01:27 PM EDT, 08/06/2024 (MT Newswires) -- Phillips 66 (PSX) said Tuesday it is planning layoffs as part of its strategy to support efficiency.

"Phillips 66 continues to look to ways to position our organization to help advance its strategic priorities and enable more efficient ways of working," a company spokesperson told MT Newswires in a statement. "As a result, some positions are being eliminated."

The company said the total cuts would be fewer than 1% of its workforce.

The news was first reported by Reuters.

The company's shares were up 1.9% in recent trading.

Price: 134.11, Change: +2.47, Percent Change: +1.88