Despite Headwinds, Phillips 66 Rolls Out Projects

SUGAR LAND--November 3, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--This year has not been good for the Oil & Gas sector, from upstream to midstream to downstream. Like several other petroleum-oriented companies, Phillips 66 (NYSE:PSX) (Houston, Texas) took measures earlier this year to curb spending, cancelling some projects and putting off others. The company expects to exceed its $500 million in cost reductions and $700 million in consolidated capital spending reductions that it announced earlier. Despite these reductions, the company continued working on a few high-profile projects, some of which have been recently completed.

Other companies featured: Marathon Petroleum Corporation (NYSE:MPC), Buckeye Partners LP (NYSE:BPL)