Phillips 66 (PSX) said on Wednesday that it intended to return additional $10 billion to $12 billion to shareholders between mid-2022 and the end of 2024 via a combination of dividends and share repurchases.
The Board of Directors of Phillips 66 has approved a $5 billion increase to its authorization regarding common stock repurchases, with the total amount of share repurchases authorized since 2012 now reaching an aggregate of $20 billion.
“We are announcing a number of priorities designed to reward shareholders,” Mark Lashier, President and Chief Executive Officer of Phillips 66, said in a press release.
“Thanks to our clear vision, core values and dedicated employees, we’ve enjoyed tremendous success since our inception 10 years ago. We will continue our track record of strong returns and growing distributions in a competitive and sustainable way. We have returned more than $30 billion to shareholders since the company’s formation in 2012, in large part from our uniquely integrated and diversified assets in Midstream, Chemicals, Refining and Marketing,” the CEO added.
Phillips 66 plans to enhance Refining performance through necessary actions in order to increase reliability, improve market capture and bring down costs.
The company also intends to bolster adjusted EBITDA by $3 billion over the upcoming three years.