phillips 66 (nyse: psx) today announced a 2025 capital budget of $2.1 billion, including $998 million for sustaining capital and $1.1 billion for growth capital. “we continue to demonstrate capital discipline, aligning our investments with our strategic priorities,” said mark lashier, chairman and ceo of phillips 66. “the budget underscores our dedication to delivering value to shareholders by funding growth in the ngl wellhead-to-market value chain and further enhancing refining competitiveness.” in midstream, the capital budget of $975 million comprises $429 million for sustaining projects and $546 million for growth projects. the budget advances the integrated ngl wellhead-to-market value chain by strengthening the company’s position in key basins, including increasing gas processing capacity. in refining, phillips 66 plans to invest $822 million, including $414 million for sustaining capital. refining growth capital of $408 million supports the company’s commitment to high-return,
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houston, dec. 15, 2025 – phillips 66 (nyse: psx) today announced its 2026 capital budget of $2.4 billion, including $1.1 billion for sustaining capital and $1.3 billion for growth capital. “the 2026 capital budget reflects our ongoing commitment to capital discipline and maximizing shareholder returns. we are investing growth capital in our ngl value chain and high-return refining projects, while also investing sustaining capital to support safe and reliable operations,” said mark lashier, chair
phillips 66 announces 2026 capital budget
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