Phillips 66 Board Approves New $3 Bln Share Buyback Program; Declares Dividend

(RTTNews) - Phillips 66 (PSX) said Monday that its board of directors 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 $0.70 per share on Phillips 66 common stock. The dividend is payable on December 1, 2017, to shareholders of record as of the close of business on November 17, 2017.

The total shares repurchased and exchanged to date represent over 20 percent of the shares outstanding at the formation of the company.

"Returning capital to our shareholders, through a competitive, secure and growing dividend, reinforced with share repurchases, is a strategic priority for us. We have demonstrated this with seven increases to our quarterly dividend rate and through our share repurchase programs," Greg Garland, chairman and CEO of Phillips 66, said.