{"id":794968,"date":"2024-12-16T07:04:18","date_gmt":"2024-12-16T12:04:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/"},"modified":"2024-12-16T07:04:18","modified_gmt":"2024-12-16T12:04:18","slug":"phillips-66-announces-2025-capital-program","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/","title":{"rendered":"Phillips 66 announces 2025 capital program"},"content":{"rendered":"

<\/p>\n

Phillips 66 announces 2025 capital program<\/b><\/p>\n

HOUSTON–(BUSINESS WIRE<\/a>)–
\nPhillips 66 (NYSE: PSX) today announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital.<\/p>\n

\n\u201cWe continue to demonstrate capital discipline, aligning our investments with our strategic priorities,\u201d said Mark Lashier, chairman and CEO of Phillips 66. \u201cThe budget underscores our dedication to delivering value to shareholders by funding growth in the NGL wellhead-to-market value chain and further enhancing refining competitiveness.\u201d<\/p>\n

\nIn Midstream, the capital budget of $975 million comprises $429 million for sustaining projects and $546 million for growth projects. The budget advances the integrated NGL wellhead-to-market value chain by strengthening the company\u2019s position in key basins, including increasing gas processing capacity.<\/p>\n

\nIn Refining, Phillips 66 plans to invest $822 million, including $414 million for sustaining capital. Refining growth capital of $408 million supports the company\u2019s commitment to high-return, low-capital projects.<\/p>\n

\nThe Marketing and Specialties capital budget reflects the continued enhancement of the company\u2019s branded network.<\/p>\n

\nThe Renewable Fuels capital budget reflects investments at the Rodeo Renewable Energy Complex toward the optimization of feedstocks and logistics for renewable diesel and sustainable aviation fuel production.<\/p>\n

\nCorporate and Other capital will primarily fund information technology projects.<\/p>\n

\nPhillips 66\u2019s proportionate share of capital spending by joint ventures Chevron Phillips Chemical Company LLC (CPChem) and WRB Refining LP (WRB) is expected to total $877 million and be self-funded.<\/p>\n

\nCPChem\u2019s growth capital will continue to fund the construction of world-scale petrochemical facilities on the U.S. Gulf Coast and in Ras Laffan, Qatar, through joint ventures. The facilities are expected to start up in 2026.<\/p>\n

\nWRB\u2019s capital spending will primarily be directed to sustaining projects.<\/p>\n

\nIncluding Phillips 66\u2019s proportionate share of capital spending associated with joint ventures CPChem and WRB, the company\u2019s total 2025 capital program is projected to be $3 billion.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n

Millions of Dollars<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n\n\n

Sustaining<\/b><\/p>\n<\/td>\n

\n\n

Growth<\/b><\/p>\n<\/td>\n

\n\n

Capital<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n\n\n

Capital<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Capital<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

Program<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

Capital Program<\/b><\/p>\n<\/td>\n

\n\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nMidstream*<\/p>\n<\/td>\n

\n\n

\n$<\/p>\n<\/td>\n

\n

\n429<\/p>\n<\/td>\n

\n\n

\n546<\/p>\n<\/td>\n

\n\n

\n975<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

\nChemicals<\/p>\n<\/td>\n

\n\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\n\n

\n–<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

\nRefining*<\/p>\n<\/td>\n

\n\n\n

\n414<\/p>\n<\/td>\n

\n\n

\n408<\/p>\n<\/td>\n

\n\n

\n822<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

\nMarketing and Specialties<\/p>\n<\/td>\n

\n\n\n

\n63<\/p>\n<\/td>\n

\n\n

\n91<\/p>\n<\/td>\n

\n\n

\n154<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

\nRenewable Fuels<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n18<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n56<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n74<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

\nCorporate and Other*<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n74<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n1<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n75<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

Phillips 66 Consolidated<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

998<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,102<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,100<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

\nCPChem<\/p>\n<\/td>\n

\n\n\n

\n195<\/p>\n<\/td>\n

\n\n

\n519<\/p>\n<\/td>\n

\n\n

\n714<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

\nWRB<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n122<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n41<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n163<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n

Selected Equity Affiliates**<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

317<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

560<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

877<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n\n\n

\n\u00a0<\/p>\n<\/td>\n

\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

Total Capital Program<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

$<\/b><\/p>\n<\/td>\n

\n

1,315<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

1,662<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2,977<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n
\n\u00a0<\/td>\n<\/tr>\n
\n

*Excludes non-cash finance leases of $43 MM in Refining, $30 MM in Midstream and $2 MM in Corporate and Other.<\/sup><\/i><\/p>\n

** Our share of joint ventures\u2019 capital spending.<\/sup><\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\n<\/tr>\n<\/table>\n

About Phillips 66<\/b><\/p>\n

\nPhillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company\u2019s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com<\/a> or follow @Phillips66Co<\/a> on LinkedIn.<\/p>\n

Cautionary Statement for the Purposes of the \u201cSafe Harbor\u201d Provisions of the Private Securities Litigation Reform Act of 1995<\/sub><\/i><\/b> \u2014 This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66\u2019s operations, strategy and performance. Words such as \u201canticipated,\u201d \u201cestimated,\u201d \u201cexpected,\u201d \u201cplanned,\u201d \u201cscheduled,\u201d \u201ctargeted,\u201d \u201cbelieve,\u201d \u201ccontinue,\u201d \u201cintend,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cobjective,\u201d \u201cgoal,\u201d \u201cproject,\u201d \u201cefforts,\u201d \u201cstrategies\u201d and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management\u2019s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to the company\u2019s operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of the company\u2019s products or feedstocks, or other regulations that restrict feedstock imports or product exports; the company\u2019s ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating the company\u2019s facilities; the company\u2019s ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting the company\u2019s products; the level and success of drilling and production volumes around the company\u2019s midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for the company\u2019s products; failure to complete construction of capital projects on time or within budget; the company\u2019s ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact the company\u2019s ability to repurchase shares and declare and pay dividends; potential disruption of the company\u2019s operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and\/or strategic decisions with respect to the company\u2019s asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to the company\u2019s business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and\/or regulatory factors affecting Phillips 66\u2019s businesses generally as set forth in the company\u2019s filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.<\/i><\/sub><\/p>\n

Use of Non-GAAP Financial Information<\/sub><\/i><\/sub><\/b>\u2014<\/i>The disaggregation of capital spending between sustaining and growth is not a distinction recognized under generally accepted accounting principles in the United States. The company provides such disaggregated information to demonstrate management\u2019s return expectations with respect to capital spending. References in the release to shareholder distributions refers to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock.<\/i><\/sub><\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20241216546360\/en\/<\/a><\/span><\/p>\n

\nJeff Dietert (investors)
\n
832-765-2297
\n
jeff.dietert@p66.com<\/a><\/p>\n

\nOwen Simpson (investors)
\n
832-765-2297
\n
owen.simpson@p66.com<\/a><\/p>\n

\nThaddeus Herrick (media)
\n
855-841-2368
\n
thaddeus.f.herrick@p66.com<\/a><\/p>\n

KEYWORDS:<\/b> Texas United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Energy Professional Services Oil\/Gas Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Phillips 66 announces 2025 capital program HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) today announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital. \u201cWe continue to demonstrate capital discipline, aligning our investments with our strategic priorities,\u201d said Mark Lashier, chairman and CEO of Phillips 66. \u201cThe budget underscores our dedication to delivering value to shareholders by funding growth in the NGL wellhead-to-market value chain and further enhancing refining competitiveness.\u201d In Midstream, the capital budget of $975 million comprises $429 million for sustaining projects and $546 million for growth projects. The budget advances the integrated NGL wellhead-to-market value chain by strengthening the company\u2019s position in key basins, including increasing gas processing … <\/p>\n

Continue reading “Phillips 66 announces 2025 capital program”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-794968","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPhillips 66 announces 2025 capital program - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phillips 66 announces 2025 capital program - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Phillips 66 announces 2025 capital program HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) today announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital. \u201cWe continue to demonstrate capital discipline, aligning our investments with our strategic priorities,\u201d said Mark Lashier, chairman and CEO of Phillips 66. \u201cThe budget underscores our dedication to delivering value to shareholders by funding growth in the NGL wellhead-to-market value chain and further enhancing refining competitiveness.\u201d In Midstream, the capital budget of $975 million comprises $429 million for sustaining projects and $546 million for growth projects. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/","og_locale":"en_US","og_type":"article","og_title":"Phillips 66 announces 2025 capital program - Market Newsdesk","og_description":"Phillips 66 announces 2025 capital program HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) today announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital. \u201cWe continue to demonstrate capital discipline, aligning our investments with our strategic priorities,\u201d said Mark Lashier, chairman and CEO of Phillips 66. \u201cThe budget underscores our dedication to delivering value to shareholders by funding growth in the NGL wellhead-to-market value chain and further enhancing refining competitiveness.\u201d In Midstream, the capital budget of $975 million comprises $429 million for sustaining projects and $546 million for growth projects. The budget advances the integrated NGL wellhead-to-market value chain by strengthening the company\u2019s position in key basins, including increasing gas processing … Continue reading \"Phillips 66 announces 2025 capital program\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/","og_site_name":"Market Newsdesk","article_published_time":"2024-12-16T12:04:18+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20241216546360r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Phillips 66 announces 2025 capital program","datePublished":"2024-12-16T12:04:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/"},"wordCount":1300,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20241216546360r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/phillips-66-announces-2025-capital-program\/","name":"Phillips 66 announces 2025 capital program - 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