Phillips 66 Sets $3B 2025 Capital Program Focused on Growth

Capital Budget Overview - Phillips 66 has announced a 2025 capital budget of $2.1 billion, focusing on sustaining capital and growth investments, with$998 million for sustaining capital and $1.1 billion for growth initiatives [1] - The total capital program, including joint venture investments, is projected to reach$3 billion, indicating a commitment to strategic growth and operational optimization [12] Refining Division Investments - The company has allocated $822 million to its Refining division, with$414 million for sustaining capital and $408 million for growth capital aimed at enhancing refining competitiveness through high-return, low-capital projects [2] Midstream Segment Investments - A significant portion of the capital budget,$975 million, is dedicated to the Midstream segment, with $429 million for sustaining projects and$546 million for growth projects, focusing on increasing gas processing capacity [6] Joint Ventures and Capital Spending - Phillips 66's share of capital spending by joint ventures, including Chevron Phillips Chemical Company and WRB Refining LP, is expected to total $877 million, with CPChem's growth capital supporting the construction of petrochemical facilities [3] Corporate and Other Allocations - The Corporate and Other capital allocation will prioritize information technology projects to enhance internal capabilities [7] Strategic Focus and Leadership - Mark Lashier, chairman and CEO, emphasized the company's focus on capital discipline and alignment of investments with strategic priorities to deliver shareholder value [10] Marketing and Renewable Fuels Investments - Continued investments in the branded network and further investments at the Rodeo Renewable Energy Complex for renewable diesel and sustainable aviation fuel production are planned [11]