ConocoPhillips To Repurchase Up To $1 Billion Of Stock

HOUSTON (AP) -- ConocoPhillips is planning to repurchase up to $1-billion in stock -- including about $750-million in the first quarter of 2007.<br/><br/>In a brief statement issued Friday the Houston-based

Friday, January 12th 2007, 1:20 pm

By: News On 6

HOUSTON (AP) -- ConocoPhillips is planning to repurchase up to $1-billion in stock -- including about $750-million in the first quarter of 2007.

In a brief statement issued Friday the Houston-based company gave no explanation for the buyback program. But the third-largest US oil company said it expects to announce further details before March 31st.

Based on Thursday's closing price, ConocoPhillips shares are off about 14 percent so far this year.

The company was formed by the merger of Houston-based Conoco and Bartlesville-based Phillips with headquarters in Houston.