HOUSTON, TX (STL.News) 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 December 1, 2021, to shareholders of record as of the close of business on November 17, 2021.
Additionally, on September 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 ten 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.”