Phillips 66 to Close Los Angeles Refinery Due to Low Profits

Zacks10-18

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 ...

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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.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 California to be closed since 2020, following the company's conversi","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4138":"石油与天然气的炼制和营销","BK4144":"石油与天然气的储存和运输","MPLX":"MPLX LP","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","PSX":"Phillips 66","BK4563":"昨日强势股","BK4179":"石油天然气设备与服务","PED":"Pedevco Corp.","BK4585":"ETF&股票定投概念","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","AROC":"Archrock, Inc","BK4213":"石油与天然气的勘探与生产","BK4588":"碎股","BK4590":"PTP"},"translate_title":"Phillips 66因利润低将关闭洛杉矶炼油厂","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AROC":1,"PED":1,"PSX":1,"MPLX":0.9},"content_text":"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.\nThe 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.\nReasons Behind the Refinery's Imminent Closure\nMark 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 California to be closed since 2020, following the company's conversion of its Rodeo refinery to renewable diesel production.\nCalifornia, already facing some of the highest gas prices in the United States, could see further supply disruptions due to this closure. The state’s isolation from major refining centers on the Gulf Coast and Midwest means it must either produce its own fuel or rely on imports, primarily from Asia.\nThe announcement was made right after California Governor Gavin Newsom signed legislation mandating minimum fuel inventories for the state's oil refiners. The bill is aimed at preventing shortages, particularly during maintenance shutdowns, by ensuring that refiners have a plan in place to maintain adequate fuel supplies. However, with the closure of the Los Angeles refinery, it is unclear how these new regulations will impact overall supply and prices in the state.\nPSX Refinery Closure to Affect Hundreds of Workers\nThe Los Angeles refinery currently employs around 600 Phillips 66 employees and 300 contractors. The United Steel workers union, which represents many of these workers, expressed concern over the loss of jobs. Mike Smith, the union's oil bargaining program chair, called the closure \"a devastating loss\" and announced plans to negotiate severance pay and benefits for affected employees. Phillips 66 is also in talks with real estate developers about potential uses of the 659-acre refinery site.\nPSX’s Zacks Rank & Key Picks\nCurrently, Phillips 66 carries a Zack Rank #5 (Strong Sell).\nInvestors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, PEDEVCO Corp. PED and MPLX LP MPLX. While both Archrock and PEDEVCO sport a Zacks Rank #1 (Strong Buy) at present, MPLX carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.\nArchrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.\nThe Zacks Consensus Estimate for AROC’s 2024 EPS is pegged at $1.04. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.\nPEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States, as well as in the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations.\nThe Zacks Consensus Estimate for PED’s 2024 EPS is pegged at $0.08. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 in the past 60 days.\nMPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.\nThe Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 60 days.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nPhillips 66 (PSX) : Free Stock Analysis Report\nMPLX LP (MPLX) : Free Stock Analysis Report\nPedevco Corp. (PED) : Free Stock Analysis Report\nArchrock, Inc. (AROC) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2476545592"}