EUR/USD 1.16219
-0.029%
Gold 4450.56
-0.126%
Oil 88.919
0.633%
USD/JPY 159.538
0.016%
GBP/USD 1.34213
-0.044%
GBP/JPY 214.126
-0.021%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.36% to 50,644.28 points, the S&P 500 rose 0.02% to 7,520.36 points, and the Nasdaq Composite rose 0.07% to 26,674.73 points. Procter & Gamble rose more than 3%, and Boeing rose more than 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.47%, Facebook rose more than 3%, and Amazon rose more than 2%. 2. The three major European stock indexes closed mixed. The German DAX fell 0.03% to 25,177.80 points; the French CAC40 rose 0.43% to 8,207.89 points; and the UK FTSE 100 rose 0.13% to 10,505.01 points. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 0.32 basis points to 4.033%, the 3-year Treasury yield rose 0.30 basis points to 4.084%, the 5-year Treasury yield rose 0.73 basis points to 4.177%, the 10-year Treasury yield fell 0.19 basis points to 4.483%, and the 30-year Treasury yield fell 0.82 basis points to 5.012%. 4. The WTI crude oil futures contract closed down 4.77% at $89.41 per barrel; the Brent crude oil futures contract fell 3.92% to $92.88 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 1.05% to $4454.90 per ounce, and COMEX silver futures fell 2.25% to $74.89 per ounce. 6. London base metals fell across the board. LME tin fell 0.36% to $54,550.0/ton, LME nickel fell 0.44% to $18,890.0/ton, LME lead fell 0.67% to $2,001.0/ton, LME zinc fell 0.72% to $3,507.5/ton, LME copper fell 0.79% to $13,516.0/ton, and LME aluminum fell 1.23% to $3,627.5/ton.US President Trump: Soon, the United States and Armenia will jointly launch the Trump Road to International Peace and Prosperity, which will transform the South Caucasus and help our excellent American energy companies gain direct access to the United States from Central Asia.Sources in Bandar Abbas, Iran, said they heard three or four explosions in the distance, sounding from the same direction as the explosions that occurred a few nights earlier.According to the Wall Street Journal, Google (GOOG.O) employees have been charged with insider trading on the prediction market Polymarket.Conflict Updates: 1. The Ukrainian Foreign Minister called for an end to Russian attacks on Kyiv. 2. Five Ukrainian provinces experienced power outages due to a new round of Russian attacks. 3. A Russian Black Sea port caught fire after being attacked by a Ukrainian drone. 4. A local governor stated that a missile was shot down in the southern Russian city of Taganrog. 5. The Russian Ministry of Defense reported capturing Vozdvizhevka in the Uzaporizhzhia region and Khraniv in the Ukrainian Kharkiv region. 6. Ukrainian General Andriy Biletsky believes that Russian forces in Ukraine are exhausted and unable to achieve significant breakthroughs. Other Updates: 1. Russian and Iranian diplomats were prevented from attending the UN. 2. Zelensky wrote to Trump stating that Ukraine faces a severe shortage of air defense equipment. 3. Ukrainian President Zelensky rejected a proposal for Ukraine to gain partial membership in the EU. 4. Turkish President Erdogan sought to meet with Trump during the World Cup to discuss NATO issues. 5. European Commission President Ursula von der Leyen: Speaks with Ukrainian President Volodymyr Zelensky, reiterating Europes full support for Ukraine. 6. Kremlin: The EU pretends to want to negotiate with Russia on the Ukraine issue, but in reality it is only pushing Ukraine to continue fighting.

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