Phillips 66 sees 2014 capital expenditures 40% higher than 2013 capital target

theflyonthewall.com

Phillips 66 announced plans for $2.7B of capital expenditures in 2014, approximately 40% higher than its 2013 capital target. The increased spending reflects the company’s strategy to grow its Midstream segment. Including the company’s share of expected capital spending by joint ventures DCP Midstream, Chevron Phillips Chemical Company and WRB Refining, its total 2014 capital program is expected to be $4.6B.

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