Phillips 66 (PSX) Sees 2017 Capital Budget of $2.7B
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Phillips 66 Announces 2017 Capital Program
December 9, 2016 11:59 AM ESTBudget Lower as Major Projects Reach Completion
HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX), an energy manufacturing and logistics company, announces its 2017 capital budget of $2.7 billion. The plan includes $1.3 billion for midstream growth and $0.9 billion directed toward enhancing refining returns and supporting operating excellence.
The 2017 capital program is consistent with our disciplined approach to capital allocation, said chairman and CEO Greg Garland. Returns on our investments are important, and the reduction in capital spending from prior years reflects that fewer projects meet our return thresholds in the current business... More
