Phillips 66 Reportedly Cutting 2017 Capital Budget by 25%

Reuters, December 9, 2016

According to Reuters, U.S. independent oil refiner Phillips 66 is lowering its capital budget for 2017 by about 25 percent to $2.7 billion. Phillips 66, which has earmarked a budget of $3.6 billion for 2016, said in October it expected its 2017 capital spending to be "less than $3 billion." Refiners including Marathon Petroleum and Phillips 66 are shelving projects and tightening budgets as a global glut of diesel and gasoline erodes profits and eats into refining margins.


(Reporting by John Benny in Bengaluru; Editing by Savio D'Souza)

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