PSX - Phillips 66 cutting staff at refineries terminals in restructuring - Reuters

Phillips 66 ( NYSE: PSX ) has begun cutting employees at several refineries, refined products terminals and offices as part of a restructuring program, Reuters reported Wednesday.

The job cuts affect a small number salaried employees in management and upper-level technical services workers at several locations. and a few hourly workers also will lose their jobs, according to the report.

Phillips 66's ( PSX ) Q3 likely will be strong, but "a longer-term refining margin squeeze appears likely," Laura Starks writes in an analysis published on Seeking Alpha .

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