US refiner Phillips 66 said today it will lay off 175 full-time employees and 100 contractors as part of a broader business transformation to cut costs.
The refiner told staff that it will cut the 275 workers in its finance and procurement teams. The layoffs will take place through 2024, with no employees terminated today.
A further 155 employees in the finance and procurement teams will remain at the company in different roles, or as part of a new enterprise services organization within the company. The layoffs and role changes will happen "in various global locations," a Phillips 66 spokesperson told Argus.
The company announced in November a plan to cut 1,100 workers to save some $250mn in costs, part of a broader effort to save $1bn in annual expenses by the end of 2023.
Phillips 66 has previously said that one method to cut costs would be centralizing support functions — such as finance, procurement and IT — for individual refineries.
