Phillips 66 plans to invest $896 million in its refining operations in 2022. This investment will include $488 million for reliability, safety, and environmental projects. The company will allocate $408 million to reconfigure its San Francisco refinery in Rodeo, California, into a renewable fuel production site. The reconfigured facility is expected to have more than 50,000 bpd of renewable fuel production capacity when the initial phase is completed by early 2024.
Phillips 66 expects a total of $1.1 billion capital spending in joint ventures CPChem), WRB Refining, and DCP Midstream. The company’s spending in CPChem will include the expansion of its normal alpha olefins production and debottleneck projects in the olefins and polyolefins chains. CPChem is also working on developing petrochemical projects in the US Gulf Coast and Qatar. Phillips 66 also plans to spend $703 million on its midstream business.
