Oil company Phillips 66 announced Wednesday that it plans to shut down a Los Angeles-area refinery by the end of 2025, citing market concerns.
https://apnews.com/article/california-refinery-oil-phillips-66-shut-down-bbea1826c0d5d472273f97ad86b870f8
3 replies (most recent on top)
What VCIP
This is years in the making and not solely the fault of current management. Far more blame goes to the COP years and first ten years of PSX. Others found a way to be more competitive despite the ridiculous regulatory environment but we did not. We lost the battle from years of putting our heads in the sand regarding the competitiveness of our assets. Sad that it cost 900 people their jobs. We need to learn from this as other assets are on the same path.
Nah, they knew what they were doing...getting ahead of the game before news broke of the $600mil lawsuit. What a sh-t show! Don't worry, they will make up the cost by cutting vcip this year.