CLAIM #16100 · ConocoPhillips (COP) · 2022Q3 earnings call · Nov 3, 2022 · due Dec 31, 2023
“I think the split that we've historically have, you mentioned 35%-65%. I think those are reasonable up to like a 50-50 split between cash and share buybacks is how we nominally think about the VROC.”
Ryan Lance · CEO
In context
“that -- congratulations, you get into the North Field South. Is there any capital number that you can share? I think, in the North Field extension, your share of the commitment is about and given that it's the same volume, say, here. So should we assume it's similar? And also whether that the terms between the North Field South and North Field expansion are basically the same, is there anything that maybe you can share? And also that when that spending on North Field South will kick in because that, I don't think will come on stream until 2028? Ryan Lance: Yes. Paul, let me try to take those. Let me call a friend with Nick through part of that. So yes, I think the first part, split, I think you had on the way we think about, I think that was VROC, so between share buybacks and dividends. I think the split that we've historically have, you mentioned 35%-65%. I think those are reasonable up to like a 50-50 split between cash and share buybacks is how we nominally think about the VROC. But that's subject to change based on how we see the macro and kind of how we see it. But nominally, that's probably not a bad place to start. With respect to Qatar LNG, I think the North Field South trains are going to be replicated from the North Field expansion trains. So relative to the same amount of capital, maybe adjusted for your view of inflation because they will be a little bit later starting. But yes, they're going to be the same scope, same size and exact same kind of train. So that's how we think about it very similar to the North Field expansion project. And then what was the last one -- the timing. Yes, you're right on the timing. I don't think there's much capital in the next couple of years associated with NFS. Anything you'd add, Nick? Nicholas Olds: Yes. Just to add,”
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SEC filings for COP ↗ · Claim quote is verbatim from the 2022Q3 earnings call.