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Released December 14, 2021 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Phillips 66 (NYSE:PSX) (Houston, Texas) plans to spend $1.9 billion in its 2022 capital program, an increase from its spending for 2021, according to the midstream, refining and chemical company. About $922 million be used toward sustaining capital, and $916 million will go toward growth projects, about 45% of which will support lower-carbon initiatives.
The company said Friday it will allocate $426 million for growth projects in its Midstream segment and $408 million in its Refining segment. Growth capital for joint ventures, such as Phillips 66's chemicals joint venture with Chevron Corporation (NYSE:CVX) (San Ramon, California), Chevron Phillips Chemical Company LLC (CPChem) (The Woodlands, Texas), is expected to total $1.1 billion and will be self-funded. CPChem is expected to have growth capital expenditures of $502 million.
In a press release, Phillips 66 said growth capital in its Midstream segment will be directed toward, among other things, completing a fourth natural gas liquids (NGL) fractionator at its Sweeny Hub in Old Ocean, Texas. Frac 4 will add 150,000 barrels per day (BBL/d) of fractionation capacity, bringing the facility's total capacity to 550,000 BBL/d of ethane, propane, isobutane, normal butane and natural gasoline to supply the petrochemical and heating markets. Construction kicked off in 2019 and is expected to wrap up next summer. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for the detailed project report.
Growth capital in the company's Refining segment will be primarily directed toward the reconfiguration of its refinery in Rodeo, California, near San Francisco, to produce renewable fuels--its "Rodeo Renewed" project. Earlier this year, a hydrotreater conversion to produce renewable diesel was completed, allowing for the production of about 8,000 BBL/d of renewable diesel from renewable feedstocks such as soybean oil. Subscribers can click here for the project report. As part of the Rodeo Renewed agenda, a refinery-wide conversion project is planned to kick off next year to allow the production of 800 million gallons per year of renewable diesel, renewable gasoline and sustainable jet fuels. The project is expected to be completed in 2024. Subscribers can click here for the project report.
CPChem's growth capital will be directed toward debottlenecks, the expansion of alpha olefins production and its world-scale petrochemicals projects on the U.S. Gulf Coast and in Qatar. The location of the plant in the U.S. remains undetermined, but it potentially could duplicate or exceed production capacity at CPChem's plant in Cedar Bayou, Texas, which has an ethylene production capacity of 3.3 billion pounds per year. Once a site is determined, construction could kick off late next year, with an approximate four-year construction timeline. Subscribers can click here for the project reports. The Qatar complex will be situated in Ras Laffan and will include ethylene and polyethylene units. Subscribers to Industrial Info's Chemical Processing Project Database can click here for the project reports.
Phillips 66 has slightly boosted next year's planned spending over its capital program of 2021, which had a budget of $1.7 billion. Several potential projects remain in the works, including a crude oil export terminal and the expansion of its Gray Oak crude oil pipeline. Subscribers to Industrial Info's GMI Project Database can click here for all active Phillips 66 project reports.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
The company said Friday it will allocate $426 million for growth projects in its Midstream segment and $408 million in its Refining segment. Growth capital for joint ventures, such as Phillips 66's chemicals joint venture with Chevron Corporation (NYSE:CVX) (San Ramon, California), Chevron Phillips Chemical Company LLC (CPChem) (The Woodlands, Texas), is expected to total $1.1 billion and will be self-funded. CPChem is expected to have growth capital expenditures of $502 million.
In a press release, Phillips 66 said growth capital in its Midstream segment will be directed toward, among other things, completing a fourth natural gas liquids (NGL) fractionator at its Sweeny Hub in Old Ocean, Texas. Frac 4 will add 150,000 barrels per day (BBL/d) of fractionation capacity, bringing the facility's total capacity to 550,000 BBL/d of ethane, propane, isobutane, normal butane and natural gasoline to supply the petrochemical and heating markets. Construction kicked off in 2019 and is expected to wrap up next summer. Subscribers to Industrial Info's Global Market Intelligence (GMI) Refining Project Database can click here for the detailed project report.
Growth capital in the company's Refining segment will be primarily directed toward the reconfiguration of its refinery in Rodeo, California, near San Francisco, to produce renewable fuels--its "Rodeo Renewed" project. Earlier this year, a hydrotreater conversion to produce renewable diesel was completed, allowing for the production of about 8,000 BBL/d of renewable diesel from renewable feedstocks such as soybean oil. Subscribers can click here for the project report. As part of the Rodeo Renewed agenda, a refinery-wide conversion project is planned to kick off next year to allow the production of 800 million gallons per year of renewable diesel, renewable gasoline and sustainable jet fuels. The project is expected to be completed in 2024. Subscribers can click here for the project report.
CPChem's growth capital will be directed toward debottlenecks, the expansion of alpha olefins production and its world-scale petrochemicals projects on the U.S. Gulf Coast and in Qatar. The location of the plant in the U.S. remains undetermined, but it potentially could duplicate or exceed production capacity at CPChem's plant in Cedar Bayou, Texas, which has an ethylene production capacity of 3.3 billion pounds per year. Once a site is determined, construction could kick off late next year, with an approximate four-year construction timeline. Subscribers can click here for the project reports. The Qatar complex will be situated in Ras Laffan and will include ethylene and polyethylene units. Subscribers to Industrial Info's Chemical Processing Project Database can click here for the project reports.
Phillips 66 has slightly boosted next year's planned spending over its capital program of 2021, which had a budget of $1.7 billion. Several potential projects remain in the works, including a crude oil export terminal and the expansion of its Gray Oak crude oil pipeline. Subscribers to Industrial Info's GMI Project Database can click here for all active Phillips 66 project reports.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
