Phillips 66 (PSX) official guidance

Western Gateway will increase our capital spending relative to the previous levels, just given the magnitude of the project, $2.5 billion our share for that project.

We anticipate corporate and other costs to be between $350 million and $380 million.

Through these Midstream projects, we're positioned to achieve our stated targets and deliver mid-single-digit adjusted EBITDA growth through the decade.

Part of the way I think about that is midstream is currently $4 billion per year of EBITDA growing at about 5% per year.

Turnaround expense is expected to be between $140 million and $170 million.

In chemicals, we expect the global O&P utilization rate to be in the mid-80s.

In refining, we expect the worldwide crude utilization rate to be in the mid-90s.

We've historically guided to about 95%, and we don't see any reason why that would be any different this year in terms of where we are and in terms of what we see currently with regard to third quarter.

We anticipate Corporate and Other costs to be between $325 million and $350 million.

Last year, we committed to reduce total debt to $17 billion by year-end 2027, to return greater than 50% of net operating cash flow, excluding working capital, to shareholders.

The first is the $500 million growth in midstream. That's really that $4.5 billion run rate target by the end of 2027.

This positions us better than where we started the year and using current consensus estimates, we expect net debt to be less than $16 billion by the end of this year.

This is a core strategic priority, and we expect to increase share repurchases in the second half of this year.

Turnaround expense is expected to be between $100 million and $120 million.

In Chemicals, we expect the global O&P utilization rate to be in the low 90s.

In Refining, we expect the worldwide crude utilization rate to be in the mid-90s.

That says, you know, we're well within striking range here of this $5.50/bbl target in 2027.

We anticipate corporate and other costs to be between $430 million and $450 million.

In the remainder of 2026, we expect operating cash flow, working capital benefits, and the reduction of cash balances as markets stabilize to enable us to reduce debt to approximately $19 billion.

We remain fully committed to a total debt balance of $17 billion by year-end 2027.