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June 3rd Futures News: Overall, the domestic refined oil market is currently experiencing a complex interplay of positive and negative factors. Short-term increases in international crude oil prices support firm price increases from major oil companies, but expectations of retail price reductions and weak end-user demand dominate, significantly offsetting the positive impact of overseas prices. It is expected that the domestic gasoline and diesel market will maintain a stable to slightly higher list price in the short term, with flexible price concessions in actual transactions, and market sentiment is unlikely to see a significant recovery. Future market trends will largely depend on the market recovery after the new round of retail price adjustments, while closely monitoring international crude oil price fluctuations and the strength of the recovery in domestic end-user demand.On June 3, it was reported that, with the approval of the State Council, the Peoples Bank of China and the Central Bank of Egypt recently renewed their bilateral currency swap agreement. The swap size has been increased from the original 18 billion yuan/80.7 billion Egyptian pounds to 30 billion yuan/203 billion Egyptian pounds. The agreement is valid for three years and can be extended with the consent of both parties. The renewal and expansion of the bilateral currency swap agreement will help deepen monetary and financial cooperation between the two countries, expand the use of local currencies between China and Egypt, facilitate bilateral trade and investment, and maintain financial market stability.Saudi Aramcos Vice President of Market Analysis and Sustainability: The reduction of refining capacity by 3 million barrels per day between 2020 and 2023 has impacted the system during the current crisis.Saudi Aramco Vice President of Market Analysis and Sustainability: Underinvestment in the oil refining sector.Eurozone PPI rose 0.6% month-on-month in April, below the expected 0.5% and the previous reading of 3.40%.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

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Lashier, a chemical engineer who joined the firm three decades ago in the chemicals division, was named president and chief operating officer a year ago after leading Chevron Phillips Chemical Co, the company's joint venture with Chevron Corp (NYSE:CVX), since 2017.


Garland has considered refining as a mature company and has concentrated its efforts on expanding its energy infrastructure, chemicals, and establishing a presence in electric vehicle battery components. It spent around $150 million last year for a 16.5% share in Novonix Ltd, an Australian provider of lithium-ion battery materials.


Garland "built a market-leading diversified energy manufacturing and logistics organization while investing for the future and producing solid financial returns," according to Glen Tilton, lead independent director of Philips 66.


Although the Houston company's non-refining initiatives have generated great shareholder returns, its shares have lately underperformed bigger competitors that benefitted from increasing gasoline margins during pandemic lockdowns.


Lashier is expected to pursue Garland's diversification approach, which includes biofuels, hydrogen, and battery components. However, he must demonstrate that he can match competitors Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO), which increased shareholder returns by selling off retail operations and diversifying into renewable diesel, analysts said.


Phillips 66 (NYSE:PSX) traded at $81.97 on Tuesday, up 13% year to date, compared to 34% year-to-year gains at Marathon and Valero and around 96% year-to-date gains at PBF Energy (NYSE:PBF).


"Lashier's task is to increase the company's value," Matthew Blair, an analyst at Tudor Pickering Holt & Co., said. "He will face inquiries regarding the company's non-refining businesses' value and what he can do to boost stock price performance and capitalize on the potential valuation."

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