EUR/USD 1.13865
0.150%
Gold 4071.52
1.116%
Oil 69.386
-2.717%
USD/JPY 161.751
-0.028%
GBP/USD 1.31980
0.059%
GBP/JPY 213.482
0.043%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
June 28 - Neuberger portfolio manager Joseph Purtell said, "In the short term, the dollar is likely to remain strong due to rising US real interest rates." He believes the dollar is poised to break out of its six- to nine-month range, but added that in the long term, the dollar may weaken given structural issues such as the fiscal sustainability of the US government.The European-Mediterranean Seismological Centre reports a magnitude 6 earthquake off the east coast of Honshu, Japan.On June 28th, Gavekal Research stated in a report: "In 2025, the market is widely concerned that Trump will weaken the independence of US monetary policy, nominate a political puppet as Federal Reserve Chairman, force the Fed to cut interest rates, and cause inflation to remain persistently above the Feds 2% target." "Developments over the past seven months have made this scenario unlikely." These developments include the appointment of Kevin Warsh to lead the Fed and the re-election of 11 of the 12 regional Fed presidents. At Warshs first meeting earlier this month, the Fed emphasized its commitment to price stability, surprising some market participants who had expected a more dovish stance from the new chairman.On June 28, US President Donald Trump nominated Lance Schroyer to be the new Director of US Immigration and Customs Enforcement (ICE). Trump stated that Schroyer, a former Oklahoma State Trooper and US Marine, has extensive experience working with ICE and is adept at combating illegal immigration and deporting undocumented immigrants. Trump also urged the Senate to confirm Schroyers nomination as soon as possible.The European-Mediterranean Seismological Centre reports a 5.6-magnitude earthquake off the coast of Aragua, Venezuela.

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."

Suggestion