EUR/USD 1.15407
-0.103%
Gold 4269.67
0.540%
Oil 75.147
1.128%
USD/JPY 157.841
0.053%
GBP/USD 1.34605
-0.048%
GBP/JPY 212.466
0.007%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The China Earthquake Networks Center officially reported that a magnitude 3.9 earthquake occurred at 18:32 on August 6 in Sunan County, Zhangye City, Gansu Province (38.35 degrees north latitude, 99.95 degrees east longitude), with a focal depth of 10 kilometers.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.6 occurred at 18:32 on August 6 near Sunan County, Zhangye City, Gansu Province (38.41 degrees north latitude, 99.93 degrees east longitude). The final result is subject to the official rapid report.On August 6th, Ant Financial officially open-sourced its next-generation native hybrid inference model, Ling-3.0-flash, on August 5th. Ling-3.0 emphasizes extreme intelligence density, a closed-loop agent across the entire process, and low-cost scalable deployment. Ascend simultaneously completed zero-day adaptation. During the adaptation process for Ling-3.0-flash, Ascend introduced the CANN PyPTO operator programming framework for the first time, significantly shortening the delivery cycle of complex fusion operators, efficiently completing operator integration and inference framework performance optimization, and simultaneously releasing a complete deployment project. This provides developers and government/enterprise sectors with an innovative, high-performance, integrated deployment solution, continuously expanding the domestic large-scale model ecosystem.Citigroup raised its target price for Cisco (CSCO.O) from $112 to $139.Citigroup raised its price target for Shopify (SHOP.N) from $150 to $196.

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