NEW YORK -- Phillips Petroleum Co. said its board of directors approved $3.5 billion in capital spending for 2002, up 13 percent from $3.1 billion in 2001, reflecting spending on development of assets in Venezuela, China and the Timor Sea.
The budget also includes a full year of funding for downstream projects resulting from its September acquisition of Tosco Corp. Phillips said 74 percent of the budget will be devoted to exploration and production activities, 24 percent will be allocated to refining, marketing and transportation, and the rest will be reserved for general corporate purposes.
