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On July 9th, the State Council issued the "15th Five-Year Plan for Carbon Peak Achievement." The plan aims to accelerate the low-carbon transformation of the transportation sector. It will further promote low-carbon energy use in transportation, continuously increase the number of new energy vehicles, accelerate the electrification of public sector vehicles, actively promote the electrification of construction sites, mines, ports, airports, logistics parks, and other operating vehicles and non-road mobile machinery, and phase out old transportation vehicles. It will support the large-scale application of new energy heavy-duty trucks, improve charging and battery swapping facilities, and green hydrogen, ammonia, and methanol refueling facilities. It will focus on building zero-carbon highway transportation corridors on national highways and ordinary national roads with high freight volumes, and accelerate the improvement of clean transportation levels. It will also develop electric, liquefied natural gas, biodiesel, and green methanol-powered ships. The plan will accelerate the adjustment and optimization of the transportation structure, continuously increase the proportion of bulk cargo transportation by rail and waterway, and the proportion of new energy vehicle transportation. It will further implement the strategy of prioritizing urban public transportation development and create a green urban travel system. By 2030, the plan aims to achieve a 30% share of new energy vehicles and a 25% share of new energy operating vehicles.Irans Ministry of Health: US airstrikes on Iran over the past two days have killed 14 people and injured 78, with 47 of the injured still hospitalized.China Association of Automobile Manufacturers (CAAM): FAW-Volkswagen and SAIC-Volkswagen sold a total of 143,812 passenger vehicles in the Chinese market in June.According to a Reuters survey, the renminbi is the only Asian currency to receive bullish bets in this round of surveys.According to Al Arabiya, Bahraini authorities have announced that the danger has passed.

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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