Phillips 66 Announces New $2 Billion Share Buyback Program

The board of directors of Phillips 66

has approved a new $2 billion share repurchase program, consistent with the company's strategy to grow shareholder distributions. Since the third quarter of last year, Phillips 66's board of directors has authorized a total of $5 billion in share repurchases and raised quarterly dividends from 20 cents per share to 39 cents per share. The company has repurchased $2 billion of its shares as of October 2013. “Returning capital to our shareholders is fundamental to creating value and delivering superior total shareholder returns,” said Phillips 66 Chairman and CEO Greg Garland. “Our disciplined capital allocation process complements these distributions with capital spending and reinvestment in our higher-valued