HOUSTON Jan 30 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."