Refiner Phillips 66 cuts 1,100 jobs, aims $500 million in savings By Reuters

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Refiner Phillips 66 cuts 1,100 jobs, aims $500 million in savings

Published Nov 09, 2022 09:48AM ET Updated Nov 09, 2022 02:44PM ET

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Refiner Phillips 66 cuts 1,100 jobs, aims $500 million in savings

(Reuters) -Phillips 66 said on Wednesday it reduced employee headcount by over 1,100 as the refiner seeks to meet its 2022 cost savings target of $500 million.

"These reductions were communicated to employees in late October," Phillips spokesperson Bernardo Fallas told Reuters.

Last month, Reuters reported about the company cutting staff at refineries, terminals and offices, citing people familiar with the matter.

The refiner on its investor call also laid out plans to save $1 billion in costs by end-2023.

Phillips had 14,000 employees in 2021, according to a company presentation.

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