Phillips 66 Announces New $3 Billion Share Repurchase Program and Quarterly Dividend
04 Oktober 2019 - 6:24PM
Business Wire
Phillips 66 (NYSE: PSX) announced that the board of directors
has approved a new share repurchase program that authorizes the
company to repurchase up to $3 billion of its common stock,
bringing the total amount of share repurchase programs authorized
by the board since 2012 to an aggregate of $15 billion. The board
also declared a quarterly dividend of 90 cents per share on
Phillips 66 common stock. The dividend is payable on Dec. 2, 2019,
to shareholders of record as of the close of business on Nov. 18,
2019.
“The new share repurchase program 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 $24 billion through dividends and share repurchases
and exchanges and have reduced our initial shares outstanding by
32%.”
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
integral to the portfolio. Headquartered in Houston, the company
has 14,400 employees committed to safety and operating excellence.
Phillips 66 had $58 billion of assets as of June 30, 2019. For more
information, visit http://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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191004005415/en/
Jeff Dietert, 832-765-2297 (investors) jeff.dietert@p66.com
or
Brent Shaw, 832-765-2297 (investors) brent.d.shaw@p66.com
or
Dennis Nuss, 855-841-2368 (media) dennis.h.nuss@p66.com
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