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 brought 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 compensatory damages. The case is currently in the Superior Court of the State of California, Alameda County, and the Court has not yet entered a judgment, as several post-trial motions are still pending.
Phillips 66 Company, however, has denied any wrongdoing and intends to vigorously defend its position while evaluating all of its legal options.
According to Benzinga Pro, PSX stock has gained over 16% in the past year.
Investors can gain exposure to the stock via VanEck Oil Refiners ETF (NYSE:CRAK) and iShares U.S. Oil & Gas Exploration & Production ETF (BATS:IEO).
In a press release yesterday, the firm 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 ongoing consumer demand.
“We understand this decision has an impact on our employees, contractors and the broader community,” said Mark Lashier, chairman and CEO of Phillips 66. “We will work to help and support them through this transition.”
Approximately 600 employees and 300 contractors currently operate the Los Angeles-area refinery, the company said.
Price Action: PSX shares are trading higher by 0.16% to $132.52 premarket at last check Thursday.
Read Next:
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article What's Going On With Phillips 66 Stock Today? originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.