This High-Yielding Oil Stock Plans to Shell Out Another $50 Billion to Its Investors
ConocoPhillips (NYSE: COP) has spent the past three years transforming its business into one that can thrive at lower oil prices. The energy company reset its dividend, cut expenses, and sold higher-cost assets. These moves helped reduce the oil price level it needed to break even while giving it the cash to shore up its financial situation. As a result, it has become a cash flow gushing machine with a cash-rich balance sheet, which has it well-positioned to prosper in the coming years.
That was one of the key takeaways of the company's recent analyst and investor day, where it unveiled its new 10-year plan. One of the highlights of its long-term strategy is that it expects to return a jaw-dropping $50 billion to its investors over the next decade by continuing to grow its 3%-yielding as well as repurchasing more stock. Those shareholder returns should create significant value for investors who hold on for the long haul.
Image source: Getty Images.
Source Fool.com