Phillips 66 layoffs, on the record
Every job cut, severance charge and restructuring Phillips 66 reported in its annual reports, 2022 to 2025, quoted from the filings. Headcount went from approximately 13,000 to approximately 14,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 13,000 | At December 31, 2022 |
| 10-K for 2023 | approximately 14,000 | At December 31, 2023 |
Job cuts, severance and restructuring
Our summaryThe company announced a multi-year business transformation to improve its cost structure and recorded restructuring costs for consulting fees, severance and an impairment on assets held for sale.
Word for word“For the year ended December 31, 2022, we recorded restructuring costs totaling $ 160 million, primarily related to consulting fees, severance and an impairment related to assets held for sale.” 10-K for 2022
Our summaryThe company recorded severance-related restructuring costs tied to integrating the DCP Midstream Class A Segment.
Word for word“In addition, in the fourth quarter of 2022, we recorded severance-related restructuring costs of $ 18 million associated with the integration of DCP Midstream Class A Segment.” 10-K for 2022
Our summaryThe company announced a multi-year business transformation to improve its cost structure and recorded restructuring costs, mainly consulting fees and severance, in 2023 and 2022.
Word for word“For the years ended December 31, 2023, and 2022, we recorded restructuring costs totaling $ 177 million and $ 160 million, respectively, primarily related to consulting fees and severance costs.” 10-K for 2023
Our summaryThe company recorded restructuring costs, mainly severance and contract exit costs, tied to integrating the DCP Midstream Class A Segment.
Word for word“In addition, for the years ended December 31, 2023 and 2022, we recorded restructuring costs of $ 38 million and $ 18 million, respectively, associated with the integration of DCP Midstream Class A Segment primarily related to severance and contract exit costs.” 10-K for 2023
| Fiscal year ended | Restructuring charges |
|---|---|
| 2022-12-31 | $160 million |
| 2023-12-31 | $177 million |
Phillips 66 has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Phillips 66’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2026-02-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.