Phillips 66 (PSX) announced its 2016 capital budget of $3.6 billion, excluding Phillips 66 Partners' capital program. The company plans to invest $2.0 billion in its Midstream business lines.
Phillips 66 plans $1.2 billion of capital expenditures in Refining, with approximately 70 percent to be invested in reliability, safety and environmental projects, including compliance with the new Tier 3 gasoline specifications.
The Phillips 66 Board has authorized an additional $2 billion for share repurchase, bringing total authorizations to $9 billion. Shares of stock repurchased will be held as treasury shares.
Chairman and CEO Greg Garland said: "Cash from operating activities, our MLP and a strong balance sheet allow us to fund business growth while returning capital to shareholders. During 2016, we plan to increase regular dividends while continuing to buy back PSX shares."
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