Phillips 66 declares $3bn share repurchase scheme, quarterly dividend

Phillips 66 declares $3bn share repurchase scheme, quarterly dividend
Published: 7 October 2019 - 4 a.m.
By: Martin Menachery
Phillips 66 announced that the board of directors has approved a new share repurchase programme that authorises the company to repurchase up to $3bn of its common stock, bringing the total amount of share repurchase programmes authorised by the board since 2012 to an aggregate of $15bn.

The board also declared a quarterly dividend of 90 cents per share on Phillips 66 common stock. The dividend is payable on 2 December 2019, to shareholders of record as of the close of business on 18 November 2019.

“The new share repurchase programme 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 $24bn through dividends and share repurchases and exchanges and have reduced our initial shares outstanding by 32%.

Under the new share repurchase programme, 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 authorisation at any time, or periodically without prior notice. Shares of stock repurchased will be held as treasury shares.

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