By Charles Kennedy – Jan 31, 2024, 1:30 PM CST
Less than a month after news that Phillips 66 was talking about the sale of a few of its properties, the business has actually been required to close down an area of a gas pipeline due to a fire.
The gas pipeline in the Oklahoma Panhandle burst after a fire on Tuesday, with Phillips 66 stating in a Wednesday declaration that the fire had actually been snuffed out and the reason for the occurrence was under examination, Reuters reports.
No injuries or dangers to neighboring homes have actually been reported, and the business stated that numerous fire and police had actually reacted to the fire, according to Reuters.
WSAZ newspointed out the Elmwood Fire Department as stating that some 13 miles of the pipeline should now be drained pipes due to the rupture, with the surrounding locations near the general public as the examination into the reason for the surge that caused the fire continues.
This is the 3rd such occurrence at Phillips 66 properties in less than a year. Previously in January, a fire broke out at one of the business’s refineries in New Jersey, and in 2015, 6 individuals were hurt in a fire at a Texas refinery.
In early January, the Houston-based refiner stated it was actively going over the sale of $3 billion in non-core properties this year in an effort to cut expenses and improve returns. There was no set timeline provided for the sale, withCEO Mark Lashierstating there was no “sense of seriousness”.
Phillips saw its revenues plunge 46% in the 2nd quarter of 2023, and while Q3 brought much better news, numbers still stopped working to measure up to expert expectations, regardless of the truth that refinery usage was at a years-long high of 95%.
That underperformance resulted in the $1-billion share purchase by activist financier Elliott Investment Management in November, throughout which time the business was slammed for skyrocketing operating costs.
By Charles Kennedy for Oilprice.com
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