Phillips 66 announced a 2023 capital program of $2B, including $865M for sustaining capital and $1.1B for growth capital. "Approximately 50% of growth capital supports lower-carbon opportunities. The capital program is consistent with the company’s commitment to maintain a $2 billion annual budget through 2024," the company started. "The 2023 capital program reflects our ongoing commitment to capital discipline. Through our Business Transformation, we are capturing $200 million of sustaining capital efficiencies while prioritizing safety and reliability. We are also investing in returns-focused growth opportunities, including enhancing our NGL platform and converting our Rodeo facility to produce lower-carbon renewable fuels. Additionally, the capital program supports our commitment to return $10 billion to $12 billion to shareholders between the second half of 2022 and the end of 2024 through a secure, competitive and growing dividend and share repurchases," added Mark Lashier, President and CEO of Phillips 66.
Published first on TheFly
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