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EU Trade Commissioner: Confident the US will lower new import tariffs on EU goods.U.S. Defense Secretary Hergsays: If Iran believes that the United States cannot sustain a war, then it is a miscalculation.March 6 - US President Trump said on Thursday that further measures would be taken to ease pressure on the oil market, adding that Iran is actively seeking a deal as the US and Israel launch attacks. He also called on Iranian diplomats around the world to seek asylum and help shape a new, better Iran.March 6 – US President Donald Trump stated that after the conflict with Iran subsides, the US will turn its attention to Cuba. “The situation in Cuba is amazing, and we hope to resolve this issue,” Trump said. “Let’s deal with Iran first.” Trump has repeatedly expressed dissatisfaction with the Cuban government, and recently urged Cuba to reach an agreement, saying its poorly funded government “appears to be on the verge of collapse” under US sanctions.March 6 – According to the Wall Street Journal, Trump stated that the conflict between the United States and Iran is "much ahead of schedule." He claimed that the United States has destroyed Irans air defenses. Trump said, "The Iranian air force is gone, the air defense system is gone." He also stated that Iran is trying to restart negotiations with the United States, "They call and say, How are we going to make a deal? I said, Youre a little too late." Trump indicated that his administration will soon announce new measures to lower oil prices. "Oil prices are already low, but I still have to take a slightly roundabout approach," Trump said.

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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