Phillips 66 to Cut Capex by $1 Billion for 2016

SUGAR LAND--October 13, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) (Houston, Texas) is reducing its planned capital expenses for 2016 to $3.6 billion from $4.6 billion this year, the company announced Monday. The capital budget includes a substantial decrease for midstream projects, but an increase for refineries. Industrial Info is tracking 87 active Phillips 66 projects worth $3.79 billion. This includes 34 projects, worth $901 million, that are scheduled to kick off in 2016.

Within this article: Details on Phillip 66's capital budget for 2016, including major projects in Texas and North Dakota.

Additional companies: Phillips 66 Partners (NYSE:PSXP)