“We are increasing our dividend this quarter as we resume our cadence of annual dividend increases. This dividend increase, along with the recently announced resumption of our share repurchase programme, demonstrates our continuing commitment to shareholder returns. We have increased the dividend 11 times since our inception in 2012, resulting in an 18% compound annual growth rate,” said Phillips 66 Chairman and CEO, Greg Garland. “Additionally, we paid down US$1.45 billion of debt in April and plan to repay additional debt this year.”
