• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.29% to 51,712.71 points, the S&P 500 fell 0.37% to 7,472.79 points, and the Nasdaq Composite fell 1.32% to 26,166.6 points. Caterpillar rose more than 3%, and Amgen rose more than 2%, leading the Dow. The Wind U.S. Tech Big Seven Index fell 2.33%, with Google falling more than 5% and Amazon falling more than 4%. SpaceX fell more than 16%, wiping out $400 billion in market value and falling below its first-day closing price. 2. European stock indexes closed mixed. The German DAX rose 0.62% to 25,139.69 points; the French CAC40 fell 0.25% to 8,400.11 points; and the UK FTSE 100 rose 0.72% to 10,437.85 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 5.31 basis points to 4.226%, the 3-year Treasury yield rose 5.36 basis points to 4.246%, the 5-year Treasury yield rose 5.86 basis points to 4.287%, the 10-year Treasury yield rose 5.55 basis points to 4.509%, and the 30-year Treasury yield rose 4.97 basis points to 4.948%. 4. The most active US crude oil futures contract closed down 3.21% at $74.08 per barrel; the most active Brent crude oil futures contract fell 2.8% to $77.81 per barrel. 5. International precious metals futures generally closed higher. COMEX gold futures rose 0.88% to $4209.70 per ounce, and COMEX silver futures rose 0.42% to $65.19 per ounce. 6. Most London base metals rose, with LME zinc up 1.28% to $3,602.0/ton, LME nickel up 0.74% to $17,710.0/ton, LME copper up 0.56% to $13,671.0/ton, LME lead up 0.56% to $1,965.0/ton, LME tin down 0.11% to $53,235.0/ton, and LME aluminum down 1.07% to $3,360.0/ton.UK grid operator: Ample power supply expected this winter.June 23 - Asian stocks are poised for a higher open as market optimism about progress in US-Iran peace talks boosts oil prices, offsetting weakness in Wall Street stocks after declines in several tech giants dragged down benchmark indices. Stock index futures suggest gains in Sydney, Hong Kong, and Tokyo markets. SpaceX shares plunged 16% on Monday after announcing a large-scale investment-grade bond issuance. Market expectations of a US-Iran agreement, coupled with a recovery in AI trade and robust corporate earnings, have propelled the S&P 500 nearly 20% from its war-induced lows. UBSs Chief Investment Office stated that while geopolitical developments may remain a major source of market volatility in the short term, shifts in investor confidence regarding the sustainability of the AI rally could also cause market fluctuations.Air raid sirens have been issued in Kyiv, Ukraine, and the government is urging residents to seek refuge.June 23 – According to CNN, citing a source familiar with the matter, a large-scale layoff initiated by Bill Pulte, acting Director of National Intelligence appointed by US President Trump, began on Monday. The source stated, "The purge of the deep state has begun," but declined to specify the number of positions to be cut. Previously, sources indicated that Pulte was considering cutting hundreds of positions in the Office of the Director of National Intelligence (ODNI). The source said that Pulte arrived at his post the day before his official start date last week and requested a complete list of all office staff, a move that even caught outgoing Director of National Intelligence Gabbard off guard. Another source indicated that the National Counterterrorism Center and the National Counterintelligence and Security Center are expected to be the primary targets of the layoffs.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

P2.png


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."