Phillips 66 is reducing 1,100 jobs — and returning billions of {dollars} to shareholders

Phillips 66 is cutting 1,100 jobs — and returning billions of dollars to shareholders

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New York
CNN
 — 

Phillips 66 is cutting at least 1,100 jobs by the end of this year as the refining giant seeks to slash costs and steer a larger chunk of its soaring profits to shareholders.

At its investor day meeting in New York Wednesday, Phillips 66 detailed plans to slim down in a bid to save about $1 billion in annual costs.

In a presentation to shareholders, the refiner projected a workforce of under 12,900 people by the end of this year, down from 14,000 last year and 14,300 in 2020.

Phillips 66 spokesperson Bernardo Fallas said the smaller workforce was driven by a combination of attrition and eliminated positions.

Most of the job cuts have already taken place and were communicated to employees in late October, the spokesperson said, adding that recent attrition levels significantly lowered the number of employees impacted.

The layoffs come…

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