Phillips 66 Announces Increase in Quarterly Dividend

Rhea-AI Summary

The board of directors of Phillips 66 (NYSE: PSX) has announced a quarterly dividend of $1.05 per share, marking an 8% increase. This dividend will be paid on March 1, 2023, to shareholders on record by February 21, 2023. President and CEO Mark Lashier emphasized that rewarding shareholders through a competitive dividend is a company priority, with a history of 12 dividend increases since 2012, resulting in a 17% compound annual growth rate. The company aims to return between $10 billion and $12 billion to shareholders by the end of 2024 through dividends and a share repurchase program.

Positive

• Quarterly dividend increased to $1.05 per share.
• 8% increase in dividends shows strong shareholder returns.
• 12 dividend increases since 2012 equating to 17% CAGR.
• Commitment to return $10-$12 billion to shareholders by 2024.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of $1.05 per share on Phillips 66 common stock, representing an 8% increase. The dividend is payable on March 1, 2023, to shareholders of record as of the close of business on Feb. 21, 2023.

“Rewarding shareholders through a secure, competitive and growing dividend is a priority for Phillips 66,” said Mark Lashier, President and CEO of Phillips 66. “We have increased the dividend 12 times since our inception in 2012, resulting in a 17% compound annual growth rate. This dividend increase and our share repurchase program support our commitment to return $10 billion to $12 billion to shareholders by year-end 2024.”

About Phillips 66

Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005906/en/

Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.com

Owen Simpson (investors)

832-765-2297

owen.simpson@p66.com

Thaddeus Herrick (media)

855-841-2368

thaddeus.f.herrick@p66.com

Source: Phillips 66