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Phillips 66 reveals capital investment programme for 2022

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Phillips 66 has announced that its capital programme for the year ahead will total of $1.9 billion (€1.7 billion).
The plan includes $992 million (€876 million). for sustaining capital and $916 million (€809 million) for growth capital. Approximately 45% of growth capital supports lower-carbon opportunities.
“The 2022 capital program demonstrates our commitment to disciplined capital allocation,” said Greg Garland, Chairman and CEO of Phillips 66. “Our plan for sustaining capital reflects our ongoing focus on operating excellence to ensure the safety and reliability of our operations. We are also investing in returns-focused growth opportunities, including projects that will help us advance a lower-carbon future. In addition to a disciplined capital program, we will continue to prioritize debt reduction and returns to shareholders.”
The Midstream capital plan of $703 million (€621 million)., which includes Phillips 66 Partners, comprises $426 million (€376 million). for growth projects and $277 million (€244 million) for sustaining projects.
Growth capital will be directed toward completing construction of Sweeny Frac 4 and repayment of our 25% share of the Bakken Pipeline joint venture’s debt due in 2022. Midstream growth capital also includes Emerging Energy opportunities to advance the company’s lower-carbon efforts.