Houston, Texas-based refiner Phillips 66 (NYSE:PSX) has increased its 2026 capital budget to $2.4 billion, including $1.3 billion for growth capital and $1.1 billion for sustaining capital. In the Midstream segment, the capital budget of $1.1 billion includes and $700 million for growth projects and $400 million for sustaining projects. These projects will organically advance the company’s integrated NGL wellhead-to-market strategy by expanding pipeline and fractionation capacity in key basins as well as increasing gas processing. A significant…