Courtesy of Benzinga.
Consistent with the company’s intent to grow shareholder distributions, Phillips 66’s (NYSE: PSX) Board of Directors has approved the repurchase of up to $1.0 billion of its outstanding common shares. The 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 at any time or periodically without prior notice. Phillips 66 anticipates funding the repurchases primarily with cash generated by its operations. Shares of stock repurchased will be held as treasury shares.
