Phillips 66 Expects to Surpass Its $3 Billion Asset-Sale Target
- Houston refiner has sold $2.7 billion in assets since 2022
- Company seeks to return as much as $15 billion to shareholders
The refiner announced Oct. 16 it is closing its two-plant Los Angeles refinery complex by the end of next year.
Photographer: Bing Guan/BloombergPhillips 66, the biggest US fuelmaker by market value, told investors Tuesday it expects to surpass its $3 billion target for asset sales with more dispositions planned.
The Houston refiner, which is closing a refinery in 2025 and shedding other investments to address strategic and governance concerns raised by activist Elliott Investment Management, said it has sold about $2.7 billion in assets since 2022.