ConocoPhillips (NYSE:COP) Jumps on Dividend Boost, Share Buyback

Shares of ConocoPhillips (NYSE:COP) are moving up Friday on news they increased their quarterly dividend by 20 percent authorized a share buyback of $10 billion, according to a company release.

The $10 billion share buyback is above and beyond the $5 billion buyback announced by ConocoPhillips in March.

At this time approximately $1 billion remains under the announced March buyback program.

ConocoPhillip's dividend was raised from $0.55 to $0.66, a 20 percent boost. On an annualized basis that's $2.64. The dividend yield is 3.1 percent.

The oil giant also announced capital expenditures for 2011 will be $13.5 billion. About 90 percent of capex will go toward Exploration and Production.

ConocoPhillips was trading at $71.43, up $1.35, or 1.93 percent, as of 1:46 PM EST.