Phillips 66
Phillips 66 Faces $604.9 Million Verdict in Trade Secrets Lawsuit
Summary
On October 16, 2024, a jury in the Superior Court of the State of California, Alameda County, returned a verdict against Phillips 66 Company, a wholly owned subsidiary of Phillips 66, in a lawsuit brought by Propel Fuels Inc. The jury awarded Propel Fuels Inc. $604.9 million in compensatory damages, alleging that Phillips 66 Company misappropriated trade secrets related to its renewable fuels business. Phillips 66 Company denies any wrongdoing and plans to vigorously defend its position. The Court has not yet entered a judgment, and several post-trial motions are pending.
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About Phillips 66
Phillips 66 is a renowned American multinational energy company involved in refining, transporting, and marketing petroleum products. Engaging primarily as a downstream sector entity, Phillips 66 operates an extensive network of refineries, pipelines, and retail stations across the globe. The company's main function is to refine crude oil into marketable fuels such as gasoline, diesel, and jet fuel, as well as petrochemical products that serve as building blocks for various industrial applications. Additionally, Phillips 66 is known for its logistics and midstream operations, which include pipelines and trucking services that facilitate efficient energy distribution. The company plays a critical role in the energy sector, impacting industries ranging from transportation to manufacturing. By maintaining a strategic focus on safety, environmental stewardship, and operational excellence, Phillips 66 contributes significantly to the global energy supply chain. Established in 1875 and headquartered in Houston, Texas, Phillips 66 continues to provide essential energy solutions while adapting to evolving market dynamics and sustainability demands.
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