- Phillips 66 (NYSE:PSX) announces a $3.6B capital budget for 2016 and says its board has approved a $2B increase to its share repurchase program, brings total buyback authorization to $9B.
- PSX says it plans to spend $2B on its midstream business lines, and $1.2B on refining, with ~70% of refining capex to be invested in reliability, safety and environmental projects, including compliance with new Tier 3 gasoline specifications.
- In natural gas liquids, PSX will continue construction of the 4.4M bbl/month Freeport LPG Export Terminal on the Gulf coast, with completion expected in H2 2016; the budget also includes spending for expansion of the Sweeny NGL midstream hub.
- The budget excludes the capital program for Phillips 66 Partners (PSXP).
- PSX also says it expects to increase its regular dividends in 2016.