HOUSTON--The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 63 cents per share on Phillips 66 common stock, representing a 12.5 percent increase. The dividend is payable on June 1, 2016, to shareholders of record as of the close of business on May 18, 2016. Since the formation of Phillips 66 in 2012, the board has increased the dividend six times, representing a 33 percent compound annual growth rate.
“The increase in the dividend reflects our board’s confidence in the company’s strategy and the cash flow resilience of our diversified portfolio,” said Greg Garland, chairman and CEO of Phillips 66. “We are committed to maintaining a growing, affordable and competitive dividend. We will continue to exercise a balanced approach to allocating capital and optimizing shareholder value through distributions and investment in the business.”
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 an integral asset in the portfolio. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $48 billion of assets as of March 31, 2016. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.