EUR/USD 1.13833
0.059%
Gold 4032.04
-0.426%
Oil 89.478
-1.758%
USD/JPY 163.786
-0.042%
GBP/USD 1.33196
0.046%
GBP/JPY 218.161
0.019%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Royal Bank of Canada raised its price target for Thermo Fisher Scientific (TMO.N) from $490 to $580.July 24th - In June 2026, the China Green Certificate Price Index closed at 181.0 points (with January 2025 as the base period of 100 points), down 0.2% month-on-month and up 23.2% year-on-year.On July 24th, it was reported that in June 2026, the National Energy Administration issued 373 million green certificates, involving 1.2475 million renewable energy power generation projects. Of these, 206 million were tradable green certificates, accounting for 55.41%, roughly the same as the previous month. This period saw the issuance of 270 million green certificates corresponding to renewable energy power generation in May 2026, accounting for 72.38%. The number of green certificates issued for conventional hydropower, biomass power generation, and other renewable energy power generation types all increased this month, with conventional hydropower seeing the largest increase.Minsheng Capital (01141.HK) fell in the afternoon, dropping more than 40% at one point, but has now narrowed its losses to 30%.July 24th - Data released by the UK Office for National Statistics on Friday showed that UK retail sales unexpectedly rose 1.0% month-on-month in June, compared to economists expectations of a 0.3% decline. Year-on-year growth in June retail sales was 4.2%, also higher than the 2.3% increase predicted by economists. Hannah Finselbach, senior statistician at the Office for National Statistics, said that demand for "outdoor goods, air conditioning and clothing" was strong in June, and online sales of sporting goods were also good. These figures further demonstrate that consumer sentiment is improving after the Middle East conflict hit consumer confidence. Household inflation fell to its lowest level in over a year due to lower fuel and food prices, and the sluggish labor market also showed signs of stabilizing. However, this recovery remains fragile. The recent breakdown of the US-Iran ceasefire agreement has reignited concerns about soaring energy bills and rising mortgage costs.

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