Chevron, Phillips Joint Venture Petitions for Energy Tax Credits

A joint venture of energy giants Chevron Corp. and Phillips 66 Co. says the government is wrongly denying them tens of millions in tax credits for one of the nation’s largest energy investments in recent years.

Chevron Phillips Chemical Co., a partnership owned 50/50 by the two companies, petitioned the US Tax Court after the IRS denied it $35.9 million in energy tax credits and adjusted its taxes to deny it $42.5 million in research credits over four tax years.

The adjustments relate to major infrastructure projects at its research sites, the largest of which being the new $6.7 ...