Phillips 66 to Close Los Angeles Refinery Due to Low Profits [Yahoo! Finance]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Yahoo! Finance
Phillips 66 ( PSX a leading energy company, has announced the closure of its Los Angeles oil refinery by the end of 2025, mentioning "long-term uncertainty" as a key factor behind the decision. The announcement came just two days after California Governor Gavin Newsom signed a new law that could impose further regulatory requirements on the state's refiners, including mandates for fuel storage and transparency in resupply and maintenance plans. This Los Angeles facility accounts for approximately 8% of the state's refining capacity, crucial for California's production of its unique low-polluting gasoline blend. Reasons Behind the Refinery's Imminent Closure Mark Lashier, CEO of Phillips 66, explained that the Los Angeles refinery is less profitable than the company's other facilities, leading to the decision. The refinery currently produces 85,000 barrels per day of gasoline and 65,000 barrels per day of diesel and jet fuel. This marks the second Phillips 66 refinery in Califor
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News
- Phillips 66 Is Accused of Violating the Clean Water Act [The New York Times]The New York Times
- Phillips 66 faces federal charges, accused of polluting LA sewers with 790,000 gallons of wastewater [CBS News]CBS News
- Phillips 66 indicted for violating Clean Water Act, U.S. attorney says [Yahoo! Finance Canada]Yahoo! Finance Canada
- Phillips 66 indicted for violating Clean Water Act, U.S. attorney says [Yahoo! Finance]Yahoo! Finance
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PSX
Earnings
- 10/29/24 - Miss
PSX
Sec Filings
- 11/4/24 - Form 4
- 10/29/24 - Form 10-Q
- 10/29/24 - Form 8-K
- PSX's page on the SEC website