Phillips 66 (PSX) provided an update on its progress toward idling operations at its Los Angeles refinery amid the company’s efforts to redevelop real estate sites. The final waterborne crude was received on Sept. 30, and the final crude processing date is expected to be around Oct. 16. The facility is executing a schedule to idle operations, the company said in a statement. In Q3, Phillips expects to accrue environmental expenses of approximately $70Min the Refining segment related to its future groundwater mitigation plans, along with an asset retirement charge of approximately $30M in the Midstream segment related to transportation assets that will no longer be used as a result of the facility idling operations.
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