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Phillips 66 Expects Mid-Single-Digit Adjusted EBITDA Growth in Midstream Through 2030

By Public Technologies
  • Phillips 66 expects fourth-quarter 2026 shareholder distributions above 50% of operating cash flow excluding working capital, targeting 50% for the full year.
  • Worldwide crude utilization forecast in the mid-90s, versus 98% in the third quarter; turnaround expenses projected at $140 million-$170 million.
  • Midstream EBITDA expected to grow about 5% annually from $4 billion; annual per-share dividend growth could reach mid- to high single digits.
  • Western Gateway spending expected to peak in 2028; the project's $2.5 billion company share will increase capital spending.
  • Balance-sheet debt targeted at $17 billion, versus $18 billion following October's repayment; $1.25 billion of maturities fall due in 2027.


Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Phillips 66 published the original content used to generate this news brief on October 29, 2026, and is solely responsible for the information contained therein.

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