ConocoPhillips raising its dividend by 7%

ConocoPhillips COP, -3.14% announced Monday that it is raising its quarterly dividend 7%, from 43 cents a share to 46 cents a share.

The dividend will be payable Dec. 1 to stockholders of record on Oct. 28.

The oil company also said Monday that it is buying Shell’s Permian basin position for $9.5 billion in cash. Shell Enterprises is a subsidiary of Royal Dutch Shell RDS.A, -2.16%.

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