Phillips 66 (NYSE: PSX) announced that the board of directors has approved a $10 billion increase to the share repurchase authorization. The remaining authorization under the current program was approaching its limit.

“Our capital allocation approach remains the same,” said Mark Lashier, Phillips 66 chairman and CEO. “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.”

Under the new share repurchase program, shares may be repurchased from time to time in the open market at the company’s discretion, subject to market conditions and other factors, and in accordance with applicable regulatory requirements. The company may commence, suspend or discontinue purchases of common stock under this authorization at any time or periodically without prior notice. Shares of stock repurchased will be held as treasury shares.

About Phillips 66

Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Texas, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260731749146/en/