Phillips revised its capital spending budget.

The Bartlesville, Okla.-based oil company reported that it has approved a $1-billion capital spending budget for 1986, a $400-million reduction from previous estimates. The budget allocates 64% of the $1 billion for exploration and production projects. The firm attributed the downward revision to lower oil prices. Phillips Petroleum’s capital expenditure budget in 1985 was $1.4 billion, of which $1.1 billion was actually spent.