Phillips 66 announced that the board of directors has approved a new share repurchase program that authorizes the company to repurchase up to $3 billion of its common stock, bringing the total amount of share repurchase programs authorized by the board since 2012 to an aggregate of $15 billion.
The board also declared a quarterly dividend of 90 cents per share on Phillips 66 common stock. The dividend is payable on Dec. 2, 2019, to shareholders of record as of the close of business on Nov. 18, 2019.
“The new share repurchase program demonstrates our ongoing commitment to return capital to our shareholders,” said Greg Garland, chairman and CEO of Phillips 66. “Disciplined capital allocation is fundamental to our strategy and our long-term objective is to reinvest 60% of our operating cash flow back into the business and return 40% to shareholders. Since 2012, we have returned over $24 billion through dividends and share repurchases and exchanges and have reduced our initial shares outstanding by 32%.”
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.