Phillips 66 to invest US $170 million in fuel marketing next year

Phillips 66 plans to invest throughout next year US $170 million for growth and sustaining capital as part of its continued plans “to expand and enhance its fuel marketing business”, the company said in a press released published December 5.

“Our plans for significant growth in enterprise value are supported by our 2015 capital budget and our commitment to a 60/40 ratio of reinvestment to distributions,” chairman and CEO Greg Garland was quoted as saying in the statement.

Of that amount, $78 million is sustaining capital and $92 million is growth capital, the company said.

An additional $1.1 billion will go in capital expenditures in refining, the company said. Part of the refining spending will be used to meet new fuel specifications, the company added.

The total 2015 investment announced for all areas of Phillips 66, including Natural Gas Liquids, transportation and petrochemicals, is $4.6 billion. When joint investments with Chevron Phillips Chemical Company and WRB Refining are included, the total capital program rises up to $6.8 billion, it said.

Phillips 66 markets fuels under the brands Phillips 66, Conoco and 76 in America. In Europe, the company sells primarily under the Jet brand in the UK, Austria and Germany as well as the Coop brand in Switzerland, the company said in its web page.