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August 17 - According to Iranian media reports on the 17th, a spokesperson for the Iranian Islamic Revolutionary Guard Corps said that Revolutionary Guard officials did not engage in dialogue with the United States through secret channels.The Ukrainian military stated that it attacked a factory in Russias Rostov region that is involved in missile fuel production.The U.S. Geological Survey reports a 5.3-magnitude earthquake 75 kilometers southeast of Petropavlovsk-Kamchatka, Russia.On August 17th, OpenAI signed a 10-gigawatt data center agreement with SoftBanks SB Energy in Ohio. According to sources familiar with the matter, the agreement was backed by a commitment from Nvidia, aimed at helping OpenAI raise debt financing while minimizing Nvidias risk. Nvidia has agreed to guarantee a portion of the value of the completed data center, starting with the first phase (approximately 5 gigawatts of power). In return, Nvidia will become the exclusive chip supplier for the first half of the Ohio project and will hold an equity stake in SB Energy. Nvidia has the option to extend the guarantee to the entire campus later. Sources indicated that Nvidias support aims to make project financing easier and cheaper, and even if OpenAI ceases to be a tenant, Nvidias guarantee will enhance lenders confidence in the data centers value. By guaranteeing the asset value of the data center rather than OpenAIs ongoing rental payments, this commitment structure significantly limits Nvidias risk exposure.Groq has raised $350 million at a valuation of $3.5 billion.

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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