A California court has ordered Phillips 66 to pay $800 million to Propel Fuels for misappropriating trade secrets related to renewable fuel marketing. The case stems from failed acquisition talks in 2017–2018, during which Phillips allegedly accessed confidential information and later used it to launch a competing business. The award includes $604.9 million in compensatory damages and $195 million in punitive damages, with the court calling Phillips’ conduct “reprehensible.” This marks one of the largest trade secret verdicts in U.S. history and could reshape how companies approach M&A due diligence. Phillips 66 is reviewing its legal options and may appeal. Its shares declined following the ruling.