EnergyReader · 2026-08-06 08:34

Phillips 66 Exits Two Refineries in H1 2026, Midstream Absorbs the Earnings Weight

By EnergyReader Newsroom · August 6, 2026

The headline from Phillips 66's Q2 2026 10-Q is a deliberate contraction of the refining footprint: the Los Angeles Refinery wind-down concluded through the January–March 2026 period, and the Lindsey Oil Refinery assets were sold on April 28, 2026, stripping PSX of California and UK processing capacity in the same half-year. Both exits are confirmed across multiple segments — Lindsey shed assets from both the Refining and Midstream books simultaneously on that April 28 closing date, meaning PSX walked away from throughput capacity and the associated terminal and pipeline infrastructure in one transaction. That is a structurally bearish signal for the PSX refining earnings line but a clean clearing event for the crack spread markets those plants served.

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