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The commander of the Ukrainian drone force stated that a Ukrainian drone attacked an oil refinery in Taganrog, Russia.On May 30th, the Guangdong Provincial Peoples Government announced on its official website that the "Hong Kong vehicles traveling north" policy will be extended for another five years, until June 1, 2031. It is understood that in May 2023, the "Administrative Measures of Guangdong Province on the Entry and Exit of Hong Kong Motor Vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge" were published, effective from June 1, 2023, for a period of three years. From 00:00 on July 1, 2023, eligible Hong Kong motor vehicle owners, after obtaining approval from the Hong Kong side through an appointment for border crossing, can drive into Guangdong via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge. Data shows that since the implementation of the "Macau vehicles traveling north" and "Hong Kong vehicles traveling north" policies, the number of Hong Kong and Macau passengers entering and exiting through the port has increased by an average of 34% annually, reaching nearly 18 million in 2025. Border inspection authorities predict that the number of Hong Kong and Macau passengers entering and exiting through the port is expected to exceed 20 million in 2026.May 30th - According to several airlines, fuel surcharges for domestic flight tickets sold starting June 5th, 2026, will be reduced. The adjustment standard for adult passengers is: RMB 150 for routes over 800 kilometers, and RMB 80 for routes of 800 kilometers or less. This represents a reduction of RMB 20 and RMB 10 respectively compared to the previous standards. This reduction in fuel surcharges will, to some extent, lower travel costs for passengers.On May 30th, it was reported that on May 29th local time, the Louisiana Senate passed a new congressional district redrawing bill, splitting a district currently controlled by Democrats and predominantly populated by African American voters. The states Republican Governor Jeff Landry subsequently signed the bill into law. Analysts say that with the midterm elections approaching, the struggle between the Republican and Democratic parties over redrawing congressional districts will intensify.May 30th - According to an AFP report on May 29th, Iranian state media reported on the 29th that Iranian authorities are preparing a "grand" funeral for the countrys assassinated former Supreme Leader Ali Khamenei. The funeral had been long postponed due to Irans war with the United States and Israel. Although the specific date is still uncertain, Iranian state television quoted Mohsen Mahmoudi, head of the Islamic Propaganda Coordination Committee, as saying, "A special headquarters has been established to prepare for the funeral, and various departments are currently making preparations and arrangements." Ali Khamenei, who led Iran for more than 30 years, was killed in the first wave of US-Israeli attacks that began on February 28th. His son and successor, Mojtaba Khamenei, was also injured in the attacks and has not made a public appearance since taking office.

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."