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Houston-based Phillips 66 plans to pour significantly more into its capital budget next year as it expands its oil pipeline network, invests in its refineries and grows its petrochemical business.

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The energy company, along with its master limited partnership Phillips 66 Partners, has budgeted $2.89 billion on capital projects next year — a nearly 26 percent jump from this year’s capital budget of $2.3 billion, according to its budget released Friday afternoon.

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