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On March 10, the European Commission for Economic and Financial Affairs held a meeting in Brussels, Belgium, attended by finance ministers from EU member states. According to information previously published on the EU website, the meeting agenda included a routine discussion on the impact of the Russia-Ukraine conflict on the current economic and financial situation in Ukraine.On March 10th, it was reported that Federal Reserve Chair nominee Kevin Warsh will meet this week with a Republican senator who previously blocked his confirmation by opposing President Trumps attacks on the Fed. Warshs meeting is intended to resolve differences and move the nomination forward, but it also reflects the Trump administrations intention to interfere with the Feds independence. This event not only concerns a change in Fed leadership but could also affect the future direction of US monetary policy and the stability of global financial markets.Iraqi sources say a drone was intercepted in the Baghdad airport area.A research report released on March 10th indicates that the war with Iran, which has driven up liquefied natural gas (LNG) and coal export prices, will bring additional revenue to the Australian treasury, but households will also be hit by soaring petrol costs. Economist James McIntyre stated that the closure of Qatar Energys LNG export terminal could result in Australias LNG export revenue being 35% to 40% higher than the governments forecast. He estimates that disruptions to gas and oil supplies are prompting the market to shift to coal, and the recent 20% to 25% rise in coal prices could add approximately A$5 billion (US$3.5 billion) to Australias export revenue. McIntyre predicts that rising petrol and diesel prices will increase Australias overall CPI by 0.9 percentage points in March. He expects the Reserve Bank of Australia to ignore this reading and continue to focus on core inflation indicators. He estimates that the rise in Australian petrol prices alone is equivalent to a 25 basis point interest rate hike.On March 10th, OPPO and OnePlus announced price adjustments, stating that starting March 16th, prices for OPPOs A-series, K-series, and OnePluss existing products will be adjusted. There are reports that leading brands such as vivo and Honor are also planning price increases in mid-to-late March, but there has been no official confirmation from these sources. Industry insiders predict that due to cost pressures, the mobile phone market may see multiple rounds of price adjustments in 2026, with a second or even third round potentially occurring in the second half of the year.

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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