Hurricane Ida Still Hurting Phillips 66's Bottom Line

SUGAR LAND--November 1, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Hurricane Ida, which hit the Louisiana coast in late August, is still causing a headache for refining, chemicals and midstream company Phillips 66 (NYSE:PSX) (Houston, Texas). The hurricane took the company's Alliance Refinery in Belle Chase, 25 miles south of New Orleans, offline, and the facility is expected to remain shut for the remainder of this year. Phillips 66's Refining segment reported a $1.3 billion impairment charge due to the shutdown for the just-ended third quarter.