HOUSTON–(BUSINESS WIRE)–The board of directors of Phillips 66 (NYSE: PSX) has approved a new $3 billion share repurchase program that increases the company’s total authorization for share repurchases to $12 billion since the third quarter of 2012. The board also declared a quarterly dividend of 70 cents per share on Phillips 66 common stock. The dividend is payable on Dec. 1, 2017, to shareholders of record as of the close of business on Nov. 17, 2017.
“Returning capital to our shareholders, through a competitive, secure and growing dividend, reinforced with share repurchases, is a strategic priority for us,” said Greg Garland, chairman and CEO of Phillips 66. “We have demonstrated this with seven increases to our quarterly dividend rate and through our share repurchase programs. We believe our financial discipline, underpinned by prudent capital allocation, is fundamental to value creation and has enabled us to return over $15 billion to shareholders since 2012, through dividends, share repurchases and share exchanges.”
The total shares repurchased and exchanged to date represent over 20 percent of the shares outstanding at the formation of the company. Under the new share repurchase program, shares will be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. The company may commence, suspend or discontinue purchases of common stock under this authorization at any time or periodically without prior notice. Shares of stock repurchased will be held as treasury shares.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is an integral asset in the portfolio. Headquartered in Houston, the company has 14,600 employees committed to safety and operating excellence. Phillips 66 had $52 billion of assets as of June 30, 2017. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.