According to the financial app, the largest fuel manufacturer in the USA, Phillips 66 (PSX.US), stated on Tuesday that the asset sales amount is expected to exceed 3 billion US dollars through more asset disposal plans.

The Houston refinery indicated that it has sold about 2.7 billion US dollars in assets since 2022. The company will close a refinery by 2025 and divest other investments to address the strategic and governance issues raised by activist investor Elliott Investment Management.

Phillips 66 CEO Mark Lashier stated during the third-quarter earnings call, "We will continue to assess all of our assets as part of our strategic focus and ongoing optimization of the portfolio."

Phillips 66 executives stated that the 3 billion US dollars target is a minimum, not a maximum.

Phillips 66 Chief Financial Officer Kevin Mitchell said, "We will continue to evaluate non-core assets and pursue any disposals that we believe are beneficial to us."

The company is implementing a multi-year plan to return up to 15 billion US dollars to shareholders by the end of this year through measures such as cost reduction and performance improvements.

The refinery announced on October 16th that it will close its refinery in Los Angeles by the end of next year. Lashier stated that the long-standing uncertainty of the facility was a factor in this decision. Jeff Dietert, the vice president responsible for investor relations at the company, said that the decline in fuel demand, the sharp drop in California's crude oil production, and California's announcement to move away from fossil fuels were also contributing factors.

Dietert said, "So this is not a subconscious reaction to changes in California policy. This is a long-term analysis."

Excluding the Los Angeles business, Phillips 66 has 9 refineries in the United States and 2 in Europe.

As of the Tuesday close, Phillips 66 fell 4.36% to $123.27. The stock has fallen over 5% so far this year.