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HOUSTON, Dec. 10 (Xinhua) -- American multinational energy company Phillips 66 announced on Friday plans to reduce its capital spending by 25 percent in 2017.
Headquartered in Houston, the largest city in the U.S. state of Texas, Phillips 66 will spend 2.7 billion U.S. dollars in capital spending in 2017 with nearly 1.5 billion dollars going to pipeline and terminal projects, and more than 900 million dollars toward refining improvements, the company said in a statement.
The company also will spend another 1.1 billion dollars in 2017 on joint ventures.
The cuts come following a reduction in capital spending by 18 percent this year.
Currently, Phillips 66 has around 14,000 employees worldwide and is active in more than 65 countries and regions.
