Phillips 66 today unveiled its capital budget for 2015. Much of the $4.6 billion in capital spending will be targeted at growing the firm’s midstream business, including its master limited partnership Phillips 66 Partners. Phillips 66 plans to spend $3.2 billion in midstream and $1.1 billion in its refining segment. Phillips 66 will invest an additional $2.2 billion via joint ventures DCP Midstream, Chevron Phillips Chemical and WRB Refining.
NGL investments will go to the ongoing construction of Phillips 66’s Sweeny Fractionator One and the Freeport LPG Terminal. Phillips 66 will also allocate $200 million toward organic growth for Phillips 66 Partners and will invest in pipeline and rail infrastructure in the Bakken/Three Forks region.
Much of the $1.1 billion allocated for refining will be used for reliability and maintenance and safety and environmental projects.
Phillips 66’s share of Chevron Phillips Chemical’s 2015 capex budget is expected to be $1.4 billion. That spending will support the development of Chevron Phillips Chemical’s 3.3 billion-pound-per-year ethane cracker in Baytown, Texas, and two 1.1 billion-pound-per-year polyethylene facilities in Old Ocean, Texas.
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