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Phillips 66 Is Committed to a Secure, Competitive and Growing Dividend

publication date: Nov 28, 2025
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Image Source: Phillips 66. 

Phillips 66 generated $637 million in free cash flow during the third quarter, and the company returned $751 million to shareholders, consisting of $267 million in stock buybacks and $484 million in dividends. Phillips 66 ended the quarter with $21.76 billion in debt and $1.95 billion in cash and cash equivalents. We like its 2027 priorities that include greater than a $500 million reduction in operating, SG&A and freight costs, more than $1 billion in total mid-cycle adjusted EBITDA growth in Midstream and Chemicals, a secure, competitive and growing dividend, and target total debt of $17 billion. We like Phillips 66 as an idea in the High Yield Dividend Newsletter portfolio, with shares yielding 3.6% at the time of this writing.


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