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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Phillips 66 Announces Increase in Quarterly Dividend, Repayment of Debt

October 8, 2021 GMT

HOUSTON--(BUSINESS WIRE)--Oct 8, 2021--

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.”

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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/

CONTACT: Jeff Dietert (investors)

832-765-2297

jeff.dietert@p66.comShannon Holy (investors)

832-765-2297

shannon.m.holy@p66.comThaddeus Herrick (media)

855-841-2368

thaddeus.f.herrick@p66.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES CHEMICALS/PLASTICS OIL/GAS MANUFACTURING ENERGY FINANCE

SOURCE: Phillips 66

Copyright Business Wire 2021.

PUB: 10/08/2021 12:32 PM/DISC: 10/08/2021 12:32 PM

http://www.businesswire.com/news/home/20211008005433/en