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On October 16, 2024, a jury returned a decision versus Phillips 66 Business, an entirely possessed subsidiary of Phillips 66 (NYSE: PSX), in a lawsuit brought by Propel Fuels Inc.
In the suit, Drive Gas affirmed that Phillips 66 misused profession tricks connected to its sustainable gas company.
The court granted Propel Gas $604.9 million in countervailing problems. The situation is presently in the Superior Court of the State of The Golden State, Alameda Area, and the Court has actually not yet gone into a judgment, as a number of post-trial movements are still pending.
Phillips 66 Business, nonetheless, has actually refuted any type of misdeed and means to intensely safeguard its setting while assessing every one of its lawful alternatives.
According to Benzinga Pro, PSX supply has actually acquired over 16% in the previous year.
Capitalists can acquire direct exposure to the supply using VanEck Oil Refiners ETF (NYSE: CRAK) and iShares united state Oil & & Gas Expedition & & Manufacturing ETF (BATS: IEO).
In a news release the other day, the company revealed strategies to discontinue procedures at its Los Angeles-area refinery in the 4th quarter of 2025 and will certainly collaborate with the state of The golden state to provide gas markets and fulfill ongoing consumer demand.
” We recognize this choice has an effect on our staff members, service providers and the wider neighborhood,” claimed Mark Lashier, chairman and chief executive officer of Phillips 66. “We will certainly function to assist and sustain them via this shift.”
About 600 staff members and 300 service providers presently run the Los Angeles-area refinery, the firm claimed.
Rate Activity: PSX shares are trading greater by 0.16% to $132.52 premarket finally check Thursday.
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This post What’s Going On With Phillips 66 Stock Today? initially showed up on Benzinga.com
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