EUR/USD 1.15853
-0.568%
Gold 4458.14
-3.118%
Oil 82.713
-0.301%
USD/JPY 160.075
0.430%
GBP/USD 1.35378
-0.402%
GBP/JPY 216.693
0.027%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
United Airlines (UAL.O): It will resume flights between Tel Aviv and San Francisco on March 27, 2027, with three flights per week.Russian officials say one person was killed in an attack by Ukraine on the Russian-controlled Luhansk region.On August 30th, Nick Timiraos, a vocal advocate for the Federal Reserve, wrote that Fed Chairman Warsh quelled some concerns about his inflation-fighting strategy, but also laid the groundwork for a potentially bigger test three weeks later. A Fed rate hike could anger the White House weeks before the midterm elections. Holding rates steady could reignite the doubts quelled by his speech. Two points in Warshs Friday speech particularly suggest a Fed rate hike next month: first, Warsh found it difficult to call current financial conditions restrictive; second, the relatively positive inflation data over the summer did not convince him that the underlying trend was improving. Prior to Friday, the Feds default stance was to hold rates steady unless the data was sufficient to support action. Former Fed Vice Chairman Cohn stated that Warshs speech reversed this logic. "He has changed his previous assumptions; now hell raise rates unless the data shows no need." This means the final decision will depend on developments before the September meeting, especially the August CPI data released on September 11th. Cohn stated that the Fed should not raise interest rates if the data indicates that no action is necessary; however, strong data could weaken the argument that inflation is falling toward the Feds 2% target.Ukrainian President Volodymyr Zelenskyy: Overnight, the Ukrainian Armed Forces struck facilities in Russias Oryol and Rostov regions used for storing, preparing, and launching attack drones. The Ukrainian forces also carried out strikes on a military airfield in Yeysk and in the Black Sea region, as well as a long-range strike on an oil refinery in Leningrad Oblast that generates millions of dollars in revenue monthly for Russias war budget.August 30 - According to the European-Mediterranean Seismological Centre, a 5.9-magnitude earthquake struck the sea near the Kermadec Islands of New Zealand at approximately 21:02 local time on August 30. The epicenter was located at approximately 30.0697 degrees south latitude and 177.1853 degrees west longitude, with a focal depth of about 35 kilometers. There are currently no reports of casualties or property damage.

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