Phillips says considering options for California refineries

HOUSTON Wed Jan 30, 2013 12:09pm EST

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HOUSTON Jan 30 (Reuters) - Phillips 66 is studying "any and all options" for its California refineries given challenges with state regulatory requirements and high costs, Chief Executive Greg Garland told analysts on Wednesday.

Analysts have repeatedly asked whether the company would try to sell its two California refineries and exit the state because of higher operating costs. On Wednesday, Garland said the company is working to improve profitability by tapping into cheaper crudes already run by refineries elsewhere in the country and reducing costs.

But he did not rule out a sale.

"We're studying any and all options for California in terms of where we go," he said. "I don't feel it's a distressed asset. We want to take our time and be thoughtful."

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