Phillips 66 expects mid-single-digit adjusted EBITDA growth in midstream through 2030
PSX•Phillips 66 expects midstream EBITDA to grow about 5% annually from $4 billion and says annual per-share dividend growth could reach the mid- to high single digits. It expects fourth-quarter 2026 shareholder distributions above 50% of operating cash flow excluding working capital, while targeting 50% for the full year.
1. Midstream and distributions
Phillips 66 expects midstream EBITDA to grow about 5% annually from $4 billion. Annual per-share dividend growth could reach the mid- to high single digits. The company expects fourth-quarter 2026 shareholder distributions above 50% of operating cash flow excluding working capital and targets 50% for the full year.
2. Refining and spending
Worldwide crude utilization is forecast in the mid-90s, compared with 98% in the third quarter, and turnaround expenses are projected at $140 million to $170 million. Western Gateway spending is expected to peak in 2028; the project’s $2.5 billion company share will increase capital spending.
3. Debt targets
Phillips 66 targets balance-sheet debt of $17 billion, compared with $18 billion following an October repayment. It has $1.25 billion of maturities due in 2027.
