The layoffs have already happened. Reduced employee count by ~9%.
“Phillips 66 is cutting at least 1,100 jobs by the end of this year as the refining giant seeks to slash costs and steer a larger chunk of its soaring profits to shareholders”
“The layoffs come despite the fact that Phillips 66, one of the nation's largest refiners, has raked in $9.1 billion in profit so far this year, up from just $44 million a year ago. The company's share price has soared 45% so far this year, easily outperforming the 20% decline for the broader S&P 500.”