HOUSTON, TX (STL.News) Phillips 66 (NYSE: PSX) announced today that it intends to resume its share repurchase program in the second quarter of 2022. The company suspended share repurchases in March 2020 to preserve liquidity. The temporary suspension was in response to the global economic disruption caused by the COVID-19 pandemic. Phillips 66 previously stated its intent to resume share repurchases and to continue to pay down debt to pre-pandemic levels as cash generation improves.
Under the repurchase program previously authorized by the Board of Directors, Phillips 66 may repurchase its outstanding shares of common stock from time to time in the open market or privately negotiated transactions, including accelerated share repurchase transactions and block trades, or pursuant to 10b5-1 trading plans. Any repurchases will be at management’s discretion and will be subject to market conditions, the price of the company’s shares, and other factors. The share repurchase program may be modified, suspended, or terminated by the Board of Directors at any time. The company has $2.5 billion available under the current authorization, with no expiration date.