Breaking News
Investing Pro 0
Black Friday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Phillips 66 names Mark Lashier as next CEO, replacing Greg Garland

Stock Markets Apr 12, 2022 08:45PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The Phillips 66 gas station in Superior, Colorado, U.S., July 27, 2017. REUTERS/Rick Wilking
 
CVX
-0.29%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
COP
+0.06%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
VLO
-0.58%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
MPC
-0.32%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
PSX
+0.06%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Erwin Seba

HOUSTON (Reuters) -Phillips 66 on Tuesday said Mark Lashier, its chief operating officer, will take over the fourth largest U.S. oil refiner from Chief Executive Greg Garland on July 1.

Garland, who has led the refining, petrochemical and pipeline company since it spun off from ConocoPhillips (NYSE:COP) 10 years ago, will step down as CEO but remain executive chairman until his retirement in 2024, according to a company statement.

Lashier, a chemical engineer who joined the company three decades ago in its chemicals group, was promoted to president and COO a year ago after having run Chevron Phillips Chemical Co, its joint venture with Chevron Corp (NYSE:CVX) , since 2017.

Garland has viewed refining as a mature business and focused on growing its energy pipeline, chemicals and carving out a role in electric-vehicle battery components. Last year, it paid about $150 million for a 16% stake in Novonix Ltd, an Australian supplier of materials for lithium-ion batteries.

Garland “created a leading diversified energy manufacturing and logistics company, while investing for the future and delivering strong financial returns,” said Glen Tilton, Philips 66's lead independent director.

The Houston company's non-refining investments have delivered strong shareholder returns but more recently its shares have lagged larger rivals that benefited from soaring fuel margins as motor fuels demand emerged from pandemic lockdowns.

Lashier is likely to continue Garland's strategy of diversifying into biofuels, hydrogen and battery component. But he must show he can match shareholder returns of rivals Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO) lifted returns by spinning off retail arms and jumping into renewable diesel, analysts said.

Phillips 66 (NYSE:PSX) on Tuesday traded at $81.97, up 13% year-to-date, compared to 34% year-to-date increases at Marathon and Valero, and a nearly 96% gain at PBF Energy (NYSE:PBF).

"Lashier's challenge is to improve the company's valuation," said Matthew Blair, analyst at investment firm Tudor Pickering Holt & Co. "He will face questions about the valuation and what he can do to improve stock price performance and capitalize on the potential valuation" of its non-refining operations.

Phillips 66 names Mark Lashier as next CEO, replacing Greg Garland
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email