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September 13th - According to forecasts, influenced by a tropical depression in the South China Sea, Hainan will experience heavy to torrential rain from September 13th to 15th. Some small and medium-sized rivers in the torrential rain area may experience floods exceeding warning levels. At 10:00 AM on September 13th, the Ministry of Water Resources activated a Level IV emergency response for flood prevention in Hainan, guiding and urging local water resources departments to closely monitor the impact of the tropical depression in the South China Sea, focusing on ensuring the safe passage of small and medium-sized reservoirs through the flood season, preventing flash floods, and controlling floods in small and medium-sized rivers.On September 13th, it was reported that SK Group Chairman Chey Tae-won stated that the AI data center the group is building in Ulsan has expanded to nearly 900 megawatts. He added that as the project progresses, the group plans to announce more partnerships with global technology companies. The Ulsan AI data center, jointly developed by SK Group and Amazon AWS, is expected to have an investment of 7 trillion won (US$5.2 billion) and is scheduled to be operational in the second half of 2027.On September 13th, Hyundai Motor Group announced that it is developing its own autonomous driving technology centered on Atria AI. Atria AI is an end-to-end artificial intelligence model designed to perceive the surrounding environment and make driving decisions. Hyundai stated that the mass production target for Level 2++ vehicles equipped with Atria AI is set for the second half of 2029. Simultaneously, the group plans to continuously train and improve its Atria AI using real-world driving data and gradually extend the technology to mass-produced vehicles, with a long-term goal of moving towards Level 4 autonomous driving. Furthermore, Hyundai is collaborating with US chipmaker Nvidia to accelerate the commercial deployment of advanced driver assistance and autonomous driving systems. Hyundai stated that it plans to introduce the Level 2+ autonomous driving technology developed in collaboration with Nvidia in its first mass-produced software-defined vehicle (SDV) in the first half of 2028; the target for Level 2++ mass production is set for the second half of 2028.On September 13th, Iranian President Peskhziyan stated in an interview in India on the 12th that Iran and Saudi Arabia are "not at war." He said that Iran has repeatedly emphasized that all countries in the region should sit down together to build regional peace and security. There is no reason for conflict or war between countries in the region.According to the Iranian Students News Agency, former Qatari Prime Minister Sheikh Hamad bin Jassim stated, "I have consistently called for dialogue and still believe that the Gulf Cooperation Council countries should engage in dialogue with Iran collectively and directly to extricate ourselves from the crisis we are currently facing."

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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