OREANDA-NEWS.   The board of directors of Phillips 66 (NYSE: PSX) has approved a new USD 2 billion share repurchase program, consistent with the company’s strategy to grow shareholder distributions. Since the third quarter of last year, Phillips 66’s board of directors has authorized a total of USD 5 billion in share repurchases and raised quarterly dividends from 20 cents per share to 39 cents per share. The company has repurchased USD 2 billion of its shares as of October 2013.
 
“Returning capital to our shareholders is fundamental to creating value and delivering superior total shareholder returns,” said Phillips 66 Chairman and CEO Greg Garland. “Our disciplined capital allocation process complements these distributions with capital spending and reinvestment in our higher-valued businesses.”

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 under this authorization 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.