Phillips 66 boosts share buyback authorization by $10 billion

Phillips 66's board approved a $10 billion increase to its share repurchase authorization as the existing program approached its limit. CEO and chairman Mark Lashier said the move supports the company's long‑term commitment to shareholder value, alongside its dividend, capital investment and debt‑reduction strategy.

In the first quarter, Manufacturers Life Insurance Company reduced its stake in Phillips 66 by 10.1%, holding about 274,978 shares (roughly 0.07% of the company, valued at $50 million). Other institutional investors have also shifted positions: Norges Bank added a new stake worth $640 million, M&T Bank Corp increased its holding by 462.9% to 2.73 million shares, while AQR Capital Management and Worldquant Millennium Advisors made smaller adjustments. Hedge funds and other investors now own about 76.9% of Phillips 66’s stock.