General | Capital Markets | Capital Expenditure
Phillips 66 Plans Significant Midstream Investment to Capitalize on Domestic Growth
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Phillips 66 has announced plans for $2.7 billion of capital expenditures in 2014, approximately 40 percent higher than its 2013 capital target.
The increased spending reflects the company’s strategy to grow its Midstream segment. Including the company’s share of expected capital spending by joint ventures DCP Midstream (DCP), Chevron Phillips Chemical Company (CPChem) and WRB Refining, its total 2014 capital program is expected to be $4.6 billion.
Chairman and CEO Greg Garland said "The 2014 capital program is consistent with our plans to significantly grow our Midstream and Chemicals segments.
These are businesses that can directly capitalize on North America’s energy renaissance. Our disciplined approach to capital allocation balances reinvestment in higher-valued businesses along with…
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