Refiner Phillips 66 cuts 2017 capital budget by 25%
12/9/2016 12:01:53 PM
(Reuters) -- US independent oil refiner Phillips 66 said it lowered its capital budget for 2017 by about 25% to $2.7 billion.
Phillips 66, which has earmarked a budget of $3.6 billion for 2016, said in October it expected its 2017 capital spending to be "less than $3 billion."
Refiners including Marathon Petroleum and Phillips 66 are shelving projects and tightening budgets as a global glut of diesel and gasoline erodes profits and eats into refining margins.
Reporting by John Benny in Bengaluru; Editing by Savio D'Souza
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