Phillips 66 resumes $2.5 billion share buyback program

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Phillips 66 PSX, -0.52% said Friday it’s re-starting its $2.5 billion share buyback program after suspending it in March 2020 to preserve liquidity. Under the plan, the company may repurchase its outstanding shares of common stock from time to time in open market or privately negotiated transactions.
Repurchases will be at management’s discretion and subject to market conditions, the price of the company’s shares and other factors. “The temporary suspension was in response to the global economic disruption caused by the COVID-19 pandemic,” the oil and gas company said. Shares of Phillips 66 are up 20.4% this year, compared to 10% drop by the S&P 500 SPX, -3.63%.

This article was originally published by Marketwatch.com. Read the original article here.

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