Thread regarding Phillips 66 layoffs

Fire Sale - Everything Must Go

Guess this is one way to “transform the business” when you’ve failed at the current transformation attempt.

https://finance.yahoo.com/news/1-phillips-66-identifies-non-180249568.html

by
| 4218 views | | 24 replies (last November 7)
Post ID: @OP+1piC0fqJ

24 replies (most recent on top)

Mckensie’s central trash can idea laid off the Stoney Island janatorial staff there bud.

by
|
Post ID: @bunw+1piC0fqJ

Please sell Area C LCMC. I’ve lost my sole in the Area C dumpster fire. I’ve tried to transfer to Stoney Island janitorial staff. But my boss denied me.

by
|
Post ID: @9rhl+1piC0fqJ

The company would be a lot better off if we could get “Perks for the Jerks” on the ELT.

by
|
Post ID: @7olr+1piC0fqJ

Does anyone know anything about Cenovus?
Could they be better to work for than a “transformed” P66?

by
|
Post ID: @6nmq+1piC0fqJ

Please, Please, let the rumor about WRB be true!!!

by
|
Post ID: @4ewk+1piC0fqJ

The ELT have no vision for the future. They’re just flying by the seat of their pants. After all, it is P66 we’re talking about.

by
|
Post ID: @4hde+1piC0fqJ

All three of them make money off and on, but none of them fit particularly well into the vision for the future. Ferndale has never-ending permitting problems, Bayway has huge crude supply problems and LAR is in a super challenging regulatory environment (yay SCAQMD!) and all are in areas with increasing momentum for electrification.

Who knows though? This current ELT doesn't seem to make many choices that make a ton of sense.

by
|
Post ID: @4dlk+1piC0fqJ

I know Ferndale makes money so it has positive value. I’m not sure if LAR actually makes money but why anyone would buy a refinery in California is beyond me. You’re better putting money in a high yield savings account with no risk hahah

by
|
Post ID: @4ivi+1piC0fqJ

Yeah, feels like WRR at least is definitely a "core" asset. Rich said the gulf coast and midcon is core at the Lake Charles town hall. Guessing LAR, Bayway and Ferndale would be the ones on the chopping block. Bet you could get 3 billion for those combined.

by
|
Post ID: @4itk+1piC0fqJ

Does anyone have any ideas why P66 would want to sell its share of WRB? I’m not arguing, just curious.

by
|
Post ID: @4aqx+1piC0fqJ

P66 will be selling its 50% stake in WRB Refining (Wood River and Borger) to Cenvous Energy. The announcement will be made in the next month and the sale will be done by the end of Q2 2024.

by
|
Post ID: @4fgg+1piC0fqJ

Hey, look at this another way….ask this question, “if you had to sell something, and you were in charge, what would you sell??” Oh good lord…SELL LUBES, SELL/SHUTDOWN GAS AND POWER!!! Sell all of the “perks for the jerks” - Stoney island, fancy executive jets, etc.

For all the talk to “transformation” including automation, leveraged processes, synergies, etc - these are the 2 blatant outliers. These segments take us back to the dark ages! Everything is custom for Lubes, everything is special and it is a huge PITA! They are still in the old SAP! Why? THEY ARE SPECIAL!!

Gas and power is a debacle! Anytime you have a business plan that on its face is id--tic, it is probably a BAD IDEA! “Let’s buy power from our supplier so we can sell that power to our refinery, so we can generate value and make money!” Great idea! Let’s hire rooms full of people to do that, while we layoff rooms full of people who support real business!

I have a great idea, i am going to hire someone to follow my kids around and every time they buy something, my new employee will buy it first, so they can sell it to my kid AND MAKE MONEY! What kind of stupidity is this??

Selling assets? Yes, sell them. Sell the executive jets, something that always loses money. Sell Stoney island - show the people that you really do care about “the people”. Discontinue share buybacks. Let the people who invested in Phillips 66 keep what they bought and increase shareholder value by returning to valuing employees as our “greatest asset”.

Sell the “luxury” BS off and see how close you are to $400M in savings. Get real, hypocrites!

Stoney Island and private jets LOOSE MONEY EVERY DAY. Why is it that anything that impacts the ego of the “clueless few” is somehow immune from the cost savings strategy? Hmmm. How committed can you be to the shareholders when you waste money every day on perks for the jerks??

by
|
Post ID: @3ybb+1piC0fqJ

No wait, all you current and former P66 employees on here are just waisting time and winning! Wait till April 2024 when all integration and consulting are completed, 20% reduction!

by
|
Post ID: @2pef+1piC0fqJ

They say they’re in no rush to sell. If you have to assure people that you’re not in a rush to sell, you’re in a rush to sell.

by
|
Post ID: @2vso+1piC0fqJ

They can want to sell anything however if they have no buyers

by
|
Post ID: @1kwn+1piC0fqJ

Bartlesville isn’t worth much if anything.
Reading the investor transcript it sounds like they want to sell some of P66’s better/most profitable assets if they’re aiming to raise $3bn.
So anything could be sold apart from the beloved CP Chem.

by
|
Post ID: @1tvc+1piC0fqJ

Our CEO is a great guy isn’t he, a real prince.
And, he has a tremendous number of good ideas. If you don’t believe it, ask him.
And, if you noticed today our stock went up a little. Before anyone gets excited and thinks it went up because of anything to do with BT, know that is was in all likelihood being propped up by PSX buybacks. Maybe not, but there’s a good chance that’s the case.

by
|
Post ID: @cyw+1piC0fqJ

Anything is for sale at the right price but maybe the direction P66 is heading the refineries that do get sold are the lucky ones ?

by
|
Post ID: @tdw+1piC0fqJ

Our elitist (and saucy!) management should have been more like ConocoPhillips and done this a decade ago. Now it reeks of desperation. Sorry, I meant “transformation”.

by
|
Post ID: @kpm+1piC0fqJ

If wasn’t so tragic for so many people, it’d be hilarious to see them flailing around desperately trying to find something that actually accomplishes something.

by
|
Post ID: @muz+1piC0fqJ

Anything In California and Bayway - pack your bags

by
|
Post ID: @ozj+1piC0fqJ

Post a reply

: