Phillips 66 Announces New $3 Billion Share Repurchase Program and Quarterly Dividend
October 09 2017 - 8:15AM
Business Wire
The board of directors of Phillips 66 (NYSE: PSX) has approved a
new $3 billion share repurchase program that increases the
company’s total authorization for share repurchases to $12 billion
since the third quarter of 2012. The board also declared a
quarterly dividend of 70 cents per share on Phillips 66 common
stock. The dividend is payable on Dec. 1, 2017, to shareholders of
record as of the close of business on Nov. 17, 2017.
“Returning capital to our shareholders, through a competitive,
secure and growing dividend, reinforced with share repurchases, is
a strategic priority for us,” said Greg Garland, chairman and CEO
of Phillips 66. “We have demonstrated this with seven increases to
our quarterly dividend rate and through our share repurchase
programs. We believe our financial discipline, underpinned by
prudent capital allocation, is fundamental to value creation and
has enabled us to return over $15 billion to shareholders since
2012, through dividends, share repurchases and share
exchanges.”
The total shares repurchased and exchanged to date represent
over 20 percent of the shares outstanding at the formation of the
company. 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.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics
company. With a portfolio of Midstream, Chemicals, Refining, and
Marketing and Specialties businesses, the company processes,
transports, stores and markets fuels and products globally.
Phillips 66 Partners, the company's master limited partnership, is
an integral asset in the portfolio. Headquartered in Houston, the
company has 14,600 employees committed to safety and operating
excellence. Phillips 66 had $52 billion of assets as of
June 30, 2017. For more information, visit www.phillips66.com
or follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
"SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This news release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Words and phrases such as “is anticipated,” “is
estimated,” “is expected,” “is planned,” “is scheduled,” “is
targeted,” “believes,” “continues,” “intends,” “will,” “would,”
“objectives,” “goals,” “projects,” “efforts,” “strategies” and
similar expressions are used to identify such forward-looking
statements. However, the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements
relating to Phillips 66’s operations (including joint venture
operations) are based on management’s expectations, estimates and
projections about the company, its interests and the energy
industry in general on the date this news release was prepared.
These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed or forecast in such
forward-looking statements. Factors that could cause actual results
or events to differ materially from those described in the
forward-looking statements include fluctuations in NGL, crude oil,
and natural gas prices, and petrochemical and refining margins;
unexpected changes in costs for constructing, modifying or
operating our facilities; unexpected difficulties in manufacturing,
refining or transporting our products; lack of, or disruptions in,
adequate and reliable transportation for our NGL, crude oil,
natural gas, and refined products; potential liability from
litigation or for remedial actions, including removal and
reclamation obligations under environmental regulations; limited
access to capital or significantly higher cost of capital related
to illiquidity or uncertainty in the domestic or international
financial markets; and other economic, business, competitive and/or
regulatory factors affecting Phillips 66’s businesses generally as
set forth in our filings with the Securities and Exchange
Commission. Phillips 66 is under no obligation (and expressly
disclaims any such obligation) to update or alter its
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171009005502/en/
Phillips 66Jeff Dietert, 832-765-2297
(investors)jeff.dietert@p66.comorRosy Zuklic, 832-765-2297
(investors)rosy.zuklic@p66.comorC.W. Mallon, 832-765-2297
(investors)c.w.mallon@p66.comorDennis Nuss, 832-765-1850
(media)dennis.h.nuss@p66.com
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