California Court: Propel Fuels vs. Phillips 66 – A Billion-Dollar Legal Dispute Over Trade Secrets in the Field of Renewable Fuels

Propel Fuels has sued Phillips 66 for alleged misappropriation of trade secrets in the renewable energy sector. A jury decided in favor of Propel Fuels and awarded the company $604.9 million in damages. The case is in the Superior Court of California, Alameda County, but the verdict is not yet final, as several post-trial motions are pending. Phillips 66 vehemently denies any wrongdoing. The company intends to vigorously defend its position and is currently exploring all legal options. According to recent information from Benzinga Pro, shares of Phillips 66 have increased by over 16% in the past year. Interested investors can invest in the stock via the VanEck Oil Refiners ETF and the iShares U.S. Oil & Gas Exploration & Production ETF. The company announced yesterday that it plans to cease operations at the refinery near Los Angeles in the fourth quarter of 2025. Phillips 66 will collaborate with the state of California to continue serving fuel markets and meet consumer demand. Mark Lashier, Chairman and CEO of Phillips 66, commented: "We understand that this decision impacts our employees, contractors, and the broader community. We will support them through this transition." Currently, around 600 employees and 300 contractors work at the refinery in the Los Angeles area.