Joe_Potato/iStock Editorial via Getty Images
Phillips 66 (NYSE:PSX) has begun cutting employees at several refineries, refined products terminals and offices as part of a restructuring program, Reuters reported Wednesday.
The job cuts affect a small number salaried employees in management and upper-level technical services workers at several locations. and a few hourly workers also will lose their jobs, according to the report.
Phillips 66’s (PSX) Q3 likely will be strong, but “a longer-term refining margin squeeze appears likely,” Laura Starks writes in an analysis published on Seeking Alpha.
