DCP Midstream plans to invest $2.2 billion primarily for new logistics infrastructure and NGL production during 2013. Similarly, CPChem plans $1.1 billion of investment including several growth projects planned or under construction, such as its U.S. Gulf Coast petrochemicals complex and 1-hexene plant.Phillips 66 is executing plans to improve capital efficiency in its R&M segment. The company has identified sources of additional advantaged crudes and is taking steps to move these lower cost feedstocks to its refineries. Currently, eight of the company’s domestic refineries are processing shale crudes. Additionally, as part of this ongoing initiative, Phillips 66 recently signed time charter agreements for two medium-range Jones Act marine vessels that will supply the Alliance and Bayway refineries, and potentially the company’s other Gulf Coast refineries, with Eagle Ford crude beginning in early 2013. Over the next several years, the company expects to replace 500,000 BPD of higher cost feedstocks with new or increasingly advantaged crudes.
Phillips 66 Announces 2013 Capital Program And Intent To Form MLP
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