EUR/USD 1.14786
0.032%
Gold 4383.20
0.958%
Oil 96.130
-0.400%
USD/JPY 157.197
0.788%
GBP/USD 1.33650
0.055%
GBP/JPY 210.102
0.847%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
INEOS says the EU’s first full-scale carbon storage project will be operational.Germanys August PPI month-on-month rate and the UKs August seasonally adjusted retail sales month-on-month rate will be released in ten minutes.European Central Bank Vice President Vujicic: High inflation in the fall will drag down the economy.The main palladium futures contract rose 2.00% intraday, currently trading at 310.20 yuan/gram.On September 18th, European Central Bank Vice President Aleksandar Vujic stated that market bets on further interest rate hikes by the ECB are primarily driven by rising energy prices, but policymakers will consider broader economic indicators when deciding on their next move. He said, "The pricing of the interest rate path is mainly driven by rising energy prices. I want to emphasize that we do not look solely at energy prices when making monetary policy decisions, but rather at a wider range of data and standards. Focusing solely on energy prices is not advisable, no matter how important they may be. If inflation remains high throughout the autumn and affects household income and consumption behavior, it will also have a dampening effect on GDP. We will observe the situation over the next few months and adjust policy accordingly." Global bond yields have risen to their highest levels since before the financial crisis due to rising inflation and interest rate expectations, as well as the huge borrowing needs of governments and technology companies. Vujic said these trends do not pose a threat to financial stability because eurozone banks are well-capitalized and have ample liquidity.

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