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Stock impact report

Phillips 66 Bought Back 14 Million Shares in 2016. Should Investors Be Happy? [The Motley Fool]

Phillips 66 (PSX) 
Last phillips 66 earnings: 5/1 07:00 am Check Earnings Report
Company Research Source: The Motley Fool
The refining giant spent more than a billion dollars on buybacks last year. Matthew DiLallo ( TMFmd19 ) Mar 23, 2017 at 12:21PM Phillips 66 ( NYSE:PSX ) prides itself as a disciplined allocator of capital. For example, this year's capital budget is lower than it was in previous years because "fewer projects meet our return thresholds in the current business environment," according to CEO Greg Garland. That said, while the refining giant is cutting back on growth spending, one area where it doesn't have any intention of cutting back on is the rate that it repurchases shares. Here's a look at why investors should be thrilled with that decision. How Phillips 66 allocates capital Phillips 66 started last year with more than $3 billion of cash on the balance sheet. It would go on to generate $3 billion of operating cash flow and complete $2.3 billion Show less Read more
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