U.S. refiner Phillips 66 set a lower capital budget for 2016 and raised its share buyback plan. The company said on Monday it would spend $3.6 billion in capital expenditure next year, excluding Phillips 66 Partners’ capital program. The company’s capital budget was $4.6 billion for the current year, which included $200 million for Phillips 66 Partners, according to a Simmons & Co analyst. Of the total budget, the refiner plans to invest $2 billion in its midstream business and $1.2 billion in its refining operations. The company is building a liquids export terminal at Freeport, Texas, expanding its natural gas liquids fractionator in nearby Sweeny and investing in several pipeline projects. Phillips 66 also raised its share buyback by $2 billion to $9 billion. Chief Executive Greg Garland said the company planned […]