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Dec 9 (Reuters) - U.S. independent oil refiner Phillips 66 said it lowered its capital budget for 2017 by about 25 percent to $2.7 billion.
Phillips 66, which has earmarked a budget of $3.6 billion for 2016, said in October it expected its 2017 capital spending to be "less than $3 billion".
Refiners including Marathon Petroleum and Phillips 66 are shelving projects and tightening budgets as a global glut of diesel and gasoline erodes profits and eats into refining margins. (Reporting by John Benny in Bengaluru; Editing by Savio D'Souza)