Phillips 66 Provides Update On Los Angeles Refinery Operations; Final Crude Processing At Los Angeles Refinery By Oct. 16; Remaining Process Units To Be Idled By End Of 2025; Expects $70M Environmental Expenses In Refining Segment In Q3; Asset Retirement Charge Of $30M In Midstream Segment In Q3

Author: Benzinga Newsdesk | October 01, 2025 12:32pm

Phillips 66 (NYSE:PSX) provided an update on its progress toward idling operations at its Los Angeles refinery in furtherance of the company's efforts to redevelop these real estate sites. The final waterborne crude was received on Sept. 30, and the final crude processing date is expected to be around Oct. 16.

The facility is executing a detailed schedule to safely idle operations. Several process units have been placed in an idle state. The remaining units will be idled in a phased manner through the end of 2025.

Remediation and decommissioning efforts are progressing. In the third quarter, the company expects to accrue environmental expenses of approximately $70 million in the Refining segment related to its future groundwater mitigation plans, along with an asset retirement charge of approximately $30 million in the Midstream segment related to transportation assets that will no longer be used as a result of the facility idling operations.

Phillips 66 remains committed to ensuring a steady fuel supply to meet ongoing California consumer demand. The company expects to meet demand by sourcing gasoline from within and outside its refining network.

Additional details will be provided on the company's third-quarter 2025 earnings call at noon ET on Wednesday, Oct. 29, 2025.

Posted In: PSX