HOUSTON, Feb. 21�Conoco Inc. said Wednesday its directors have authorized a $1 billion stock buyback program over a 3-year period.
It said class A and B shares will be purchased from time to time in the open market or possibly through private transactions, as the company's financial condition and market conditions warrant.
Conoco said at current stock prices, about 5.7% of its 624 million outstanding shares could be purchased.
The company said the program replaces an existing stock buyback program intended solely to offset the dilution associated with employee compensation plans.
It said, "Under the new program, Conoco will have grater financial flexibility to more effectively take advantage of favorable market conditions."
Chairman and CEO Archie Dunham said, "We are committed to increasing shareholder value while maintaining capital discipline. The flexibility of this new program gives us another tool to address growth initiatives while enhancing shareholder value."
