EUR/USD 1.16225
0.003%
Gold 4357.46
-1.242%
Oil 92.197
1.608%
USD/JPY 153.987
-0.234%
GBP/USD 1.35401
0.000%
GBP/JPY 208.490
-0.235%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
September 9th - It was learned from the United States on September 8th local time that the US military struck targets near Irans Kharg Island and the port city of Jask. An anonymous senior US official stated that the targets included Iranian oil tankers. On the evening of the 8th local time, Iranian sources reported that an Iranian oil tanker was attacked by US missiles about four miles from Kharg Island. Local sources stated that there were no casualties and the tankers crew was being evacuated. Relevant departments are investigating the specific circumstances of the incident.U.S. officials say that in response to Iran’s repeated missile attacks on U.S. Navy warships, the U.S. military has struck several Iranian oil tankers linked to the Iranian Revolutionary Guard.On September 9th, EU High Representative for Foreign Affairs and Security Policy Kalas posted on social media that all EU member states agree that Israeli settlements in the West Bank violate international law. The Israeli governments settlement expansion in the West Bank is undermining the prospects of the two-state solution. Kalas reiterated the EUs firm commitment to supporting a comprehensive, just, and lasting peace based on the two-state solution. On the same day, 12 countries, including the UK, France, and Canada, issued a joint statement making commitments to restrict trade with Israeli settlements.Broadcom (AVGO.O) CEO: Capital allocation may focus on increasing dividends and share buybacks.The Dow Jones Industrial Average closed down 626.72 points, or 1.17%, at 52,787.53 on Tuesday, September 8; the S&P 500 closed down 44.98 points, or 0.58%, at 7,673.62; and the Nasdaq Composite closed down 85.58 points, or 0.32%, at 26,421.41.

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