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Posted: Jan 23, 2015 3:27 PMUpdated: Jan 23, 2015 7:44 PM

Philliips 66 Evaluating Controllable Expenses

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Charlie Taraboletti

Successful businesses look at controllable expenses on a regular basis, and Phillips 66 is doing just that. Rumors are circulating about the company looking at personnel costs and possible personnel cuts. Company spokesman Summer Austin says Phillips 66 is looking only at controllable costs at this time. Controllable costs include travel, supplies, hiring, the use of consultants, memberships and projects or resources that aren’t critical to the business.

Austin says because of lower oil prices and other economic factors, now is a prudent time to look at costs. She says Phillips 66 is asking all of its employees to identify areas where expenses can be cut or controlled.

Austin says profitable companies regularly take measures to cut costs when possible, but she has not been told of any specific job cuts. When it comes to the possibility of layoffs, Phillips 66 executive leadership views layoffs as a last resort — never as a prime strategy.  

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