Shares of Phillips 66 (PSX) ended the trading week on a strong note. The refiner and marketer of oil products announced increased payouts to its shareholders on Friday, prompting shares to rise some 2.7% to fresh year highs.
An Extra Christmas Present For Shareholders
The board of directors of Phillips 66 approved two large increases in returns to shareholders. The board has authorized a 25% increase in the company's quarterly dividend, which now will be $0.3125 per share, or $1.25 per annum.
The company furthermore announced the authorization of another $1 billion in share repurchases. The repurchase plan comes on top of the $1 billion repurchase program already approved in the third quarter
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