Phillips 66 cutting 275 office workers: Update

Adds offices affected by layoffs and clarifies details of 2022 cuts.

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.

Phillips 66 will lay off 100 full-time employees at its Bartlesville, Oklahoma, office, and an unspecified number of workers at offices in Houston, Texas, Singapore and London and Humber, UK.

The company made staff cuts in 2022 that saved some $250mn in costs, part of a broader effort to save $1bn in annual expenses by the end of 2023. While a planned 1,100 employee staff reduction was achieved in 2022, resignations comprised a significant portion of the figure, the company said.

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.

By Nathan Risser