Capital Markets | Capital Expenditure
Phillips 66 IDs $3.6B 2016 Capex to Fund Midstream Growth
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Phillips 66 reported its 2016 capital budget of $3.6 billion, excluding Phillips 66 Partners’ capital program. The board of directors of Phillips 66 also approved a $2.0 billion increase to the company’s share repurchase program.
Chairman and CEO Greg Garland said: "The 2016 capital budget will fund Midstream growth and enhance returns in Refining. Cash from operating activities, our MLP and a strong balance sheet allow us to fund business growth while returning capital to shareholders."
Excluding Phillips 66 Partners’ capital spending, Phillips 66 plans to invest $2.0 billion in its Midstream business lines. In Natural Gas Liquids (NGL), the company continues construction of the 4.4 million-barrel-per-month Freeport LPG Export Terminal on the U.S. Gulf Coast, with completion expected in…
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