Shares align with company’s focus on debt reduction
HOUSTON, November 10, 2021–(BUSINESS WIRE)–Phillips 66 (NYSE:PSX) today announced that it will repay the full outstanding principal amount of its senior floating rate notes due 2024 (the “Notes”) ). The redemption date of the Notes is December 15, 2021. The aggregate principal amount of the Notes outstanding is $450 million. The redemption price of the Notes will be equal to 100% of the principal amount of the Notes in circulation, plus accrued and unpaid interest thereon up to, but not including, the redemption date. Phillips 66 plans to use cash on hand to fund the buyout.
A redemption notice is being sent to all currently registered holders of the Notes by the trustee, US Bank National Association.
“Today’s announcement reaffirms our commitment to repay debt as our cash flow recovers. When the redemption of the notes is complete, we will have paid off a total of $1.5 billion in debt in 2021,” said Kevin Mitchell, Executive Vice President, Finance and Chief Financial Officer. “We will continue to assess the repayment of additional debt to return to pre-pandemic debt levels as part of our disciplined capital allocation.”
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
About Philips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of midstream, chemical, refining and marketing and specialty businesses, the company processes, transports, stores and markets fuels and products worldwide. Based in Houston, the company has 14,100 employees committed to safety and operational excellence. Phillips 66 had $56 billion in assets as of September 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @ Phillips66Co.
WARNING FOR THE PURPOSES OF THE “SAFE HARBOUR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT 1995
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors thus created. . Forward-looking statements can be identified by the use of words such as “plans”, “expects”, “will”, “anticipates”, “believes”, “intends”, “projects”, ” target”, “estimate” or other words of the same meaning. Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized, and involve risks and uncertainties, many of which are beyond Phillips 66’s control, including, but not limited to, Phillips 66’s plans to reduce debt, the expected timing and terms of repayment of the Notes and the source of funding for the repayment. It is important to note that actual results could differ materially from those projected in these forward-looking statements depending on many factors, including those beyond the company’s control, such as circumstances and events that could affect on liquidity and other factors. A discussion of factors that could affect future results is included in Phillips’ 66 filings with the Securities and Exchange Commission. Phillips 66 disclaims any responsibility and assumes no obligation to update or revise any forward-looking statement, except as required by applicable law.
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Jeff Dietert, 832-765-2297 (investors)
Shannon Holy, 832-765-2297 (investors)
Thaddeus Herrick, 855-841-2368 (media)