Phillips 66 To Invest Billions In Refining, NGL Growth Projects By 2026

Core Viewpoint - Phillips 66 has announced a capital spending plan for 2026, totaling $2.4 billion, which includes investments in sustaining operations and growth initiatives [1][2]. Spending by Segment - The Midstream segment will receive a capital allocation of $1.1 billion, with $400 million for sustaining investments and $700 million for growth initiatives, aimed at enhancing the NGL value chain [3]. - The Refining segment is set to receive approximately $1.1 billion, with $590 million allocated for sustaining capital and $520 million for growth initiatives [3]. - The CPChem joint venture will see an investment of $680 million, fully self-funded, with $200 million for sustaining capital and $480 million for growth, focusing on petrochemical facilities in the U.S. Gulf Coast and Qatar [4]. Recent Key Events - Phillips 66 completed the sale of a 65% stake in its retail marketing business in Germany and Austria for approximately €2.5 billion (around $2.8 billion), retaining a 35% non-operated interest in the new joint venture [5].