Latest news with #PropelFuels
E&E News
04-08-2025
- Business
- E&E News
Phillips 66 ordered to pay additional $195M for stealing biodiesel trade secrets
A California judge last week ordered Phillips 66 to pay $195 million in damages for stealing trade secrets from a biofuel company. What happened: Alameda Superior Court Judge Michael Markman ruled that Phillips 66, one of the country's largest refiners, used a proposal to buy Sacramento-based Propel Fuels to gain access to the company's business information and support its own biofuel division. The punitive damages Markman awarded, which are meant to punish Phillips 66 for egregious misconduct, come on top of $605 million in compensatory damages a jury ordered the company to pay in October following a trial over the allegations of stolen trade secrets. Advertisement Why it matters: Phillips 66 converted its gasoline refinery in the Bay Area city of Rodeo to produce renewable biofuels, starting operations in 2022. The move to renewables became all the more significant when the company announced in October that it would close its Los Angeles oil refinery by the end of this year.
Yahoo
31-07-2025
- Business
- Yahoo
Phillips 66 hit with $800 million penalty in biofuel trade secrets case
By Nicole Jao NEW YORK (Reuters) -U.S. refiner Phillips 66 was ordered to pay biofuel maker Propel Fuels $800 million in damages for stealing trade secrets to build up its renewable-fuel capabilities, according to a California state court document. A state court in Alameda, California, on Wednesday ordered Phillips 66 to pay $195 million in punitive damages, in addition to $604.9 million in compensation the refiner was ordered to pay following a separate verdict. "In summary, the court finds that Phillips 66's misconduct was 'reprehensible' from a business perspective. The evidence at trial reflects that Phillips 66 took advantage of Propel Fuels by abusing its bargaining power during due diligence," the court order said. In October, a jury in the California court decided that Houston-based Phillips 66 stole trade secrets under the guise of gathering information for a potential acquisition and then used that information to create a competing business. "We received the order and continue to evaluate all our legal options," a Phillips 66 spokesperson said on Thursday. Sacramento-based Propel Fuels specializes in low-emissions gasoline and diesel fuel. According to the legal document, Phillips 66 approached Propel Fuels in 2017 about acquiring the company to enhance its renewable fuel business in California. Phillips 66 abruptly withdrew from the deal in 2018 and began selling its own renewable fuel in 2019. Propel Fuels sued the refiner in 2022, accusing Phillips of unlawfully using trade secrets, including financial data and business strategies, that the biofuel company had shared during their talks. "This is the result of years of perseverance by our client," said Michael Ng, lawyer at Kobre & Kim and co-counsel for Propel Fuels. "It was really important to them that they stand up, not just for themselves, but for innovators generally." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-04-2025
- Business
- Yahoo
Phillips 66 completes EPIC NGL acquisition for $2.2bn
US energy company Phillips 66 has completed the acquisition of EPIC Y-Grade GP and EPIC Y-Grade, which operate various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems (EPIC NGL), for $2.2bn. Phillips 66 signed a definitive agreement for the acquisition in January this year. The EPIC NGL assets include two fractionators with a combined capacity of 170,000 barrels per day (bpd), located near Corpus Christi, Texas, along with 350 miles of purity distribution pipelines. The assets also include an 885-mile natural gas liquids (NGL) pipeline with a capacity of 175,000bpd. The pipeline plays a crucial role in transporting NGL from production areas in the Delaware, Midland and Eagle Ford basins to key fractionation complexes and the Phillips 66 Sweeny Hub. An ongoing expansion project is set to increase the NGL pipeline's capacity from 175,000bpd to 225,000bpd by the second quarter (Q2) of this year. Furthermore, a second expansion has been approved to boost the capacity to 350,000bpd, with completion targeted for Q4 2026. These assets link Permian production to Gulf Coast refiners, petrochemical companies and export markets, while also integrating with the existing Phillips 66 asset base. Phillips 66 Midstream & Chemicals executive vice-president Don Baldridge said: 'This transaction strengthens our position as a leading integrated downstream energy provider. We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products. 'Phillips 66 will offer producers unparalleled flow assurance, while advancing a strategy that is expected to deliver attractive returns and create long-term value for our shareholders.' In October 2024, Phillips 66 faced a setback when a California state court jury ordered the company to pay $604.9m in damages to Propel Fuels. Propel Fuels, a retailer specialising in low-carbon fuels across California, accused Phillips 66 of misappropriating trade secrets to enhance its renewable fuel capabilities. "Phillips 66 completes EPIC NGL acquisition for $2.2bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
