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Phillips 66 raises dividend, plans new $1B buyback

HOUSTON (AP) -- Refining and pipeline company Phillips 66 said Friday that it is raising its quarterly dividend to 31.25 cents per share from 25 cents.

It's the second consecutive quarter Phillips 66 has boosted its dividend by 25 percent. It will be paid in the first quarter of 2013.

Phillips 66 also said it approved the repurchase of another $1 billion in company stock. It approved the repurchase of $1 billion shares during the third quarter as well.

The company split from ConocoPhillips in May.

Phillips 66 shares rose 41.37, or 2.7 percent, to close at $52.34.