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According to a recent presentation seen by the Financial Times on September 19th, OpenAI expects to have burned through nearly $280 billion by the end of 2030. The presentation also indicates that OpenAI anticipates generating a negative free cash flow of up to $278 billion over the five years from 2026 to 2030, as the company invests heavily to expand its access to computing power. Revenue is projected to grow tenfold during this period, from $36 billion this year to $350 billion in 2030. The company expects to generate a cumulative revenue of $840 billion from now until the end of 2030. OpenAI anticipates investing approximately $856 billion in computing power and infrastructure by the end of 2030, which will be its largest single expenditure.September 19 - Explosions were heard again in Riyadh, the capital of Saudi Arabia, on the 19th. Thick smoke rose near King Khalid International Airport, located northeast of Riyadh.A NATO spokesperson stated that the agreement will help promote security, stability, and cooperation in this important region. NATO will continue to contribute to strengthening Arctic security.On September 19th, BlackRock Fund Management Co., Ltd. was granted Qualified Domestic Institutional Investor (QDII) status, becoming the first newly established foreign-invested mutual fund institution to receive this qualification. Against the backdrop of two expansions of QDII quotas this year and the first-ever approval of quotas for securities and fund institutions exceeding US$100 billion, the pace of foreign mutual fund participation in the cross-border investment market has further accelerated. Since the beginning of this year, the pace of QDII channel expansion has significantly accelerated. Data released by the State Administration of Foreign Exchange at the end of March showed that the cumulative approved QDII quota for the entire market increased by US$5.3 billion compared to the end of 2025, reaching US$176.169 billion. At the end of August, the State Administration of Foreign Exchange issued another US$6.84 billion in QDII quotas, involving 89 institutions. As of the end of August, the cumulative approved QDII quota for 196 institutions in the entire market rose to US$183.009 billion.September 19th - According to Sky News, Tata Steel, the UKs largest steelmaker, is seeking new government funding to address delays in its Port Talbot plant transformation project. Tata Steel has been in talks with the UK Department for Business, Innovation and Science in recent weeks to discuss a new support package. This request comes in addition to the £500 million grant the UK government provided to Tata Steel in 2023 for the construction of an electric arc furnace (EAF) in Port Talbot. The new EAF was originally scheduled to be operational by early 2028. However, due to delays in grid connection, Tata Steel has determined that the new EAF will now be unable to be operational by the end of 2028 or early 2029. The company calculates that increased project-related costs and lost sales due to the EAF delay will significantly increase overall costs. The specific amount of additional government funding Tata Steel is seeking is unclear, but industry sources suggest it could reach hundreds of millions of pounds.

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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