PSX · 10-Q · 2026Q2 · Full report

Midstream Capital Expenditures

Phillips 66 · 2026-08-05 · Importance 25 · Surprise 6

Phillips 66 spent $771 million in Midstream capital during the first six months of 2026, primarily on Permian Basin gas-processing plants, gathering and processing projects, and reliability and maintenance. Refining capital spending was $465 million, focused on refinery reliability and facilities to improve market capture, product value and utilization. Chemicals capital expenditures and investments were $524 million on a 100% CPChem basis, supporting U.S. Gulf Coast and Middle East petrochemical projects and sustaining projects. Marketing and Specialties, Renewable Fuels, and Corporate and Other spending was $29 million, $16 million, and $27 million, respectively.

Key facts

• The 2026 budget includes $1.3 billion of growth capital, primarily in the Midstream segment. source
• During the first six months of 2026 capital spending in our Midstream segment was $771 million. source