UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 8.01 | Other Events. |
On July 30, 2025, the Superior Court of the State of California, Alameda County (the “Court”), issued an order regarding exemplary damages in the previously reported lawsuit brought by Propel Fuels Inc. (“Propel Fuels”). After considering Propel Fuels’ request for exemplary damages in the amount of $1.2 billion, the Court ordered Phillips 66 Company, a wholly owned subsidiary of Phillips 66 (the “Company”), to pay Propel Fuels $195 million in exemplary damages, plus pre- and post-judgment interest. These amounts are in addition to the previously reported $604.9 million in compensatory damages that was awarded as part of the jury’s verdict on October 16, 2024.
Phillips 66 Company denies any wrongdoing and intends to vigorously defend its position. Although Phillips 66 Company believes the jury verdict and award of exemplary damages are not legally or factually supported and intends to pursue post-judgment remedies and to file an appeal, there can be no assurances that such efforts will be successful.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws regarding the above-mentioned lawsuit. Words such as “expect,” “intend,” “believe” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. Factors that could cause actual results or events to differ materially from those described in these forward-looking statements include those that are set forth in the Company’s filings with the Securities and Exchange Commission, as well as other factors that are beyond the Company’s control. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Phillips 66 | ||||||
| Dated: August 6, 2025 | By: | /s/ Vanessa A. Sutherland | ||||
| Vanessa A. Sutherland Executive Vice President | ||||||
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