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Samsung Electronics shares rose 7.2%.On May 27th, data from the National Bureau of Statistics showed that from January to April, industrial enterprises above the designated size achieved operating revenue of 44.89 trillion yuan, a year-on-year increase of 5.2%; operating costs reached 38.13 trillion yuan, an increase of 4.5%; and the operating profit margin was 5.43%, an increase of 0.60 percentage points year-on-year. At the end of April, the total assets of industrial enterprises above the designated size reached 192.07 trillion yuan, a year-on-year increase of 5.5%; total liabilities reached 111.39 trillion yuan, an increase of 5.9%; total owners equity reached 80.69 trillion yuan, an increase of 5.1%; and the asset-liability ratio was 58.0%, an increase of 0.2 percentage points year-on-year. At the end of April, accounts receivable of industrial enterprises above the designated size reached 27.44 trillion yuan, a year-on-year increase of 7.2%; and finished goods inventory reached 6.95 trillion yuan, an increase of 6.7%.Chinas industrial profits rose 24.7% year-on-year in April, up from 15.80% in the previous month.May 27th - According to data from the National Bureau of Statistics, from January to April, the total profits of industrial enterprises above designated size nationwide reached 2,435.84 billion yuan, a year-on-year increase of 18.2%. Among these enterprises, state-owned holding enterprises achieved total profits of 827.15 billion yuan, a year-on-year increase of 17.1%; joint-stock enterprises achieved total profits of 1,883.44 billion yuan, an increase of 24.0%; foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan achieved total profits of 542.24 billion yuan, an increase of 2.3%; and private enterprises achieved total profits of 651.14 billion yuan, an increase of 23.7%. From January to April, the mining industry achieved total profits of 361.84 billion yuan, a year-on-year increase of 26.0%; the manufacturing industry achieved total profits of 1,801.99 billion yuan, an increase of 20.4%; and the electricity, heat, gas and water production and supply industry achieved total profits of 272.01 billion yuan, a decrease of 1.9%.Chinas year-to-date profits for major industrial enterprises rose 18.2% in April, up from 15.50% in April.

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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