HOUSTON--(BUSINESS WIRE)-- The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 70 cents per share on Phillips 66 common stock, representing an 11 percent increase. The dividend is payable on June 1, 2017, to shareholders of record as of the close of business on May 18, 2017. Since the first dividend paid by Phillips 66 in 2012, the board has increased the dividend seven times, representing a 30 percent compound annual growth rate.

“Returning capital to our shareholders remains a priority for Phillips 66, and we are pleased to deliver another increase in our quarterly dividend,” said Greg Garland, chairman and CEO of Phillips 66. “We are committed to maintaining a growing, secure and competitive dividend as part of our disciplined approach to capital allocation.”

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is an integral asset in the portfolio. Headquartered in Houston, the company has 14,600 employees committed to safety and operating excellence. Phillips 66 had $51 billion of assets as of March 31, 2017. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

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Source: Phillips 66