Phillips Petroleum's board of directors approved $1.35 billion for capital projects in 1992, including $185 million for rebuilding the polythylene production facilities at the Houston Chemical Complex, which were destroyed in October 1989. Estimated actual 1991 expenditures will be $1.6 billion, including $215 million for the HCC rebuild. The 1992 budget represents a 16% reduction compared to 1991 estimated actual expenditures, including the HCC rebuild. More than half of the '92 budget will go toward upstream projects - oil and gas exploration and production and gas and gas liquids operations.
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|Title Annotation:||board approves $1.35 billion funding for capital projects including rebuilding of Houston Chemical Complex polyethylene facilities|
|Article Type:||Brief Article|
|Date:||Apr 1, 1992|
|Previous Article:||Linatex Corporation of America.|