EUR/USD 1.16366
0.031%
Gold 4395.60
-0.135%
Oil 94.285
0.077%
USD/JPY 153.627
0.051%
GBP/USD 1.35510
0.037%
GBP/JPY 208.184
0.106%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
A spokesperson for the European Commission stated that the EUs cybersecurity agency, ENISA, has been granted access to OpenAIs latest model, GPT-6-ASTRA.On September 10, the Hong Kong Securities and Futures Commission (SFC) has instructed the Hong Kong Stock Exchange (HKEX) to suspend trading in the shares of Kangshiyun-B (02592.HK) from 9:00 a.m. on September 10, 2026, pursuant to Rule 8(1) of the Securities and Futures (Listing on Securities Markets) Rules (the Listing Rules). The SFC expresses serious concern that the initial public offering (IPO) of Kangshiyun may have been manipulated to create the illusion of demand for Kangshiyun shares. Therefore, the SFC considers that suspending trading in the relevant shares while the investigation continues is necessary or appropriate to maintain an orderly and fair market for Kangshiyun shares and to protect the interests of the investing public. As the investigation is ongoing, the SFC will not comment further.On September 10, Lu Lei, Vice Governor of the Peoples Bank of China, introduced at a press conference held by the State Council Information Office on the theme of "Starting the 15th Five-Year Plan" that overseas entities currently hold more than 11 trillion yuan of RMB financial assets in China, and central banks or monetary authorities of more than 80 countries and regions have included RMB in their foreign exchange reserves; Panda bonds have been issued for more than 1.3 trillion yuan, with issuers covering 26 countries and regions across five continents.Enterprise Singapore: For the week ending September 9, Singapores light distillate fuel oil inventories increased by 1.196 million barrels to 11.874 million barrels, a one-month high; middle distillate fuel oil inventories increased by 326,000 barrels to 8.237 million barrels, a two-week high; and fuel oil inventories decreased by 98,000 barrels to 20.355 million barrels, a two-week low.The Hang Seng Index closed down 320.49 points, or 1.27%, at 24,954.47 on Thursday, September 10; the Hang Seng Tech Index closed down 90.3 points, or 2.04%, at 4,330.49; the H-share Index closed down 94.27 points, or 1.13%, at 8,274.78; and the Red Chip Index closed down 59.99 points, or 1.41%, at 4,203.42.

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