Oil & gas giant phillips 66 (PSX.US) was convicted of stealing trade secrets and will pay over 0.6 billion dollars in compensation.
The jury from Oakland agreed to Propel's accusations that Phillips 66, headquartered in Houston, used the pretext of gathering potential acquisition information to steal the company's trade secrets, and then used these secrets to create a competitive business.
What's Going On With Phillips 66 Stock Today?
Piper Sandler Maintains Phillips 66(PSX.US) With Buy Rating, Maintains Target Price $144
Phillips 66 Reinstated With a Buy at BofA
Oil Company Phillips 66 Says It Will Shut Down Los Angeles-area Refinery
phillips 66 plans to close the Los Angeles refinery by the end of next year, which may lead to fuel supply shortages in California.
USA refining company phillips 66 announced on Wednesday that it will close its large refinery in the Los Angeles area by the end of next year, which will impact fuel supply in California and may further raise the state's oil prices. Phillips 66 CEO Mark Lashier attributed this decision to "market dynamics". A spokesperson for the company said that the Los Angeles plant provides lower profits than the company's other petroleum refining plants. California, the state with the largest population in the USA, has always had one of the highest gasoline prices in the country, leading to frequent tensions between the state and oil companies.
