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PSX plans to shut its Los Angeles refinery by late 2025, citing market dynamics and lower profits, leaving California to face further fuel supply challenges.
SACRAMENTO, Calif.--(BUSINESS WIRE)--Propel Fuels, Inc. (“Propel”), a leading retailer of low-carbon fuels at stations throughout California, was awarded victory by a jury in its trade secrets misappropriation case against Phillips 66 Company (“Phillips 66”), following a five-week trial in the Superior Court of California, County of Alameda, located in Oakland, California. The jury found in Propel's favor on its claim that Phillips 66's California renewable fuels business was developed from Pro.
Energy company Phillips 66 owes biofuel maker Propel Fuels $604.9 million in damages for stealing Propel's trade secrets to build up its renewable-fuel capabilities, a jury in a California state court decided on Wednesday.
The oil refiner said the unit's long-term sustainability is uncertain and affected by market dynamics.
HOUSTON--(BUSINESS WIRE)--Phillips 66 announced plans to cease operations at its Los Angeles refinery, will work with the state of California to meet ongoing consumer demand. .
PSX states that the proceeds from the sale of 49% of its non-operated equity interest in Coop Mineraloel will support its priorities, including shareholder returns.
HOUSTON--(BUSINESS WIRE)--The board of directors of Phillips 66 has declared a quarterly dividend of $1.15 per share on Phillips 66 common stock.
HOUSTON--(BUSINESS WIRE)--The board of directors of Phillips 66 has appointed Grace Puma Whiteford to serve on the company's board, effective Oct. 10.
When Phillips 66 PSX releases earnings results for its third quarter on Tuesday, Oct. 29, analysts expect the company to report quarterly earnings at $2.1 per share. That's down from $4.63 per share in the year-ago period.
Phillips 66 Chair and CEO Mark Lashier says US fuel demand has been "flat-to-weak" this year and expects rationalization of global refining capacity in 2025. He speaks on "Bloomberg The Close.