Phillips 66 (PSX) plans to raise as much as $400M in an IPO next year for units in a master...

|About: Phillips 66 (PSX)|By:, SA News Editor

Phillips 66 (PSX) plans to raise as much as $400M in an IPO next year for units in a master limited partnership and use the proceeds to pay for expansion of its oil and natural gas transportation operations. PSX also says it plans $3.7B in 2013 capital spending, a 6% increase over this year’s estimated total. PSX -0.4% premarket.