Phillips 66 Announces Resumption of Share Repurchases
April 29 2022 - 6:55AM
Business Wire
Phillips 66 (NYSE: PSX) announced today that it intends to
resume its share repurchase program in the second quarter of 2022.
The company suspended share repurchases in March 2020 to preserve
liquidity. The temporary suspension was in response to the global
economic disruption caused by the COVID-19 pandemic. Phillips 66
previously stated its intent to resume share repurchases and to
continue to pay down debt to pre-pandemic levels as cash generation
improves.
Under the repurchase program previously authorized by the Board
of Directors, Phillips 66 may repurchase its outstanding shares of
common stock from time to time in open market or privately
negotiated transactions, including accelerated share repurchase
transactions, block trades or pursuant to 10b5-1 trading plans. Any
repurchases will be at management’s discretion and will be subject
to market conditions, the price of the company’s shares and other
factors. The share repurchase program may be modified, suspended or
terminated by the Board of Directors at any time. The company has
$2.5 billion available under the current authorization, which has
no expiration date.
About Phillips 66
Phillips 66 (NYSE: PSX) transports, manufactures and markets
products that drive the global economy. The diversified energy
company’s portfolio includes Midstream, Chemicals, Refining, and
Marketing and Specialties businesses. Headquartered in Houston,
Phillips 66 has employees around the globe who are committed to
safely and reliably providing energy and improving lives while
pursuing a lower-carbon future. For more information, visit
phillips66.com or follow @Phillips66Co
on LinkedIn or Twitter.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE
“SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains 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. Forward- looking statements may be identified by
the use of words like “plans,” “expects,” “will,” “anticipates,”
“believes,” “intends,” “projects,” “targets,” “estimates” or other
words of similar meaning. Forward-looking statements are based on
certain assumptions and expectations of future events which may not
be accurate or realized, and involve risks and uncertainties, many
of which are beyond Phillips 66’s control, including but not
limited to Phillips 66’s plans to reduce debt, the extent of cash
generated from operations, and the market price for its common
stock. It is important to note that actual results could differ
materially from those projected in such forward-looking statements
based on these and numerous other factors, including those outside
of the company’s control, such as circumstances and events that
could impact liquidity and other factors. A discussion of factors
that may affect future results is included in Phillips 66’s filings
with the Securities and Exchange Commission. Phillips 66 disclaims
and does not undertake any obligation to update or revise any
forward-looking statement, except as required by applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220427006166/en/
Jeff Dietert (investors) 832-765-2297 jeff.dietert@p66.com
Shannon Holy (investors) 832-765-2297 shannon.m.holy@p66.com
Thaddeus Herrick (media) 855-841-2368
thaddeus.f.herrick@p66.com
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