ConocoPhillips shrinks refining business, pulls out of $6 billion project in Saudi Arabia

ConocoPhillips pulls out of Saudi refinery project

WHAT HAPPENED — ConocoPhillips has pulled out of a multibillion-dollar refinery project in Saudi Arabia.

WHY — The company wants to cut many of its ties to the refining industry. Refiners have posted huge losses recently as they struggled to pass on higher crude oil costs to motorists.

WHAT’S AHEAD — Saudi Aramco said it is “evaluating options” about what to do next. Analysts expect the project to eventually move forward.