ConocoPhillips

Management has a clear cash return framework of returning at least 30 percent of cash from operations, evidenced by 2024 returns of 9.1 billion dollars and a 2025 target of 10 billion dollars at then‑current prices. The ordinary dividend was increased 8 percent to 0.84 dollars per quarter, with a stated goal of top‑quartile dividend growth.

Share repurchases continue and management plans to retire the shares issued in the Marathon deal within two to three years, subject to prices. M&A integration and portfolio high‑grading proceed alongside divestments. Capex is sizable but focused on high‑return, low cost‑of‑supply projects and LNG growth.

The main risks are cycle timing of buybacks and execution of large projects like Willow.