ConocoPhillips Co. on June 30 raised its share buyback plans by $1 billion citing increased savings from its multibillion-dollar acquisition of Permian Basin operator Concho Resources.

Alongside the news, ConocoPhillips, the top U.S. independent producer, outlined details of an operating and financial plan reflecting numerous transformational activities as part of a market update.

“We believe we’re entering a constructive environment for the business, but we also recognize that we’re in a period of evolving energy transition,” CEO Ryan Lance said in a company release. “ConocoPhillips is meeting this moment with a very compelling plan that is resilient and durable, but also flexible.”

The newly launched plan, which Lance said the company is calling the “Triple Mandate,” is another step forward from the disciplined, returns-focused strategy it launched in 2016 that included returning 30% of cash from operations to shareholders.

“We want to play a valued role in whatever pathway the energy transition takes by investing in the lowest cost of supply barrels, delivering competitive returns of and on capital, and achieving our net-zero emissions ambition,” he said.

ConocoPhillips on June 30 announced plans to trim its spending plans. The company also now expects to rake in about $1 billion annually of saving from its purchase of Concho—double the $500 million in synergies it had forecast when the deal was announced last October.

“We can and will adapt as the future plays out, all while remaining focused on delivering superior returns to shareholders through cycles,” Lance continued. 

“We don’t believe any other company in our E&P sector offers a more investable plan for this vital business,” he added.

The Houston-based company had resumed its share repurchase program of $1.5 billion in March. The increase announced June 30 will bring the company’s total planned distributions for the year to about $6 billion.

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