Phillips 66 repays full $500 million under term loan due 2023

By Wendy Van Sickle

Columbus, Ohio, Oct. 8 – Phillips 66 repaid the $500 million of outstanding borrowings under its 364-day delayed-draw term loan due November 2023, according to a news release on Friday.

Phillips 66 has reduced its debt by $1 billion in 2021 and will continue to prioritize repaying debt to return to pre-pandemic levels, chairman and chief executive officer Greg Garland said in the release.

Phillips 66 is a Houston-based energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses.

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