Phillips 66 boosts capital expenditures for 2014

The board of Phillips 66 has approved a $1.2-billion increase for the company’s capital expenditures this year to $3.9 billion to support the company’s growth strategy.

The company says the increased capital program is designed to accelerate the development of the Sweeny Fractionator One and Freeport LPG export terminal (OGJ Online, Feb. 7, 2014); as well as fund the recent acquisitions of Spectrum Corp., a specialty lubricants company, and the Beaumont terminal in Texas (OGJ Online, June 6, 2014).

“We are executing our growth plans through disciplined organic capital spending and by selective acquisitions in our transportation and lubricants businesses,” said Greg Garland, Phillips 66 chairman and chief executive officer.

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