Phillips 66 Announces 2016 Capital Budget and Increases Share Repurchase Program

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Go back to Phillips 66 Announces 2016 Capital Budget and Increases Share Repurchase Program

Phillips 66 (PSX) Announces FY16 Capital Budget of $3.6B; Adds $2B to Common Stock Buyback Program

October 12, 2015 8:17 AM EDT

Phillips 66 (NYSE: PSX) announces its 2016 capital budget of $3.6 billion, excluding Phillips 66 Partners capital program. The board of directors of Phillips 66 also approved a $2.0 billion increase to the companys share repurchase program.

The 2016 capital budget will fund Midstream growth and enhance returns in Refining, said chairman and CEO Greg Garland. Cash from operating activities, our MLP and a strong balance sheet allow us to fund business growth while returning capital to shareholders.

Excluding Phillips 66 Partners capital spending, Phillips 66 plans to invest $2.0 billion in its Midstream business lines. In Natural Gas Liquids (NGL), the company continues construction of the 4.4... More