Phillips 66 DCP Merger Proposal
Distributions
Progressing toward its target of $10 B to $12 B
in the 10-quarter period ending 2024
.
$3.7 B returned to shareholders through 3
quarters
Secure, competitive and growing dividend
• 17% CAGR with twelve increases 1,2
•
Increased quarterly dividend by 8% in 1Q
Committed to shareholder distributions
Repurchased / exchanged 27% of shares initially
outstanding²
Returned over $34 B to shareholders through
dividends, share repurchases and exchanges
Annual Dividend
($ per share)
4.20
3.50 3.60 3.62
3.83
3.10
1.89
2.18
2.45
2.73
1.33
13
14 15
16 17 18 19 20 21
22
22
Cumulative Distributions
($B)
Share Repurchases and Exchanges
Dividends
22
222
16
8 11 13
23E
40-42
33
34
28
29
26
13
14
15 16 17 18 19 20
21
22
22
1Q23 24E
1) Dividend CAGR calculated from initial dividend of $0.20 per share in 3Q 2012 to $1.05 per share in 1Q 2023.
2) Since May 2012. Net of shares issued for compensation and PSXP transaction.
PHILLIPS
29
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