EUR/USD 1.14395
0.031%
Gold 4163.47
-0.271%
Oil 68.657
-0.093%
USD/JPY 162.091
0.454%
GBP/USD 1.33888
0.273%
GBP/JPY 217.015
0.722%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Toyota announced it will build a new $3.6 billion factory in Texas and move some truck production from Mexico to the United States.July 7th - CFTC data shows that as of June 30th, global traders bullish bets on the US dollar rose to nearly $40 billion, the highest level since 2015, continuing the dollars monthly rally driven by interest rate expectations. Market bets that the Federal Reserve may maintain higher interest rates or even raise rates again propelled the dollar to a gain of approximately 2% in June. Analysts believe that expectations of Fed monetary tightening and the resilience of the US economy are jointly supporting the dollars performance, but some institutions point out that recent weak employment data may limit further upside potential.Canadian Prime Minister Mark Carney: If negotiations with Germanys TKMS fail, Canada will reserve the right to begin submarine cooperation negotiations with South Koreas Hanwha Group.July 7th - According to CFTC data, as of the week ending June 30th, hedge funds pushed their net short positions in the yen to nearly 138,000 contracts in the futures and options markets, the most pessimistic level since 2007. The yen also fell to its lowest point since 1986, breaking below the 162 yen to the dollar level, triggering market expectations of possible government intervention in the foreign exchange market. The Japanese Finance Minister reiterated that the authorities could take foreign exchange intervention measures at any time, following Japans use of a record amount of funds to support the yen between late April and May. The market believes that the widening interest rate differential between the US and Japan remains the main factor putting pressure on the yen, and even the recent interest rate hikes by the Bank of Japan have failed to reverse the weakness.Israeli officials say that even if the US and Iran reach an agreement, Israel will retain the option of launching a military strike against Iran.

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