PSX plans to shut its Los Angeles refinery by late 2025, citing market dynamics and lower profits, leaving California to face further fuel supply challenges.
The oil refiner said the unit's long-term sustainability is uncertain and affected by market dynamics.
Phillips 66 said on Wednesday it plans to stop operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet consumer demand.
PSX states that the proceeds from the sale of 49% of its non-operated equity interest in Coop Mineraloel will support its priorities, including shareholder returns.
Phillips 66 (PSX) concluded the recent trading session at $136.35, signifying a -0.05% move from its prior day's close.
When Phillips 66 PSX releases earnings results for its third quarter on Tuesday, Oct. 29, analysts expect the company to report quarterly earnings at $2.1 per share. That's down from $4.63 per share in the year-ago period.
In the closing of the recent trading day, Phillips 66 (PSX) stood at $132.99, denoting a +1.17% change from the preceding trading day.
PSX focuses more on businesses like midstream, renewables and chemicals. This makes the company?
In the closing of the recent trading day, Phillips 66 (PSX) stood at $129.47, denoting a -1.25% change from the preceding trading day.
Phillips 66 (PSX) concluded the recent trading session at $130.31, signifying a +1.57% move from its prior day's close.
Phillips 66 (PSX) concluded the recent trading session at $125.72, signifying a +0.58% move from its prior day's close.
PSX offloads non-core natural gas assets in East Texas to Voyager Midstream, advancing its plan to generate $3 billion by 2024 through asset sales.