Phillips 66 Co. launched a $3 billion share buyback program, under which the company may repurchase shares from time to time on the open market.

"Returning capital to our shareholders, through a competitive, secure and growing dividend, reinforced with share repurchases, is a strategic priority for us," Greg Garland, chairman and CEO of Phillips 66, said in an Oct. 9 news release.

Any repurchased shares will be held as treasury shares. The new program raises Phillips 66's total authorization for share repurchases to $12 billion since the third quarter of 2012, according to the release.

Phillips 66 is an energy manufacturing and logistics company involved in the midstream, chemicals and refining businesses.