday, while the S&P 500
SPX, -0.71%
has gained 3.6%.

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