Dec 9 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
(Reporting by John Benny in Bengaluru; Editing by Savio