On October 16, 2024, a jury returned a verdict against Phillips 66 Company, a wholly owned subsidiary of Phillips 66 (NYSE:PSX), in a lawsuit filed by Propel Fuels Inc..
In the lawsuit, Propel Fuels alleged that Phillips 66 misappropriated trade secrets related to its renewable fuels business.
The jury awarded Propel Fuels $604.9 million in damages. The case is currently in the Superior Court of the State of California, Alameda County, and the Court has not yet issued a ruling, as several post-trial motions are still pending.
Phillips 66 Company, however, has denied any wrongdoing and intends to vigorously defend its position as it evaluates all of its legal options.
According to Benzinga Pro, PSX stock gained more than 16% in the past year.
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Investors can gain exposure to the stock through the VanEck Oil Refiners ETF (NYSE:CRAK) and the iShares US Oil & Gas Exploration & Production ETF (BATS:IEO).
In a press release yesterday, the company announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet current consumer demand. .
“We understand that this decision impacts our employees, contractors and the community at large,” said Mark Lashier, president and CEO of Phillips 66. “We will work to help and support them during this transition.”
About 600 employees and 300 contractors currently operate the Los Angeles-area refinery, the company said.
Price action: PSX shares are trading up 0.16% at $132.52 premarket at last check on Thursday.
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This article What’s Happening With Phillips 66 Stock Today? originally appeared on Benzinga.com
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