Oil company Phillips 66 to shut down Los Angeles-area refinery

LOS ANGELES, California: Oil company Phillips 66 has announced plans to shut down its Los Angeles-area refinery by the end of 2025, citing market challenges and uncertainty about its long-term sustainability.

The refinery, which contributes about eight percent of California's refining capacity, is situated near the Port of Los Angeles and has operated for more than a century.

Phillips 66 CEO Mark Lashier