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Refiners have minted huge profits this year, running their operations at record levels on buoyant demand for gasoline, diesel and jet fuel.
Phillips 66 said its board had approved a $5 billion increase to repurchase shares, adding that it plans to boost adjusted earnings before interest, taxes, depreciation, and amortization by $3 billion over the next three years.
“Phillips 66 is enhancing Refining performance by taking necessary actions to increase reliability, improve market capture and reduce costs,” the company said in a statement.
In the third-quarter ended Sept. 30 Phillips returned $1.2 billion through share repurchases and dividends.
