Phillips 66 (NYSE: PSX) said its board of directors approved a $10 billion increase to the company's share repurchase authorization. The remaining authorization under the existing program was approaching its limit.
Chairman and CEO Mark Lashier said the increase keeps the company's approach to capital allocation the same. He said it also supports long-term shareholder value alongside a "secure, competitive and growing dividend," continued discipline on capital spending, and debt reduction as the company looks toward the end of the decade.
How the buyback will work
Under the new authorization, Phillips 66 may repurchase shares from time to time in the open market, at its own discretion and subject to market conditions and regulatory requirements. The company may start, pause or stop purchases at any time, without prior notice. Shares it buys back will be held as treasury shares.
Phillips 66 is an integrated downstream energy company headquartered in Houston, Texas, with businesses spanning midstream, chemicals, refining, marketing and specialties, and renewable fuels.
