Phillips 66 Announces Increase in Quarterly Dividend

Rhea-AI Summary

Phillips 66 (PSX) announces a 10% increase in quarterly dividend to $1.15 per share, reflecting confidence in mid-cycle cash flow generation and capital allocation strategy. The company has a history of steady dividend growth with a compound annual growth rate of 16%. CEO Mark Lashier emphasizes the commitment to delivering shareholder value through strategic priorities.

HOUSTON--(BUSINESS WIRE)-- The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of $1.15 per share on Phillips 66 common stock, representing a 10% increase. The dividend is payable on June 3, 2024, to shareholders of record as of the close of business on May 20, 2024.

“The dividend increase reflects the confidence we have in our growing mid-cycle cash flow generation and disciplined approach to capital allocation, including a secure, competitive and growing dividend,” said Mark Lashier, president and CEO of Phillips 66.

“Since our formation in 2012, we have steadily raised our dividend, resulting in a 16% compound annual growth rate. We are well-positioned to continue delivering significant shareholder value through the successful execution of our strategic priorities, including returning $13 billion to $15 billion to shareholders through dividends and share repurchases between July 2022 and year-end 2024.”

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading diversified and integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The 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.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “believe,” “continue,” “grow,” “intend,” “will,” “would,” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this news release include statements regarding the execution of the Company’s strategic priorities, future cash flow generation and shareholder returns targets are based on management’s current expectations, estimates and projections of the Company’s future results, including future financial and business performance and economic conditions. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, forecast or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in such forward-looking statements include the risks and uncertainties set forth in our filings with the Securities and Exchange Commission, including under Item 1A. “Risk Factors” of the Phillips 66 Annual Report on Form 10-K for the year ended December 31, 2023. 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/20240403794402/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

FAQ

What is the quarterly dividend declared by Phillips 66 (PSX)?

Phillips 66 (PSX) has declared a quarterly dividend of $1.15 per share, representing a 10% increase.

When is the dividend payable to shareholders of Phillips 66 (PSX)?

The dividend is payable on June 3, 2024, to shareholders of record as of the close of business on May 20, 2024.

Who is the president and CEO of Phillips 66 (PSX)?

Mark Lashier is the president and CEO of Phillips 66.

What is the compound annual growth rate of dividends for Phillips 66 (PSX)?

Phillips 66 (PSX) has a compound annual growth rate of 16% for its dividends since 2012.

How much does Phillips 66 (PSX) plan to return to shareholders through dividends and share repurchases by year-end 2024?

Phillips 66 (PSX) plans to return $13 billion to $15 billion to shareholders through dividends and share repurchases between July 2022 and year-end 2024.