Phillips 66 will cut its 2021 capital spending budget to $1.76 billion, around 40% below the $2.9 billion spent in 2020, putting the focus on projects in the process including its plan to turn a California refinery into one of the world’s largest renewable fuels plant, the company said Dec. 14. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “We continue to focus on reducing capital expenditures as market conditions remain challenged,” said CEO Greg Garland in a statement. “We are prioritizing completion of in-process projects, as well as advancing our investments in renewable fuels,” he said. Phillips 66, like other refiners, has struggled with sharp decline in demand this year for refined products brought on by the coronavirus pandemic. Third-quarter […]