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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.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
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