Cenovus Energy Inc CVE

PSX CLOSING Los Angelis Refinery In 2025 MEANS - WCS In CA

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- MORE TMX WCS barrels will SHIFT from California to Asia

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Phillips 66 to shut Los Angeles refinery late 2025

Market: Crude oil, Oil products

16/10/24

US independent refiner Phillips 66 will shut its 139,000 b/d Los Angeles, California, refinery in the fourth quarter of 2025, citing an uncertain future in the state.

The company said it is working with land and real estate development firms to evaluate the future use of the 650-acre site that houses linked facilities in Wilmington and Carson employing 600 staff and 300 operators.

Chief executive Mark Lashier said in a press release today that the long-term sustainability of the company's Los Angeles operations was "uncertain and affected by market dynamics" but that Phillips 66 is committed to meeting ongoing California demand.

Phillips 66 plans to supply California gasoline markets with fuels from its own refining network and from other suppliers while supplying renewable diesel (RD) and sustainable aviation fuel (SAF) from its Rodeo renewables refinery near San Francisco.

It is unclear what project Phillips 66 is eyeing for the Los Angeles site, but Lashier said it would "support the environment" and improve the regions "critical infrastructure".

Earlier this week, California governor Gavin Newsom (D) a bill authorizing the state's energy regulator to require refiners to maintain minimum gasoline inventories. It was the latest step in an ongoing regulatory effort by Newsom's office to mitigate against gasoline price spikes, but is viewed by the industry as a broader, hostile attack on its business.

Chevron, the US oil major that has long complained about a hostile regulatory environment in its home state of California, to relocate its headquarters to Houston.

By Nathan Risser

https://www.argusmedia.com/en/news-and-insights/latest-market-news/2618873-phillips-66-to-shut-los-angeles-refinery-late-2025

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Los Angeles Refinery Los Angeles Refinery Summary Information Ownership: Phillips 66   Website: https://www.phillips66.com/ List of Phillips 66 Refineries Location: Los Angeles, California, USA   Capacity: 7.0 million tons/annum & 139,000 bbl/day  

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Phillips 66 announced Wednesday it will close its 650-acre oil refinery complex near the Port of Los Angeles by the fourth quarter of 2025, days after Gov. Gavin Newsom (D) signed a new law regulating gas storage and refineries. The writers warned that “leaving out the workforce with direct knowledge and insight into refinery operations and maintenance” could jeopardize the safety

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Yep, the Chinese, the Indians, and the Arabs are thanking California for its efforts to close refineries!     "Luckily, we have some sane people in Asia and the Middle East who were building refineries and above their capacity, realizing that in Europe and the United States, those refineries are going to close, so they can take their market share." Anas Alhajji

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It should also be noted that CVE has no interests in California operated or not. The refinery accounts for about 8% of California’s refining capacity, according to the state’s Energy Commission. The company said it will remain operating in the state. GLTA