ConocoPhillips posted an 87.5% surge in third-quarter profit that topped Wall Street expectation on Nov. 3, extending a string of bumper earnings from oil producers benefiting from higher energy prices, and raised its share repurchase plan to $45 billion.
The shale producer's larger U.S. rivals Exxon Mobil and Chevron have also reported strong results, rekindling calls for energy companies to pay more taxes.
ConocoPhillips also raised its quarterly dividend by 11% and approved a $20 billion increase in share repurchase plan despite renewed push by President Joe Biden to invest the gains from higher energy prices in production instead of share buybacks.