Refiner Phillips 66 cuts 1,100 jobs, aims $500 million in savings

(Reuters) -Phillips 66 said on Wednesday it reduced employee headcount by over 1,100 as the refiner seeks to meet its 2022 cost savings target of $500 million.

"These reductions were communicated to employees in late October," Phillips spokesperson Bernardo Fallas told Reuters.

Last month, Reuters reported about the company cutting staff at refineries, terminals and offices, citing people familiar with the matter.

The refiner on its investor call also laid out plans to save $1 billion in costs by end-2023.

Phillips had 14,000 employees in 2021, according to a company presentation.

(Reporting by Arunima Kumar in Bengaluru; Editing by Vinay Dwivedi amd Maju Samuel)