Phillips 66 responds to challenging business environment

Phillips 66 responds to challenging business environment.phillips 66 - reducing 2020 consolidated capital spending by $700 million to $3.1 billion..phillips 66 - capital spending net of cash capital contributions from joint venture partners is now expected to be $3.0 billion in 2020.phillips 66 - in midstream, red oak pipeline and sweeny frac 4 projects, as well as phillips 66 partners' liberty pipeline, will all be deferred.phillips 66 - in refining, company is deferring and cancelling certain discretionary projects..phillips 66 - reducing operating and administrative costs by $500 million in 2020..phillips 66 - temporarily suspended share repurchases effective march 18..phillips 66 - secured a new $1 billion, 364-day term loan facility..phillips 66 - reduction in 2020 adjusted capital from $3.3 billion budget reflects a $700 million reduction in consolidated capital spending.phillips 66 - phillips 66 partners has also postponed its final investment decision on ace pipeline.phillips 66 - phillips 66 does not expect dcp midstream to exercise its option to participate in sweeny fracs 2 and 3 in 2020..phillips 66 - phillips 66 partners has a $750 million revolving credit facility..
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