PSX · 10-Q · 2026Q2 · Full report

Capital Expenditure Outlook

Phillips 66 · 2026-08-05 · Importance 56 · Surprise 42 · In source text

Phillips 66 budgeted $2.4 billion for 2026 capital expenditures and investments, excluding acquisitions and its share of equity-affiliate capital spending. The 2026 budget includes $1.3 billion of growth capital, primarily for the Midstream segment. The company funded $726 million of capital expenditures and investments in the second quarter and $1.3 billion in the first six months. Its financial targets through 2027 call for annual capital expenditures and investments of approximately $2.5 billion while organically growing Midstream and Chemicals.

Key facts

• Phillips 66 budgeted $2.4 billion for 2026 capital expenditures and investments, exclusive of acquisitions and share of capital spending by equity affiliates. source
• Phillips 66's financial targets through 2027 plan to maintain total annual capital expenditures and investments of approximately $2.5 billion. source
• Phillips 66 funded capital expenditures and investments of $726 million in the second quarter of 2026. source
• During the first six months of 2026, Phillips 66 funded capital expenditures and investments of $1.3 billion, paid $1 billion of dividends to common stockholders, and repurchased $0.6 billion of common stock. source
• Capital spending for the Refining segment during the first six months of 2026 was $465 million. source
• Capital spending for the M&S segment during the first six months of 2026 was $29 million. source
• Capital spending for the Renewable Fuels segment during the first six months of 2026 was $16 million. source
• Capital spending for Corporate and Other during the first six months of 2026 was $27 million. source

Impact estimates