Phillips 66 slashes jobs, caps reduction at 1%
Adds background; changes headline to reflect the job cuts affect 1% of Phillips 66's workforce
By Nicole Jao
NEW YORK, Aug 6 (Reuters) -U.S. oil refiner Phillips 66 PSX.N is cutting more jobs to advance its strategic priorities and improve workforce efficiency, the company said on Tuesday.
Phillips 66 spokesperson Al Ortiz confirmed that some jobs were being eliminated.
"Phillips 66 continues to look to ways to position our organization to help advance its strategic priorities and enable more efficient ways of working," a company spokesperson said.
The latest round of layoffs will affect less than 1% of the company's employees across several locations.
Phillips 66 had around 13,700 employees as of 2023.
Activist investor Elliott Investment Management took a $1 billion stake in Phillip 66 in November and called for the refiner to improve its oil refining business.
A total of 430 employee and contractor roles around the globe would change as part of its 2024 realignment and outsourcing, Phillips 66 said last August.
The Houston-based refiner reduced its headcount by 1,100 amid a cost-cutting effort in 2022, and deepened the cuts by eliminating 175 positions last year.
The company spokesperson did not say the positions impacted are hourly or salaried positions.
Three sources with the United Steelworkers union (USW), which represents hourly refinery workers, said Phillips 66 has not sought meetings about possible layoffs of union members as required in most USW contracts.
The USW does not represent salaried employees of the company.
Reporting by Nicole Jao in New York, additional reporting by Erwin Seba in Houston; editing by David Evans and David Gregorio
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