Phillips 66 Announces Increase in Quarterly Dividend, Repayment of Debt

Rhea-AI Summary

The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 92 cents per share, marking a 2% increase. This dividend will be payable on December 1, 2021, to shareholders of record as of November 17, 2021. The company also repaid $500 million of its borrowings under a term loan agreement. Chairman and CEO Greg Garland highlighted their commitment to shareholder returns, noting a total of 10 dividend increases since 2012 and a 18% compound annual growth rate in dividends, alongside a $1 billion reduction in debt this year.

Positive

• Declared a quarterly dividend of 92 cents, a 2% increase.
• Dividend payable on December 1, 2021, enhances shareholder value.
• Total of 10 dividend increases since 2012 reflects company growth.
• $1 billion debt reduction this year strengthens financial position.

Negative

• None.

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

FAQ

What is the latest dividend amount for Phillips 66 (PSX)?

Phillips 66 has declared a quarterly dividend of 92 cents per share.

When is the next dividend payment for PSX shareholders?

The next dividend payment will be on December 1, 2021.

What was the increase in the dividend amount for Phillips 66?

The dividend increased by 2%.

How much debt has Phillips 66 repaid recently?

Phillips 66 repaid $500 million of outstanding borrowings.

How many times has Phillips 66 increased its dividend since 2012?

Phillips 66 has increased its dividend 10 times since its inception in 2012.

What is the compound annual growth rate of Phillips 66's dividends?

The compound annual growth rate of Phillips 66's dividends is 18%.