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Additionally, we have elected a $1 million threshold to disclose certain proceedings arising under federal, state or local environmental laws when a governmental authority is a party to the proceedings.
−Removed: During the second quarter of 2025, there was one new matter and two material developments with respect to matters previously reported.
−Removed: Except as otherwise set forth herein, we do not currently believe that the eventual outcome of any matters previously reported, but still unresolved, individually or in the aggregate, could have a material adverse effect on our business, financial condition, results of operations or cash flows.
+Added: During the third quarter of 2025, there were no new matters and one material development with respect to matters previously reported.
+Added: Except as previously reported, we do not believe we are subject to any matters, individually or in the aggregate, that would have a material adverse effect on our business, financial condition, results of operations or cash flows.
Further, our U.S.
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Securities and Exchange Commission rules is made pursuant to these decrees based on a given reported exceedance, we will separately report that matter and the amount of the proposed penalty.
−Removed: On April 18, 2025, the New Mexico Environment Department commenced an enforcement action against DCP Operating Company, L.P.
−Removed: alleging violations of permit and regulatory requirements at five gas plants, and seven booster or compressor stations in the state from 2018 to 2024.
−Removed: New Mexico seeks a civil penalty in excess of $1 million.
−Removed: The company is responding to the allegations and working with the state to resolve the matter.
−Removed: Matters Previously Reported (unresolved or resolved since the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025)
+Added: Matters Previously Reported (unresolved or resolved since the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025)
As described further in the “Legal Proceedings” section of Note 13—Contingencies and Commitments, in the Notes to Consolidated Financial Statements, on February 17, 2022, Propel Fuels, Inc.
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On October 16, 2024, a jury returned a verdict against Phillips 66 Company for $604.9 million in compensatory damages and issued a willfulness finding.
−Removed: In 2025, the Propel Court is expected to rule on motions filed by Propel Fuels seeking exemplary damages and attorneys’ fees.
−Removed: Propel Fuels asked the Propel Court to grant treble damages and Phillips 66 Company filed a brief in opposition to that request.
−Removed: A hearing on the exemplary damages was held on March 4, 2025.
−Removed: Also in 2025, the Propel Court is expected to rule on motions to be filed by Phillips 66 Company for a judgment in its favor as a matter of law, or in the alternative to reduce the jury’s verdict or to grant a new trial.
+Added: Based on the willfulness finding, Propel Fuels asked the Propel Court to award $1.2 billion in exemplary damages, and Phillips 66 Company filed a brief in opposition to that request.
+Added: A hearing on exemplary damages was held on March 4, 2025.
+Added: On August 5, 2025, the Propel Court entered a final judgment against Phillips 66 Company in the amount of $833 million.
+Added: The judgment includes the $604.9 million jury verdict, $195 million of exemplary damages, and $33.3 million of pre-judgment interest at 7%.
+Added: Post-judgment interest of 10% is accruing from the date of the final judgment.
+Added: On August 25, 2025, Phillips 66 Company filed three post-trial motions requesting that the Propel Court render judgment in favor of Phillips 66 Company, grant a new trial, and/or reduce the damages award.
+Added: O n October 20, 2025, the Propel Court denied Phillips 66 Company’s motions.
+Added: On October 24, 2025, Propel Fuels filed additional motions with the Propel Court seeking attorney’s fees and costs.
+Added: Phillips 66 will file its opposition and once the record on this issue is complete, the Propel Court will rule on these motions.
Phillips 66 Company denies any wrongdoing and intends to vigorously defend its position.
While Phillips 66 Company believes the jury verdict is not legally or factually supported and intends to pursue post-judgment remedies and file an appeal, there can be no assurances that such defense efforts will be successful.
−Removed: To the extent Phillips 66 Company is required to pay exemplary damages, it may have a material adverse effect on our financial position and results of operations.
−Removed: On April 17, 2025, Phillips 66 Company paid $3.4 million to settle allegations by the United States Environmental Protection Agency that it was liable for certain cleanup costs at the Horton Iron and Metal Superfund Site as a result of alleged successor liability from historical operations of the Agrico Chemical Company.
+Added: Until the final resolution of this matter, we may be exposed to losses in excess of the amount recorded, and such amounts may have a material adverse effect on our financial position.
Dakota Access, LLC (Dakota Access) and Energy Transfer Crude Oil Company, LLC (ETCO)
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.