Phillips 66 board approves $10 billion share repurchase expansion

Phillips 66 (NYSE: PSX) announced that its board of directors has approved a $10 billion increase to the company's share repurchase authorization, citing that the remaining capacity under the existing program was approaching its limit.

Under the new authorization, shares may be repurchased in the open market at the company's discretion, subject to market conditions and applicable regulatory requirements. The company may commence, suspend, or discontinue purchases at any time without prior notice. Repurchased shares will be held as treasury shares.

Mark Lashier, Phillips 66 chairman and CEO, said in a statement: "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 as we look through the rest of the decade."

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