Phillips 66 Books $1.3 Billion Refinery Writedown After Storm
(Bloomberg) -- Phillips 66, one of the largest U.S. refiners, booked a $1.3 billion writedown for its Alliance Refinery in Belle Chasse, Louisiana that more than offset bigger operating profits from its crude processing business.
The impairment comes as the company seeks to find a buyer for the refinery, which suffered significant damage from Hurricane Ida and is expected to remain shut through the end of 2021. Phillips 66 said Friday in a statement that it “continues to assess future strategic options” for the plant.
Excluding the impact of the impairment, Phillips 66’s refining business posted earnings of $184 million in the third quarter, returning to profit after a $970 million loss a year earlier, as fuel demand continues to recover from the pandemic. Results for the quarter beat the average of analysts estimates.
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