PSX - Phillips 66 to lay off 275 office workers in latest cost-cutting move

2023-08-15 17:55:19 ET

Phillips 66 ( NYSE: PSX ) said it plans to cut 175 full-time employees and 100 contractors through 2024 from its global finance and procurement operations, Argus reported Tuesday.

Another 155 employees in finance and procurement will remain at Phillips 66 ( PSX ) in different roles, or as part of a new "enterprise services organization" within the company, according to the report.

Phillips 66 ( PSX ) reportedly will lay off 100 full-time employees at its Bartlesville, Oklahoma, office, and an unspecified number of workers at offices in Houston, Singapore and the U.K.

Some 1,100 positions were removed last year, which the company said saved ~$250M in costs, part of a broader effort to save $1B in annual expenses by year-end 2023.

Cutting 175 employees reduces Phillips 66's ( PSX ) 13K-person full-time workforce by slightly more than 1%; the company's workforce has declined from 14,300 at year-end 2021 to 13K by the end of 2022.

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