set plans to repurchase up to $1 billion of its common stock over the next two years, adding to the existing program announced in February.
With its previous plan, which was also for $1 billion, the petroleum company has bought back about $950 million of stock. ConocoPhillips will use the new program to offset any dilution to existing shareholders that might be caused by the company's stock-based compensation payments.
Repurchased shares will be held as treasury shares.
Shares of ConocoPhillips were adding 55 cents to $66.19 in premarket trading.