PSX - Phillips 66 refinery made renewable fuels without proper permits - Reuters

California regulators allege Phillips 66 (NYSE:PSX) improperly began processing renewable diesel at one of the units at its Rodeo, California, refinery, the company told Reuters on Friday. The Bay Area Air Quality Management District issued a notice of violation early this month, saying Phillips 66 (PSX) began making renewable diesel without modifying the existing air permit that allows the same type of processing with petroleum feedstocks, according to the report. "Phillips 66 disagrees with the allegation but is working with the district to resolve the notice of violation," the company said. In early May, Contra Costa County approved plans for Phillips 66 and Marathon Petroleum to convert their Bay Area refineries to produce renewable fuels. Phillips 66 (PSX) is trading at a discount to its refining peers, Michael Fitzsimmons writes in a bullish analysis published recently on Seeking Alpha.

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Phillips 66 refinery made renewable fuels without proper permits - Reuters