Phillips 66 is studying "any and all options" for its California refineries given challenges with state regulatory requirements and high costs, Chief Executive Greg Garland told analysts on Wednesday.Analysts have repeatedly asked whether the second-largest independent U.S. refiner would try to sell its two California refineries and exit the state because of higher operating costs.Phillips 66 is working to improve profits at the California plants by tapping into cheaper crudes already run by refineries elsewhere in the country and reducing costs, Garland said on the company's fourth-quarter 2012 earnings conference call.He did not rule out a sale.
Phillips 66 is a holding company. The Company is engaged in producing natural gas liquids (NGL) and petrochemicals. Shares of PSX traded higher by 1.47% or $0.88/share to $60.76. In the past year, the shares have traded as low as $28.75 and as high as $60.45. On average, 4608550 shares of PSX exchange hands on a given day and today's volume is recorded at 7704568.
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