Phillips 66 Unveils New $2 Bln Stock Buyback Program

(RTTNews) - Phillips 66 (PSX) said Friday that its board of directors has approved a new $2 billion share repurchase program, consistent with the company's strategy to grow shareholder distributions. Since the third quarter of last year, the Phillips 66 board has authorized a total of $5 billion in share repurchases and raised quarterly dividends from 20 cents per share to 39 cents per share. The company has repurchased $2 billion of its shares as of October 2013. Phillips 66 anticipates funding the repurchases mainly with cash generated by its operations.