Thread regarding Phillips 66 layoffs

Is the “Business Transformation” agenda actually moving the company completely away from oil?

Midstream: in the past 3 years Phillips 66 Company has shut down or idled the following assets: 1/2 of North Texas Crude Gathering System; Chisholm Pipeline System; Line - O (Cushing to Borger); Alliance Refinery; Most of River Parish (purchased from Chevron 2018); it’s been publicly announced California Crude lines will be shut down Oct ‘23; and is considering the future of crude gathering systems and pipelines across New Mexico and West Texas — likely to be shut down due to alternative connections to Borger refinery connected last month. Rumors are that due diligence is currently being performed for a sale of the Gray Oak pipeline assets.

Is the “Energy Transformation ” being talked about with the “Business Transformation” agenda actually moving the company completely away from oil? Is this why the attrition rate exceeding 10% in midstream isn’t getting any attention?

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Post ID: @OP+1i2sZg68

6 replies (most recent on top)

You guys are getting too ginned up about the “woke” misnomer. He-l we just bought DCP, one of the dirtiest operators around. Get ready for some synergies, though (chop chop chop)!

They’ve been “talking about” doing some very small scale renewables projects for at least one or two years now, but nothing has gotten anywhere close to turning a shovel.

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Post ID: @eooz+1i2sZg68

There is certainly a push to diversify but I don't see moving from oil as really part of the BT goals (I sure hope they are not that stupid/woke).
On the attrition being 10% in Midstream - it's much higher in other BUs and that is a feature, not a bug in the eyes of ELT. If the peons leave on their own, less severance to pay...

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Post ID: @1uvg+1i2sZg68

These terrible "Woke" business and investment groups will not only destroy P66 but America as well. I guess people love to feel sorry for themselves instead of taking ownership for their own lives. There seems to be a lack of balance between treating people and holding people accountable.
As far as going green, I agree that we should be environmentally responsible but there should be a realistic balance between "going green" and utilizing oil/gas.

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Post ID: @1ipu+1i2sZg68

Add a few more folks to the layoff list to cover the cost of the McKknsey folks paid to come here and downvote

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Post ID: @1vyt+1i2sZg68

You left out: Sale of Montana gathering system. Slashing of capital spending budgets. The worst decision was to follow McKinzey's advice to stop 90% of maintenance, asset integrity programs and equipment health monitoring programs. Essentially calling a half to all maintenance and run the equipment until it has zero value.

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Post ID: @wjk+1i2sZg68

It’s common sense that we are an oil & gas company and would never deviate from that since the world needs our products for decades to come.

Which is why I expect us to do the opposite since “woke” investment groups want to go green.

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Post ID: @zor+1i2sZg68

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