Market Overview

Phillips 66 Announces New $2B Share Buyback Program


The board of directors of Phillips 66 (NYSE: PSX) 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

See full press release

Posted-In: News Guidance Offerings Buybacks FDA Legal Management Global


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