Phillips 66 Reduces Capital Spending for 2021

SUGAR LAND--December 15, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--With COVID-19 numbers at a record high in the U.S., midstream companies have had a tough year and are bracing for an uncertain post-pandemic world where the game has changed. To this end, it should come as little surprise that midstream company Phillips 66 (NYSE:PSX) (Houston, Texas) is lowering its capital spending in the upcoming year, setting the forecast at $1.7 billion, more than 40% lower than this year's spending. Other companies featured: Plains All American Pipeline (NYSE:PAA)