Phillips 66, the company with a large operation in Bartlesville announced recently it has a capital budget of $2.3 billion intended for 2018. The amount includes $1.4 billion of growth capital and nearly another $1 billion of sustaining capital.
The company intends to invest $1.2 billion in its Natural Gas Liquids and Transportation businesses. The midstream capital includes budgeted spending of $595 million by Phillips 66 Partners with $85 million toward maintenance.
The growth capital at the partnership will include support for the Sand Hills Pipeline expansion and completion of the Bayou Bridge Pipeline eastern segment.
The company said it will spend $827 million of capital spending in Refining with $541 million for reliability, safety and environmental projects.
“The 2018 capital program demonstrates our commitment to disciplined capital allocation and operating excellence,” said chairman and CEO Greg Garland.