U.S. refining company Phillips 66 expects 2013 capital spending to rise 6 percent to $3.7 billion and said it intends to contribute some of its oil and gas transportation assets to form a master limited partnership.The company said it expects to raise about $300 million to $400 million in cash by selling a minority interest in the master limited partnership (MLP) in an initial public offering planned for the second half of 2013.Greg Garland, Phillips 66's chief executive officer, told an investor meeting in New York that the MLP would was going to be "a very efficient vehicle" to accelerate the company's infrastructure growth.Many energy companies have created the tax-efficient partnerships that rely on easy access to capital markets to fund growth. MLPs are typically made up of assets such as pipelines, gas processing plants or long-lived oil and gas fields that generate cash flows.
Phillips 66 is a holding company. The Company is engaged in producing natural gas liquids (NGL) and petrochemicals. Shares of PSX fell by 2.51% or $-1.33/share to $51.72. In the past year, the shares have traded as low as $28.75 and as high as $54.32. On average, 4392510 shares of PSX exchange hands on a given day and today's volume is recorded at 3578496.
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