Phillips 66 has budgeted $2 billion in its capital program next year, including $865 million for sustaining capital and $1.1 billion for growth capital.

Phillips 66

The company said around 50% of growth capital supports lower-carbon opportunities.

In the Midstream business, growth capital would be directed to the integrated natural gas liquids (NGL) value chain from wellhead to market. In a deal earlier this year, Phillips increased its ownership in DCP Midstream LP, a pipeline and gathering service operator focused in the Permian and the Denver-Julesburg basins. 

“The 2023 capital program reflects our ongoing commitment to capital discipline,” said CEO Mark Lashier. “We are also investing in returns-focused growth opportunities, including enhancing our NGL platform and converting...