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Futures News, July 15th - Data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that for the week ending July 11th, Japans commercial crude oil inventories stood at 10,268,993 kiloliters, a decrease of 331,964 kiloliters from the previous weeks 10,600,957 kiloliters. Refinery operational capacity utilization was 86.20%, compared to 83.00% the previous week. Refinery design capacity utilization was 74.60%, unchanged from 73.00% the previous week. Due to changes in Japans petroleum product supply structure, the PAJ has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.On July 15th, NIO became a strategic investor in Changxin Technology, committing to a subscription amount of 158 million yuan with a lock-up period of 18 months. The two companies will engage in strategic cooperation on existing automotive-grade LPDDR4X and LPDDR5X products, aiming to build a stable and mutually trusting strategic supply relationship. In recent years, NIO has continuously invested in core technologies such as chips, intelligent driving, and energy, and has deepened its strategic cooperation with key partners in the industry chain.July 15th - Anta Sports (02020.HK) announced that its former CEO, Xu Yang, has resigned due to family reasons. The group has approved his resignation and he will be reassigned. Lai Shixian, Executive Director and Co-CEO of Anta Group, will assume the role of acting CEO of the Anta brand, effective immediately, and will be fully responsible for the brands daily operations and management. Anta emphasized that its established long-term development strategy remains unchanged.On July 15th, Yonhap News Agency reported that South Korean retail investors purchased approximately 400 billion won worth of SK Hynixs American Depositary Receipts (ADRs) on their first day of trading on Nasdaq. SK Hynix ADRs began trading on Nasdaq on July 10th, with approximately 84,000 investors purchasing the stock through nine major South Korean securities firms. South Korean investors collectively held 1.36 million shares that day, representing 0.76% of the total 177.9 million shares issued. Based on the issue price, this holding was worth approximately 338.9 billion won. If clients of other securities firms not included in the statistics are taken, the number of South Korean investors who purchased the stock is estimated to be close to 100,000, with a total holding of approximately 400 billion won. The strong buying by South Korean retail investors was also reflected in the domestic stock market. On July 10th, individual investors made net purchases of 788,510 SK Hynix shares in the South Korean stock market, amounting to approximately 1.7 trillion won. Even with the stock falling 16.15% on the 13th, retail investors continued to increase their holdings, buying approximately 3 trillion won.On July 15, Minister of Commerce Wang Wentao met with Solomon Islands Minister of Foreign Affairs and Foreign Trade Honipwela on July 14, and they held friendly exchanges on issues such as China-China economic and trade relations. Wang Wentao stated that China is willing to work with the Solomon Islands to continue expanding mutually beneficial economic and trade cooperation and promote new developments in the China-China comprehensive strategic partnership for a new era. Honipwela stated that since the establishment of diplomatic relations between the Solomon Islands and China, bilateral relations have continuously developed and improved, and he looks forward to further deepening cooperation with China in various fields. After the meeting, Wang Wentao and Honipwela jointly signed the "Framework Agreement on Enhancing the Economic Partnership." Both sides will conduct flexible and pragmatic negotiations based on this agreement to reach mutually beneficial institutional arrangements for expanding bilateral trade, investment, and practical cooperation, better promote regional supply chain cooperation, and elevate China-China economic and trade relations to a new level.

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."