Phillips 66 unveiled its plan for responding to the market downturn. Phillips 66 on Tuesday unveiled its plan for responding to the market downturn. “Phillips 66 is well positioned to manage through the challenging environment with our high-quality, diversified asset base and strong balance sheet,” Greg Garland, the company’s chairman and CEO, remarked in a written statement. “Our top priorities remain the well-being of our employees, our communities and safe and reliable operations … We remain focused on disciplined capital allocation and creating long-term value for our shareholders.” Garland noted the company is taking a series of actions to maintain its financial strength to ensure the security of its dividend, execute capital growth projects nearing completion and maintain its strong credit rating. The plan includes reducing 2020 consolidated capital spending by $700 million to $3.1 billion, Phillips 66 stated. Elements of the capex cuts include: Deferring the Red Oak […]