Phillips 66 announced a 2024 capital budget of $2.2B, including $923M for sustaining capital and $1.3B for growth capital. Excluding joint venture debt repayments due in 2024, the company’s 2024 capital budget is $2B. “We continue to demonstrate capital discipline in support of our strategic priorities. The 2024 capital budget includes investing in our NGL wellhead-to-market value chain, completing the Rodeo renewable fuels facility and enhancing Refining performance. In addition, 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.
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