PSXP - Phillips 66 forecasts 43% lower capex for 2021

Phillips 66 ([[PSX]], [[PSXP]]) unveils a 2021 capital budget at $1.7B, ~43% lower than forecast for the previous year.Phillips 66's 2021 refining capital budget of $776M includes pre-construction engineering and design costs related to plans to reconfigure its San Francisco Refinery in Rodeo, Calif., to produce renewable fuels.Upon expected completion in early 2024, the facility would have 50K-plus bbl/day of renewable fuel production capacity, making it one of the world's largest facilities of its kind.In the midstream segment, the company plans to invest $610M, including $300M of Phillips 66 Partners adjusted capital spending."We continue to focus on reducing capital expenditures as market conditions remain challenged," Chairman and CEO Greg Garland says. "We are prioritizing completion of in-progress projects, as well as advancing our investments in renewable fuels."PSX +1% pre-market.Phillips 66 is a long-term stock that should be accumulated on any weakness, Fun Trading writes in an analysis posted recently on Seeking Alpha.

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Phillips 66 forecasts 43% lower capex for 2021