Despite Demand Woes, Phillips 66 Achieves Milestones on Major Projects

SUGAR LAND--August 3, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Like other oil and gas companies, midstream company Phillips 66 (NYSE:PSX) (Houston, Texas) suffered in second-quarter 2020 as demand for its products and transmission services declined drastically. However, while the company slashed its planned 2020 capital expenditures and deferred some projects, Phillips 66 is still underway with several growth projects. The company's capital expenditures in the second quarter were $901 million, of which $684 million was allocated to growth projects. Phillips 66 achieved major milestones on certain projects during the quarter, which Chief Executive Officer Greg Garland discussed in the company's recent earnings conference call.

Other companies featured: Buckeye Partners (NYSE:BPL) (Houston) and Marathon Petroleum Corporation (NYSE:MPC)