Phillips 66 to book $100 million charge as it winds down Los Angeles refinery
By Nicole Jao
Oct 1 (Reuters) - U.S. oil refiner Phillips 66 PSX.N expects to book about $100 million of charges to idle its 139,000-barrel-per-day Los Angeles-area refinery, which will cease operations by year-end, the company said on Wednesday.
These include around $70 million to mitigate groundwater contamination, and about $30 million for its midstream segment to retire transportation assets.
"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," the Houston-based company said.
The refinery received its last waterborne crude on September 30. The final crude processing date is expected to be in mid-October.
Phillips 66 began winding down its Los Angeles refinery in September.
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