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Phillips 66 announced it is planning on delivering higher shareholder distributions and an increase in shareholder value as part of the company's restructing that has begun under new President and CEO, Mark Lashier. The announcement was made this week during investor day at the company's meeting in New York.

In a press release about the meeting, Lashier states that the company is enjoying a decade-long success rate of corporate growth due to clear vision, core values, and dedicated employees so now it is time to provide increased benefits to shareholders as part of the corporate priorities. Lashier went on to state that the Board of Directors approved a $5 billion increase in its authorization to repurchase common stock, bringing the total to be spent up to $20 billion. This should lead to a $10-$12 billion return to shareholders by end of 2024.

A webcast of the entire New York meeting can be viewed at phillips66.com/investors.