ConocoPhillips ( COP) said Friday that it has set plans to repurchase up to $1 billion of its common stock.

The oil giant said first-quarter purchases will be around $750 million. Before the end of the quarter, ConocoPhillips will lay out its expected total buyback plan for 2007.

Repurchased shares will be held as treasury shares. ConocoPhillips was up $1.40, or 2.3%, at $63.22.

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