Phillips 66 plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet ongoing consumer demand.

The Los Angeles Refinery consists of two facilities linked by pipeline located five miles apart in Carson and Wilmington, California, approximately 15 miles southeast of Los Angeles. The Carson facility serves as the front end of the refinery by processing crude oil, and the Wilmington facility serves as the back end of the refinery by upgrading the intermediate products to finished products. Carson is 235 acres (approx.) and the Wilmington facility is 424 acres (approx.).

Refinery facilities include crude distillation, naphtha reforming, fluid catalytic cracking, alkylation, hydrocracking, and delayed coking units. The refinery produces a high percentage of transportation fuels. The refinery produces California Air Resources Board (CARB)-grade gasoline. Other products produced include fuel-grade petroleum coke. Refined petroleum products are distributed to customers in California, Nevada and Arizona by pipeline and truck.

Gasolines production capacity is 85 thousand barrels per day (MBD) and distillates production is 65 MBD.

With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles. Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands.

—Mark Lashier, chairman and CEO of Phillips 66

As the California Energy Commission’s analysis has indicated, expanding supply capabilities will be critical. Phillips 66 supports these efforts and will work with California to maintain current levels and potentially increase supplies to meet consumer needs. The company will supply gasoline from sources inside and outside its refining network as well as renewable diesel and sustainable aviation fuels from its Rodeo Renewable Energy Complex in the San Francisco Bay area.

Phillips 66 has engaged Catellus Development Corporation and Deca Companies, two leading real estate development firms, to evaluate the future use of the 650-acre sites in Wilmington, California, and Carson, California. The firms bring strong track records of solving complex redevelopment challenges and will collaborate with Phillips 66 in an advisory role to advance potential commercial development options that support the regional economy and other key stakeholder objectives.

Separately, Phillips 66 also announced that its subsidiary, Phillips 66 Limited, has entered into a definitive agreement to sell its 49% non-operated equity interest in Coop Mineraloel AG (CMA) to its Swiss joint venture partner. It will receive cash of 1.06 billion Swiss francs (approximately $1.24 billion) consisting of a 1-billion Swiss franc sales price (approximately $1.17 billion) and an assumed dividend of 60 million Swiss francs (approximately $70 million) for financial year 2024 to be paid at or prior to closing. The sales price is subject to adjustment based on the amount of the dividend.

This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures. As we manage our portfolio, we will continue to evaluate monetization of assets that no longer fit our long-term strategy.

—Mark Lashier

CMA operates 324 retail sites and gasoline stations across Switzerland. Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders. The transaction is subject to approval by the Swiss Competition Commission. It is expected to close in the first quarter of 2025.