Phillips 66 Is Accused of Violating the Clean Water Act

Published On Nov 21, 2024, 7:16 PM

Phillips 66, the Houston-based oil company, has been indicted by a federal grand jury for violating the Clean Water Act by dumping nearly 800,000 gallons of contaminated wastewater into the Los Angeles County sewer system. The charges were cited for incidents occurring in 2020 and 2021, where oil and grease levels in the discharged wastewater were excessively high. The company faces potential fines totaling up to $2.4 million and probation for each count of negligence. Additionally, Phillips 66 plans to close its Carson oil refinery in late 2025 due to market conditions.

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The indictment has raised concerns regarding the company's compliance with environmental regulations and could harm its reputation, potentially leading to financial penalties and increased scrutiny. Investors may react negatively to this news considering the implications it may have on Phillips 66's operational capabilities and future profitability due to regulatory challenges.

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