(Adds investment details, quote)
Dec 9 U.S. independent oil refiner Phillips 66
said it lowered its capital budget for 2017 by about 25
percent to $2.7 billion.
Phillips 66, which had earmarked a budget of $3.6 billion
for 2016, said in October it expected its 2017 capital spending
to be "less than $3 billion".
The company, which has over 15 refineries, said it also
planned to invest $905 million for "reliability, safety and
"The reduction in capital spending from prior years reflects
that fewer projects meet our return thresholds in the current
business environment," CEO Greg Garland said in a statement.
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
(Reporting by John Benny in Bengaluru; Editing by Savio