Phillips 66
PSX
Energy
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Phillips 66 is a leading integrated downstream energy company whose core business is refining, marketing, and distributing fossil fuel products. It operates 15 refineries globally with a total capacity of approximately 1.9 million barrels per day, making it the fourth-largest refiner in the United States. The company also manages over 86,000 miles of pipelines and processes more than 40 billion pounds of chemicals annually, deriving the vast majority of its revenue from these fossil fuel-based operations.
In July 2025, a federal jury ordered Phillips 66 to pay $800 million in damages to biofuel maker Propel Fuels for stealing trade secrets. The court found that Phillips 66 had unlawfully used Propel's confidential financial data and business strategies during due diligence to build its own renewable fuels business, with the jury determining the misappropriation was willful and malicious. This penalty highlights significant governance and legal risks within the company's operations.
Standing Rock Sioux Tribe v. U.S. Army Corps of Engineers (ongoing) — Phillips 66; ~25% ownership stake in Dakota Access Pipeline (DAPL); shares Energy Transfer's DAPL indigenous rights liability; pipeline traverses treaty territory of Standing Rock Sioux without FPIC; active tribal litigation ongoing as of 2025; Mni Sose (Missouri River) pipeline crossing threatens tribal water supply
Research Sources
5 organizations
Related Exclusions
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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