04:34 AM EDT, 08/29/2025 (MT Newswires) -- (Updates with comments from the company throughout)

Phillips 66 (PSX) will begin winding down operations at its Los Angeles-area refinery in September as part of a planned permanent closure, Reuters reported Thursday, citing people familiar with the matter.

"The refinery units will begin idling by Q4 2025 as planned. Per standard procedure, all operating permits will be maintained, and all units held in a safe, clean, and well-maintained state until approvals are successfully completed," a spokesperson for the company said in an emailed statement to MT Newswires.

Most of the refinery's 600 employees and 300 contractors are expected to be laid off in December, the Reuters report said.

"We have programs in place to assist employees with employment opportunities once operations are idled and are providing them with frequent updates," a company spokesperson said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)