Phillips 66's board of directors approved a $10 billion increase to the company's share repurchase authorization, the Houston-based energy company said. The remaining authorization under the prior program was approaching its limit.
"Our capital allocation approach remains the same," said Mark Lashier, Phillips 66 chairman and CEO. The company said the added buyback capacity supports its dividend, disciplined capital investment and continued debt reduction as it looks through the rest of the decade.
Under the new authorization, Phillips 66 may repurchase shares from time to time in the open market at its discretion, subject to market conditions and applicable regulatory requirements. The company said it can start, pause or stop purchases under the authorization at any time, or periodically, without prior notice. Shares repurchased will be held as treasury shares.
Phillips 66 is an integrated downstream energy company with Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses, headquartered in Houston.
