General | Capital Markets | Capital Expenditure
Phillips 66 Ramps Up Capital Budget by $1.2 Billion
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The board of directors of Phillips 66 has approved an increase in 2014 capital spending to support the company’s growth strategy and authorized returning additional capital to shareholders.
The board authorized $3.9 billion of capital expenditures this year, an increase of $1.2 billion to the previously approved budget. The increased capital program is designed to accelerate the development of the Sweeny Fractionator One and Freeport Liquid Petroleum Gas Export Terminal, as well as fund the recently announced acquisitions of the Beaumont Terminal in Texas and Spectrum Corporation, a specialty lubricants company. The board also approved an additional $2 billion share repurchase program.
Greg Garland, chairman and CEO of Phillips 66, commented: "We are executing our growth plans through…
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