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%.