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On August 21st, TD Securities strategists noted in a report that additional guidance from Federal Reserve Chairman Kevin Warsh at next weeks Jackson Hole symposium might offer investors "a slight respite." However, it would be disappointing if Warsh continued to avoid providing forward guidance. They stated, "The market will expect stability from Warsh, but the risk of disappointment remains high." Strategists believe Warsh may try to improve his communication style, but forward guidance may still be insufficient. "The market will be looking for clues about its response mechanisms and a reaffirmation of the Feds ability to combat inflation." Strategists anticipate Warshs speech will be gradual rather than disruptive.Both WTI and Brent crude oil prices fell slightly by about $0.50 in the short term, to $86.32 and $92.07 per barrel, respectively.On August 21, Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to strengthen prevention and source control, improve the operation and maintenance of power equipment and facilities, conduct thorough risk and hazard investigations, and rigorously control the quality of all stages of design, construction, and acceptance of new projects to ensure the safe and stable operation of the power system. The meeting also stressed the importance of enhancing emergency response capabilities for power safety accidents, continuously promoting the iterative upgrading of technology and equipment, and improving the collaborative management framework among various departments.On August 21, Premier Li Qiang chaired an executive meeting of the State Council. The meeting emphasized the need to continue the fight for blue skies, strengthen targeted guidance, enhance governance and joint prevention and control in key areas, improve fiscal, financial, and pricing support policies, and promote the optimization of industrial, energy, and transportation structures to persistently improve air quality. It also stressed the importance of mobilizing all sectors to promote green production and lifestyles.According to The Information, Nvidia (NVDA.O) will pay $6 billion to AI model startup Poolside as part of a licensing and talent acquisition agreement.

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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