Phillips 66, a US oil refiner to reduce its workforce by 175 employees and restructure its worldwide finance and procurement functions into a consolidated "enterprise service organisation," according to a statement released on Tuesday. 

As a component of its 2024 restructuring and outsourcing initiative, Phillips 66 has revealed that a combined 430 positions held by both employees and contractors worldwide will undergo transformation. This comes after the removal of approximately 1,100 positions last year as part of the company's cost-saving measures. 

"Some employees will remain with the company as part of the new organisation or in a new role, while some employees will be released after a transition period," Phillips 66 said in a statement, reported Reuters.

As a component of this fresh initiative, the company indicated in the statement that it intends to "collaborate with external firms to carry out specific operations within these divisions." 

With the elimination of 175 positions, the company's workforce of 13,000 individuals will experience a reduction of slightly over 1%. According to annual reports, Phillips 66's employee count has decreased from 14,300 at the conclusion of 2021 to 13,000 by the conclusion of 2022.

On Tuesday, trading saw shares at $113.343. The stock has shown an approximate 9% increase year-to-date, in contrast to the S&P 500's gain of 15.6%. 

With a combined capacity for processing 1.9 million barrels per day (bpd) of crude oil, Phillips 66 ranks as the fourth largest crude oil refiner in the United States, constituting 10% of the nation's total refining capacity.