Houston-based Phillips 66 (NYSE: PSX) is the latest major energy company to slash spending plans for 2020.
The cuts include a $700 million reduction in 2020 capital spending, bringing Phillips 66’s budget to $3.1 billion, according to a March 24 press release. Operating and administrative costs for 2020 will be reduced by $500 million.
Additionally, share repurchases have been temporarily suspended after totaling approximately $440 million so far this year.
As part of the reduced capital spending,…
