Business

Phillips 66 Plans $2 Billion Capital Program in 2023, $729 Million for Refinery Transformation in California (NYSE:PSX)

Phillips 66 sign in the sky

Editing Joe_Potato/iStock via Getty Images

Philippians 66 (NYSE:psx) -1.8% in trading Friday after disclosing a Capital budget $2 billion for fiscal year 2023includes 50% of planned growth capital of $1.1 billion in support of low-carbon initiatives, compared with 45% allocated in the company’s 2022 plan.

Including Phillips 66’s (psx) shares the share of capital expenditures related to the Chevron Phillips and WRB Refining joint ventures CPChem and WRB, the company’s total 2023 capital program is expected to be $3.1 billion.

Phillips 66 plans to spend $1.1 billion in growth capital on its refining business by 2023, including $729 million on the continued transformation of the San Francisco Refinery in Rodeo, California , into one of the largest renewable fuel facilities in the world.

The planned midstream capital expenditure of $639 million will be directed towards strengthening the company’s integrated natural gas liquids value chain from wellhead to market.

The company says its master program supports its commitment to return $10 billion to $12 billion to shareholders between the second half of 2022 and the end of 2024 through dividend increases and buybacks. shares back.

Even if Phillips 66’s (psx) valuation has been cut by almost half from pre-pandemic levels, a closer look at the stock and its underlying business shows limited upside potential while the risk it declines with the Other energy stocks were higher, Gravel wrote in a report. Analysis recently posted on Seeking Alpha.



Source by [author_name]

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button