© Reuters. FILE PHOTO: A Phillips 66 gas pump is seen at a station in the Chicago suburb of Wheeling, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo
(Reuters) -Refiner Phillips 66 (NYSE:) said on Wednesday it plans to return an additional up to $12 billion to shareholders between mid-year 2022 and end-2024 through a combination of dividends and share repurchases.
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.
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