The jury determined that Phillips 66 wilfully used Propel's confidential information to establish a competing business.

Energy company Phillips 66 owes biofuel maker Propel Fuels $604.9 million in damages for stealing Propel's trade secrets to build up its renewable-fuel capabilities, a jury in a California state court decided on Wednesday.

Sacramento, California-based low-carbon fuel company Propel Fuels Inc. has won a $604.9 million jury award in its trade secrets misappropriation lawsuit against Houston-based oil giant Phillips 66 (NYSE: PSX).

Phillips 66 should pay $604.9M for stealing trade secrets from biofuel company Propel Fuels during acquisition talks, jury finds.

Phillips 66 should pay $604.9 million for stealing trade secrets from a low-carbon fuel provider that it considered acquiring while preparing to enter the California renewables market, a jury said.