Phillips 66 approves $10 billion increase to share repurchase program

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July 31, 2026 7:39 AM EDT

FILE PHOTO: The Phillips 66 refinery in Immingham, Britain, April 10, 2025. REUTERS/Dominic Lipinski/File Photo

July 31 (Reuters) - ‌Refiner ​Phillips ​66 said on Friday its board ‌of directors had approved a $10 ⁠billion increase to its share ‌repurchase program.

U.S. refiners ‌this year have enjoyed a boost from stronger ​fuel margins after the Iran war tightened ⁠global supplies of gasoline and diesel.

The ​conflict raised concerns over disruptions to Middle East ​fuel exports, lifting ‌refining margins.

Phillips 66 said the remaining authorization ⁠under its current program was approaching its limit.

"The ⁠increased share repurchase authorization supports ​our commitment to long-term shareholder value, alongside our secure, competitive and ‌growing dividend, disciplined capital investment and continued ‌debt reduction," CEO ⁠Mark Lashier ‌said.

(Reporting by ​Vallari Srivastava in Bengaluru; Editing by Shreya ‌Biswas)


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