February 1, 2018 / 12:13 PM / in 18 days

ConocoPhillips swings to quarterly profit, boosts dividend, buyback

HOUSTON, Feb 1 (Reuters) - ConocoPhillips said on Thursday it swung to a quarterly profit due in part to rising crude prices, helping the U.S. oil and gas producer boost its dividend by 7.5 percent and expand a share buyback program.

The company posted fourth-quarter net income of $1.58 billion, or $1.32 per share, compared to a net loss of $35 million, or 3 cents per share, in the year-ago period.

ConocoPhillips raised its quarterly dividend to 28.5 cents and increased its 2018 buyback plan by 33 percent to $2 billion. The company expects a 2018 capital budget of $5.5 billion. (Reporting by Ernest Scheyder)

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