Phillips 66 to book $100 million charge as it winds down Los Angeles refinery

Core Insights - U.S. oil refiner Phillips 66 plans to incur approximately $100 million in charges to idle its Los Angeles-area refinery, which has a capacity of 139,000 barrels per day, and will cease operations by the end of the year [1] Company Summary - Phillips 66 is taking steps to close its Los Angeles-area refinery, indicating a strategic shift in operations [1] - The decision to idle the refinery reflects broader trends in the oil refining industry, potentially influenced by market conditions and demand fluctuations [1]