PSX - Phillips 66 announces 2022 capital program of $1.9B

Phillips 66 (PSX -0.8%) announced its 2022 capital program of $1.9B which includes $992M for sustaining capital and $916M for growth capital; 45% of growth capital supports lower-carbon opportunities. "We are also investing in returns-focused growth opportunities, including projects that will help us advance a lower-carbon future. In addition to a disciplined capital program, we will continue to prioritize debt reduction and returns to shareholders," Chairman and CEO Greg Garland commented. The Midstream capital plan of $703M, which includes Phillips 66 Partners and consists of $426M for growth projects and $277M for sustaining projects. In Refining, Phillips 66 plans to invest $896M, with $488M for reliability, safety and environmental projects; refining growth capital of $408M is mainly for the reconfiguration of the San Francisco Refinery in Rodeo, California. Phillips 66's proportionate share of capital spending by JVs - Chevron Phillips Chemical, WRB Refining and DCP Midstream is expected to total $1.1B and to be self-funded. Including Phillips

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Phillips 66 announces 2022 capital program of $1.9B