Phillips 66 PSX revealed its 2024 capital budget of $2.2 billion, including $923 million for sustaining capital and $1.3 billion for growth capital.
In December 2022, the company announced a 2023 capital program of $2 billion, including $865 million for sustaining capital and $1.1 billion for growth capital.
Excluding joint venture debt repayments due in 2024, the company's 2024 capital budget is $2 billion.
The budget has $300 million of efficiencies as a result of the company's business transformation efforts.
In Midstream, the capital budget of $985 million comprises $392 million for sustaining projects and $593 million for growth projects.
In addition, growth capital includes $250 million related to the repayment of the company's 25% share of the Bakken Pipeline joint venture's debt due in 2024.
"The capital budget is consistent with our plan to return $13 billion to $15 billion to shareholders by year-end 2024," said Mark Lashier, president and CEO of Phillips 66.
Phillips 66 plans to invest $1.1 billion in Refining, including $412 million for sustaining capital.
Refining growth capital of $654 million includes completing the conversion of the San Francisco Refinery in Rodeo, California, into one of the world's largest renewable fuels facilities.
Including Phillips 66's proportionate share of capital spending associated with joint ventures CPChem and WRB, the company's total 2024 capital program is projected to be $3.2 billion.
Price Action: PSX shares are trading higher by 0.28% to $124.97 on the last check Friday.
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