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Phillips 66 Under California Watchdog Scrutiny: Reuters

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  • California regulators allege Phillips 66 (NYSE: PSX) 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 0.66% at $84.95 during the premarket session on Friday.

  • Photo via Wikimedia Commons

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