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Today we had the distinct pleasure of hosting Mark Lashier, Chairman and CEO of Phillips 66. Mark joined Phillips 66 as President and COO in 2021 and assumed the CEO role in July 2022. Prior to that, he served as the President and CEO of Chevron Phillips Chemical Company (CPChem), where he held several senior leadership roles, including Executive Vice President of Olefins and Polyolefins, Senior Vice President of Specialties, Aromatics and Styrenics, and Vice President of Corporate Planning and Development. Mark began his career at Phillips Petroleum and holds a doctorate in Chemical Engineering. Beyond his leadership at Phillips 66, he serves on the Executive Committee of the American Petroleum Institute and is a Board Member of the Greater Houston Partnership and several other nonprofit organizations. Mike, Arjun and I were thrilled to host Mark for this Special Edition to discuss Phillips 66's recent performance, his strategic vision for the company, insights into today's energy landscape, and the ongoing debate with Elliott Management. In our discussion, Mark shares background on his career and transition to CEO, his early priority of addressing improvements in Phillip 66's refining segment, and the cultural transformation to re-instill pride and competitiveness amongst refiners, which involved engaging employees at all levels and investing in strategic capital projects to fix operational bottlenecks and improve reliability and earnings. We discuss Bob Pease's addition to the board, who was originally nominated through Elliott's engagement, and how he shifted from being skeptical to supportive of the company's strategy, execution, and focus on shareholder returns. We explore the history and structure of CPChem, the benefits of Phillips 66's integrated business model during times of volatility and potential downturns, and the company's industry-leading safety performance, which ties safety directly to employee compensation. Mark shares his perspective on why maintaining a diversified portfolio across refining, midstream, and chemicals is strategically and financially advantageous, as well as the optimization and regulatory advantages of an integrated structure. We touch on Phillips 66's strong ROCE versus peers, activist pressure to sell midstream assets for a higher multiple, growth across their midstream business, and broader global trends toward integration rather than asset breakups. Mark highlights the company's refining performance improvement, the rationale behind merging PSXP and DCP assets, efforts to attract generalist investors back to the energy sector by demonstrating consistent earnings, Phillips 66's philosophy of keeping assets “for sale every day” to ensure focus on shareholder value, and much more. We greatly appreciate Mark for sharing his candid insights into a complex and highly public debate. As you will hear, we reference a few items in the discussion. Phillip 66's Investor Relations presentation entitled “Delivering Value & Demonstrating Commitment,” released Monday, April 28, is linked here. Veriten's COBT episode featuring Doug Terreson is linked here. Thanks to Mark for joining us for an insightful discussion and thanks to you all for your friendship and support!
The Olefins Weekly Wrap Up - Episode 197 by Chemical Market Analytics
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SINGAPORE (ICIS) -- Asia propylene (C3) editor Julia Tan speaks with Asia ethylene (C2) editor Josh Quah about the impact of recent tariff wars on downstream market sentiment, along with the markets' outlook for the second quarter. NE Asia C2 to see demand support from new PVC start-ups in China NE Asia C3 length to weigh on markets; import demand weak amid ample domestic supply New capacity start-ups in China to lengthen supply in olefins markets in Q2
The Olefins Weekly Wrap Up - Episode 192 by Chemical Market Analytics
Argus' lead consultant for Ethylene and Derivatives in Europe, Alan Williamson is joined by VP for Olefins and Derivatives, Sara Rae. Together, they give an overview of the current ethylene shipping fleet and the import and export terminals available to move Ethylene from North America to Europe. They also look at the current infrastructures limitations and future investment challenges faced by terminal and ship owners. In episode two, our experts discuss: The availability and capacity of terminals in North America to load Ethylene for export to Europe. The availability and cost of suitable shipping to transport the Ethylene to Europe and the investment challenges faced by ship owners. The ability of Europe to import material and transfer it for example into the ARG. This podcast is the second of a three-part series that explores the logistics of supplying ethylene to Europe and the export options from the US and follows on from the first podcast in the series that looked at the existing European ethylene pipelines and ability of the ARG to move imported ethylene from ARA to consumers further south. You can listen to episode one ‘Strengths and weaknesses of Europe's ARG ethylene pipeline' now. Further details and additional insights are available from Argus' Light Olefins services including: Argus Ethylene https://www.argusmedia.com/en/solutions/products/argus-ethylene-and-derivatives Argus Olefins Margins https://www.argusmedia.com/en/solutions/products/argus-olefins-margins Argus Ethylene Analytics https://www.argusmedia.com/en/solutions/products/argus-ethylene-analytics
The Olefins Weekly Wrap Up - Episode 191 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 190 by Chemical Market Analytics
Argus' VP for Olefins and Derivatives Sara Raeis joined by Lead consultant for Ethylene and derivatives, Europe, Alan Williamson to present the first of a three-part Podcast series exploring the logistics of supplying ethylene to Europe and the export options from the US. In this first episode, our experts focus on the current landscape of the major West European ethylene pipelines, as well as the strengths and weaknesses of the European ARG ethylene pipeline system and its potential to import significant quantities of ethylene. This week, they discuss: An overview of the major ethylene pipelines across Western Europe How the ARG is currently structured including its strengths and potential weaknesses The ability of the ARG to transport/distribute substantial amounts of imported ethylene from ARA to inland consumers. Further details and additional insights are available from Argus' Light Olefins services including: Argus Ethylene https://www.argusmedia.com/en/solutions/products/argus-ethylene-and-derivatives Argus Olefins Margins https://www.argusmedia.com/en/solutions/products/argus-olefins-margins Argus Ethylene Analytics https://www.argusmedia.com/en/solutions/products/argus-ethylene-analytics
The Olefins Weekly Wrap Up - Episode 189 by Chemical Market Analytics
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The Olefins Weekly Wrap Up - Episode 183 by Chemical Market Analytics
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The Olefins Weekly Wrap Up - Episode 181 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 180 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 179 by Chemical Market Analytics
Justin and Matt dig deep into some big words for key molecules in synthetic-base oils. In this episode, they discuss olefins and paraffins - common buzzwords when picking a base oil.
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The Olefins Weekly Wrap Up - Episode 170 by Chemical Market Analytics
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The Olefins Weekly Wrap Up - Episode 161 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 160 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 159 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 158 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 157 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 156 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 155 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 154 by Chemical Market Analytics
The Olefins Weekly Wrap Up - Episode 153 by Chemical Market Analytics
Recorded from a livestream of The Chemical Show, host Victoria Meyer interviews Steve Lewandowski, VP of Olefins for Chemical Market Analytics by OPIS, a Dow Jones Company. Victoria and Steve discuss the complex outlook for the 2024 chemical market, exploring challenges and strategies present in the petrochemical industry. The discussion reflects on the uncertainties of the current economic and geopolitical climate and its significant impact on regional and global chemical markets. Steve highlights the oversupply in the industry, regional strategies for export and domestic growth, and the complexities involved in managing market conditions amidst shifting economic challenges. The episode provides insights into cost competitiveness, sustainability practices, and the hurdles faced by the chemical industry in response to government regulations, helping to bring understanding to the intricate dynamics of the chemical market in the coming year.Join Victoria and Steve to learn more about the following:Chemical Industry Outlook in 2024: FoggyCarbon Reduction EffortsEconomic and Geopolitical UncertaintiesOversupply and Cost CompetitivenessCarbon Emissions and SustainabilityKiller Quote: “The challenge ahead is not just to navigate the market's fog, but it's also about steering the industry towards a sustainable future, balancing cost competitiveness with the imperative of reducing our carbon footprint.” - Steve Lewandowski***Don't miss an episode: Subscribe to The Chemical Show on your favorite podcast player. ***Like what you hear? Leave a rating and review.***Want more insights? Sign up for our email list at https://www.thechemicalshow.com Wondering how we produce our podcast?We use CastMagic.io to create ShowNotes, Newsletters, Social Media posts and more. Check it out here: https://get.castmagic.io/ean5etivmzi1We use Descript to edit and transcribe each podcast episode. Follow this link to learn more: https://www.descript.com/?lmref=DdZ2MA Support for our podcast comes from EcoVyst.At Ecovyst, we're accelerating the transition to a sustainability-driven future.Our long history of innovation expertise and close customer collaboration supports the development of proprietary catalysts and services across our two industry-leading businesses, Advanced Materials & Catalysts and EcoServices.Advanced Materials & Catalysts is a leader in proprietary and customized technologies for polymers, cleaner fuels, emissions control and circularity. EcoServices is the largest North American recycler of spent sulfuric acid.Ecovyst... your catalyst for positive change.