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.