Houston-based Phillips 66, in its second quarter financial report, said its Dos Picos II gas processing plant in Midland Basin recently came online ahead of schedule and on budget. Mark Lashier, chairman and CEO, said July 25, “Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy… Our results were made possible through disciplined execution and investment. We also continued our strong growth trajectory in midstream… Looking ahead, we are focused on organic midstream growth as we advance toward our 2027 targets.”
Capital expenses and investments for Phillips 66 in second quarter were $587 million after $423 million in first quarter. Lashier said the company’s refining unit achieved its lowest cost-per-barrel since 2021.