ConocoPhillips Sets Buyback

The company will repurchase up to $1 billion of stock.
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ConocoPhillips

(COP) - Get Report

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.