Phillips 66 today announced its board of directors approved a $1.2 billion increase to its 2014 capital budget to support ongoing projects and recently announced acquisitions. The revised budget of $3.9 billion includes spending to accelerate Phillips 66’s Fractionator One project near its Sweeny, Texas, refinery and its Freeport, Texas, LPG terminal. The increase will also fund Phillips 66’s acquisitions of the Beaumont Terminal and specialty lubricants company Spectrum Corp.
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