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Phillips 66 to allocate $1.3B for midstream growth projects in 2017

Phillips 66 Co. declared a $2.7 billion capital budget for 2017, $1.3 billion of which is to be allocated for midstream expansion and $900 million for enhancing refining returns and operations support.

Phillips 66 expects to allot $1.5 billion to its NGL and transportation segments, 85% of which would be used for growth projects, including continued expansion of the Beaumont terminal and investment in pipelines and other terminals, Phillips 66 said in Dec. 9 news release.

The company's midstream master limited partnership, Phillips 66 Partners LP, is expected to spend $437 million, with $56 million to be used as maintenance capital, while the rest would be used to support projects such as the Bayou Bridge pipeline, which will connect the Beaumont terminal with St. James, La.

The western leg of Bayou Bridge became operational in April, while the eastern leg, with service from Lake Charles, La., to St. James, is expected reach completion in the latter half of 2017.