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Phillips 66 CEO says U.S. refiners face production cuts in second half of 2016
July 29, 2016 / 4:41 PM / a year ago

Phillips 66 CEO says U.S. refiners face production cuts in second half of 2016

HOUSTON (Reuters) - Phillips 66 (PSX.N) Chief Executive Greg Garland said during a Friday morning conference call that U.S. refiners would face production cuts in the second half of 2016 due to a glut of motor fuel supply.

"My personal view is we've got a lot of inventory stacked up," Garland said during a conference call with Wall Street analysts to discuss second quarter earnings. "I think the industry's going to be facing run cuts in the second half of the year."

Reporting by Erwin Seba

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