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Phillips 66 Sees Optimism for Future as It Carries Out Growth Projects

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SUGAR LAND--February 1, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Midstream company Phillips 66 (NYSE:PSX) (Houston, Texas) suffered financially amid the economic downturn and lack of demand for petroleum products brought about the COVID-19 pandemic in 2020. The company finished the year with an adjusted loss of $382 million. While Phillips 66 lowered its planned 2020 capital spending plans by $700 million during the year, it nevertheless completed significant projects and continues work on other ones.

Other companies featured: Phillips 66 Partners (NYSE:PSXP), Chevron Corporation (NYSE:CVS)

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Industry Segment: Petroleum Refining
Word Count: 773 Words
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