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Phillips 66 under California watchdog scrutiny

Benzinga Real-time News · Jun 24, 2022 08:51 · Latest

California regulators allege $Phillips 66(PSX.US)$ improperly began processing renewable diesel in a unit at its Rodeo, California refinery, reported Reuters.
In early June, the Bay Area Air Quality Management District (BAAQMD) issued a notice of violation, alleging that the refinery began producing renewable diesel without first amending the existing air permit, which allows the same type of processing with petroleum feedstocks.
"Phillips 66 disagrees with the allegation but is working with the district to resolve the notice of violation," stated the company. PSX added that it had submitted an air permit modification request to the district.
Environmental groups like the Natural Resources Defense Council claimed Phillips 66 had not obtained the necessary permissions, which Phillips 66 disputed.
In related news, PSX published its 2022 sustainability report on Thursday.
Furthermore, officials informed that PSX in June had failed to apply for permission to use alternative fuels in one of the refinery units, according to an email seen by Reuters.
Price Action: PSX shares are trading higher by 1.61% at $85.75 during the premarket session on Friday.

Photo via Wikimedia Commons

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeline for any particular purpose of the above content.

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In the U.S., investment products and services available through the moomoo app are offered by Moomoo Financial Inc., a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) and a member of Financial Industry Regulatory Authority (FINRA)/Securities Investor Protection Corporation (SIPC).

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In Malaysia, investment products and services available through the moomoo app are offered through Moomoo Securities Malaysia Sdn. Bhd. ("Moomoo MY")regulated by the Securities Commission of Malaysia (SC). Moomoo Securities Malaysia Sdn. Bhd. is a Capital Markets Services Licence (License No. eCMSL/A0397/2024) holder. This advertisement has not been reviewed by the SC.

Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.，Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc., and Moomoo Securities Malaysia Sdn. Bhd. are affiliated companies.

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