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Wednesday, January 30, 2013

Phillips 66 says mulling options for California refineries, (NYSE: PSX)

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 company would try to sell its two California refineries and exit the state because of higher operating costs.On Wednesday, Garland said the company is working to improve profitability by tapping into cheaper crudes already run by refineries elsewhere in the country and reducing costs.But he also 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 3.46% or $2.07/share to $61.95. 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 4835050.