Phillips 66 Announces Increase in Quarterly Dividend, Repayment of Debt
10/08/2021 - 12:32 PM
HOUSTON --(BUSINESS WIRE)--
The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 92 cents per share on Phillips 66 common stock, representing a 2% increase. The dividend is payable on Dec. 1, 2021 , to shareholders of record as of the close of business on Nov. 17, 2021 .
Additionally, on Sept. 24, 2021 , the company repaid the $500 million of outstanding borrowings under its 364-day delayed draw term loan agreement due November 2023 .
“We are increasing our dividend this quarter, demonstrating our commitment to shareholder returns and reflecting our confidence in the company’s strategy and cash flow recovery,” said Phillips 66 Chairman and CEO Greg Garland . “We have increased the dividend 10 times since our inception in 2012, resulting in an 18% compound annual growth rate. We also have reduced our debt balance by $1 billion this year and will continue prioritizing debt repayment to return to pre-pandemic levels.”
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 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021 . For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co .
View source version on businesswire.com : https://www.businesswire.com/news/home/20211008005433/en/
Jeff Dietert (investors)
832-765-2297
jeff.dietert@p66.com
Shannon Holy (investors)
832-765-2297
shannon.m.holy@p66.com
Thaddeus Herrick (media)
855-841-2368
thaddeus.f.herrick@p66.com
Source: Phillips 66
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PSX Stock Data
Industry
Petroleum Refineries
Sector
Manufacturing
Tags
Energy Minerals, Oil Refining/Marketing, Manufacturing, Petroleum Refineries
Country
US
City
Houston
About PSX
safety. honor. commitment. we are phillips 66, and we manufacture energy products you use every day. we refine and market petroleum products, such as gasoline, diesel, jet fuel and lubricants; gather and process natural gas and natural gas liquids (ngl) for powering businesses, heating homes, cooking and electricity; and manufacture petrochemicals, polymers and plastics found in cars, electronics, and other everyday goods. through financial strength and safe, reliable operations, we are delivering on a business strategy to enhance returns, grow the company, increase distributions to shareholders and build a highperforming team. we are phillips 66, and with our partners and suppliers, we create jobs. we have 14,000 colleagues in america and around the world. together we’re building a company founded on safety, honor and commitment. safety. we protect each other, our environment, and our communities. honor. we stand behind our word, and you can count on us to do the right