Phillips 66 Unveils $3.6 Billion 2016 Capital Budget, Adds $2 Billion To Share Buyback Program

Phillips 66 on Monday unveiled a capital budget of $3.6 billion for 2016 and said its board has approved a $2.0 billion increase to its share buyback program. The energy and logistics company said it will spend $2.0 on its midstream business lines, $1.2 billion on refining and about $135 million on marketing and specialties. Another $180 million earmarked for corporate and other spending. The company is planning to increase its regular dividends in 2016. The additional $2.0 billion in share buybacks brings its total authorization to $9.0 billion. Shares were slightly higher in premarket trade, and are up 12% in the year so far, while the S&P 500 has lost 2.1%.