Phillips 66 unveils $2.4 billion capital spending plan for 2026, focusing on midstream NGL infrastructure and refinery upgrades

Phillips 66 has allocated $1.1 billion to sustaining capital and $1.3 billion to growth capital for the 2026 fiscal year. Phillips 66 is committing $1.1 billion to the midstream segment, including $700 million in funding for growth related to its NGL infrastructure. The Refining segment will receive $1.1 billion in total, which includes $520 million in funding for growth initiatives. Specific projects include: The Iron Mesa Gas Processing Plant, a 300 MMCFD facility located in the Permian Basin, is expected to begin operations in 2027. The Coastal Bend NGL Pipeline Expansion will increase pipeline capacity from 225 MBD to 350 MBD by late 2026. A proposed 100 MBD Fractionator in Corpus Christi is contingent upon regulatory approval. The Humber Gasoline Quality Improvement Project will allow Phillips 66 to produce higher-quality fuels by 2027. The company will also complete over 100 smaller optimization projects across all of its refineries. The budget includes an additional $300 million ($200 million sustaining, $100 million growth) after integrating WRB Refining into their operations.