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September 4th - First Citizens Bank stated that Fridays U.S. jobs report will show whether the labor market remains in a state of "low hiring, low layoffs." In this state, slowing hiring and limited layoffs, along with a shrinking labor force, offset each other, keeping the unemployment rate generally stable. Key data to watch includes non-farm payrolls, the unemployment rate, labor force size, and revisions to data from previous months. A significant decline in non-farm payrolls or a further contraction in the labor force would be an early sign that the labor market stagnation is beginning to shift towards broader weakness.On September 4th, the "15th Five-Year Plan for Accelerating Agricultural and Rural Modernization in Sichuan Province" was issued. It mentions the comprehensive implementation of the responsibility system for farmland protection and food security, ensuring that the grain planting area remains stable at over 96 million mu. A new round of grain production capacity improvement actions will be implemented, deepening the construction of the "Tianfu Granary • Hundred Counties, Thousand Areas" initiative, carrying out "ton-grain field" construction, promoting the integrated efficiency of "four good" (good land, good seeds, good machinery, good methods), and systematically advancing large-scale yield increases. The grain planting structure and regional layout will be optimized, continuously improving rice and corn production capacity, stabilizing wheat production, consolidating the achievements of soybean and oilseed expansion, and developing autumn-winter potatoes and ratooning rice according to local conditions. Provincial-level fiscal subsidies for large grain growers and grain production incentive policies will be implemented, and the minimum purchase price policy for rice will be implemented. Full-cost insurance for the three major grain crops and full-cost and planting income insurance for soybeans will be comprehensively promoted.On September 4th, the Qijing GX7 officially opened for pre-sale.September 4th - A comprehensive set of optimized policies for Beijings housing market officially took effect on August 8th, addressing issues from multiple dimensions, including easing purchase restrictions, significantly increasing public housing fund loan limits, and optimizing property gifting rules. Now, nearly a month after the policies implementation, new home sales offices are seeing increased foot traffic, and viewings and transactions for existing homes are also rising, indicating a continued activation of demand from first-time homebuyers and those seeking to upgrade their homes. Data released by the Beijing Municipal Commission of Housing and Urban-Rural Development shows that in August, Beijings new home sales reached 3,100 units, a year-on-year increase of 10.3%; existing home sales reached 13,700 units, a year-on-year increase of 4.1%, marking the sixth consecutive month that existing home sales have exceeded 13,000 units.September 4th - Preliminary shipping data released on Friday showed that four commodity carriers transited the Strait of Hormuz on Thursday, down from nine the previous day and significantly below the daily average of approximately 15 over the past 10 days. Kpler data showed that as of 4:55 AM GMT on Friday (12:55 PM Beijing time), vessels transiting the Strait of Hormuz included two medium-range oil tankers, one Kamsarmax bulk carrier, and one Handysize bulk carrier. The number of vessels transiting the waterway is subject to change as some vessels typically turn off their transponders during voyages.

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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