Phillips 66 announced on Friday it will increase its capital spending by 40% in 2014 — a surge driven in large part by a nearly threefold jump in capital investments for its midstream business. Phillips 66 will spend approximately $800 million more in its NGL operations and transportation business lines than it did in 2013. Phillips 66 is also planning to pour more money into its chemicals segment via the new ethane cracker and polyethylene facility projects previously announced at the ChevronPhillips Chemical Cedar Bayou and Sweeny plants, respectively. Spending in the refining sector will see a slight decrease this year, but approximately 70% of its $1 billion earmarked for the segment will go toward reliability and maintenance, safety and environmental projects, the company said in a statement.
Photo: Phillips 66
