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August 13th - According to foreign media reports, South Korea has raised the ceiling on household debt growth and pledged to increase housing supply in the Seoul metropolitan area, further intensifying efforts to curb the continued rise in the real estate market. Soaring housing prices have gradually become a political burden for President Lee Jae-myung. According to a joint statement released by the South Korean government on Thursday, the government plans to supply more than 230,000 housing units in the Seoul metropolitan area, including 100,000 units to be built in newly designated areas. This is a further increase on top of existing targets. Previously, the South Korean government had set a target to start construction on 1.35 million housing units in the Seoul metropolitan area between 2026 and 2030. The latest measures are a further step up from the supply-side policies announced last September. At that time, a prolonged slump in the construction industry raised concerns that a shortage of new housing supply would continue to drive up housing prices and make it more difficult for young families to afford a home.August 13th - The price adjustment window for refined oil products will reopen at 24:00 on August 14th (this Saturday at midnight). According to industry information from Longzhong Information, due to the downward fluctuation of international crude oil prices during the cycle, the domestic refined oil price will decrease by approximately 0.15 yuan/liter, marking the fifth price reduction this year. Based on a 70-liter fuel tank, private car owners will save about 11 yuan when filling up.The Reserve Bank of New Zealand surveyed that the average two-year inflation expectation for New Zealand in the third quarter was 2.34%.A survey by the Reserve Bank of New Zealand indicates that the average one-year inflation expectation in New Zealand for the third quarter is 2.6%.According to Mongolian media reports on August 13th, the Mongolian Emergency Command Center for Enhancing Fuel Supply and Security held a routine meeting on August 12th. The Minister of Industry and Mineral Resources emergency trip this week has yielded initial results. In August, Mongolia will import 50,000 tons of AI-92 gasoline from Russia, purchase an additional 15,000 tons of Euro 5 standard fuel, and agree to import an additional 25,000 tons of AI-92 gasoline and 5,000 tons of aviation fuel. A contract has also been signed with China to purchase 3,000 tons of aviation kerosene; the first batch of 1,000 tons has been received, and the remaining 2,000 tons will arrive soon. Simultaneously, a contract has been signed with South Korea to purchase Euro 5 standard fuel. This fully meets Mongolias August consumption needs and reserves. As of the time of this report, Mongolian mine production is stable, short- and medium-term shipments are good, fuel availability has increased to 30 days, and short-term freight rates have increased slightly by 80-85 yuan/ton.

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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