Phillips 66 today said it would spend a combined $3.2 billion in its midstream and refining businesses in 2016.
The company will spend $2 billion in its midstream business lines, including continued work on the 4.4-million-barrel-per-month Freeport LPG export facility and the expansion of its Sweeny, Texas, NGL midstream hub. It is also investing in pipeline projects to move crude oil from the Bakken region and Texas to other markets. Last year the company said it would spend a total of $3.2 billion in its midstream businesses.
Phillips 66 said about 70% of the $1.2 billion in planned refining sector capex for 2016 would go toward reliability, safety and environmental compliance projects. Approximately $400 million will be spent on projects such as modernizing the FCCU at its Bayway refinery in New Jersey and upgrading the vacuum tower at its Billings, Montana, refinery.
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