Latest news with #MarkLashier
Yahoo
23-05-2025
- Business
- Yahoo
Phillips 66 (PSX) to Start Laying Off Los Angeles Refinery Workers in December, says report
Phillips 66 (NYSE:PSX) is likely to lay off most workers at its Los Angeles refinery in December, reported Reuters on Thursday, citing sources familiar with the matter. In October last year, the company announced plans to cease operations at the facility during the fourth quarter of 2025, with Chairman and CEO Mark Lashier citing 'market dynamics' as the reason behind the closure. A refinery manager walking through an array of pipes and pumping systems, recognizing the company's vast refining power. There has long been a tense relationship between California and oil companies due to the high gas prices in the state, which have hurt profit margins. The closure of Phillips 66 (NYSE:PSX)'s Los Angeles refinery is likely to leave a hole in California's fuel supply, as this will become the third refinery to close in the state since 2020. Phillips 66 (NYSE:PSX) has around 600 employees and 300 contractors at the refinery. Some of the retained employees are expected to be transferred to the Los Angeles marine oil terminal, according to reports. Reuters quoted a Phillips 66 (NYSE:PSX) spokesman as saying the following about the transition: "Since the announcement was made to idle these facilities, Phillips 66 has stated its commitment to helping employees and contractors through this transition.' In other news, Phillips 66 (NYSE:PSX)'s shares crashed by over 7% on Wednesday as investor sentiment dampened due to an ongoing battle within its corporate boardroom with activist investor Elliott Investment Management. During the annual shareholders meeting on the same day, both sides won two seats each, following months of dispute over the company's asset sales and performance. While we acknowledge the potential of PSX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PSX and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: ChatGPT Stock Advice: Top 12 Stock Recommendations and 10 Cheap Rising Stocks to Buy Right Now. Disclosure: None. Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
Phillips 66 (PSX) to Start Laying Off Los Angeles Refinery Workers in December, says report
Phillips 66 (NYSE:PSX) is likely to lay off most workers at its Los Angeles refinery in December, reported Reuters on Thursday, citing sources familiar with the matter. In October last year, the company announced plans to cease operations at the facility during the fourth quarter of 2025, with Chairman and CEO Mark Lashier citing 'market dynamics' as the reason behind the closure. A refinery manager walking through an array of pipes and pumping systems, recognizing the company's vast refining power. There has long been a tense relationship between California and oil companies due to the high gas prices in the state, which have hurt profit margins. The closure of Phillips 66 (NYSE:PSX)'s Los Angeles refinery is likely to leave a hole in California's fuel supply, as this will become the third refinery to close in the state since 2020. Phillips 66 (NYSE:PSX) has around 600 employees and 300 contractors at the refinery. Some of the retained employees are expected to be transferred to the Los Angeles marine oil terminal, according to reports. Reuters quoted a Phillips 66 (NYSE:PSX) spokesman as saying the following about the transition: "Since the announcement was made to idle these facilities, Phillips 66 has stated its commitment to helping employees and contractors through this transition.' In other news, Phillips 66 (NYSE:PSX)'s shares crashed by over 7% on Wednesday as investor sentiment dampened due to an ongoing battle within its corporate boardroom with activist investor Elliott Investment Management. During the annual shareholders meeting on the same day, both sides won two seats each, following months of dispute over the company's asset sales and performance. While we acknowledge the potential of PSX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PSX and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: ChatGPT Stock Advice: Top 12 Stock Recommendations and 10 Cheap Rising Stocks to Buy Right Now. Disclosure: None. Sign in to access your portfolio
Business Insider
22-05-2025
- Business
- Business Insider
Phillips 66 CEO: Boardroom shakeup is best outcome for both parties
In an interview on CNBC's Mad Money, Mark Lashier said Phillips 66 (PSX) has been reshaping its portfolio 'very actively' over the past few years. He noted that the company is 'very committed' to growing its dividend. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Yahoo
22-05-2025
- Business
- Yahoo
Why Phillips 66 (PSX) Crashed Today
We recently published a list of . In this article, we are going to take a look at where Phillips 66 (NYSE:PSX) stands against other firms that are drenched in red today. Ten companies pulled back on Wednesday, booking hefty losses during the trading session, with investor sentiment weighed down by a flurry of government policies and dismal earnings performance in the last quarter of the year. Meanwhile, the Dow Jones fell by 1.91 percent, the S&P 500 declined by 1.61 percent, and the tech-heavy Nasdaq dropped 1.41 percent. In this article, let us take a look at the 10 companies that led a poor performance during the day and explore the reasons behind their drop. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume. A refinery manager walking through an array of pipes and pumping systems, recognizing the company's vast refining power. Oil refiner Phillips 66 dropped its share prices for a third consecutive day on Wednesday, shedding 7.54 percent to close at $111.78 apiece as investor sentiment was dampened by an ongoing battle within its corporate boardroom. At an annual stockholders' meeting on the same day, Phillips 66 (NYSE:PSX) and activist investor Elliott Investment Management each won two seats, following months of dispute over the company's asset sales and performance. 'This vote reflects a belief in our integrated strategy and a recognition that our early results do not yet reflect the full potential of our plan or the value inherent in this business,' Phillips 66 (NYSE:PSX) CEO Mark Lashier said in a statement. For its part, Elliott said that being one of the largest investors of Phillips 66 (NYSE:PSX), it will 'continue to actively engage with the Company while holding management and the Board accountable for delivering on their commitment to improve shareholder value.' Overall, PSX ranks 10th on our list of firms that are drenched in red today. While we acknowledge the potential of PSX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PSX but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
Phillips 66 Stock Falls as Activist's Board Slate Yields Mixed Results
Some new board members are coming to Phillips 66 (PSX). Investors may have hoped for a bigger shake-up. Shares of the oil refiner were recently down about 6%, putting them among the S&P 500's biggest daily decliners and sending the shares back to prices last seen in early April. (Read Investopedia's full daily coverage of today's markets here.) The company's market capitalization is near $50 billion, according to Visible Alpha data. The slide comes as the company, citing preliminary voting, announced four new board members: two of its nominees and two from activist investor Elliott Investment Management, which has been at odds with management regarding the company's strategy. 'This vote reflects a belief in our integrated strategy and a recognition that our early results do not yet reflect the full potential of our plan or the value inherent in this business,' CEO Mark Lashier said in a press release. Elliott had nominated four directors. 'Today's vote sends a clear message: Shareholders demand meaningful change at Phillips 66,' it said in a press release. 'As one of Phillips 66's largest investors, Elliott will continue to actively engage with the Company while holding management and the Board accountable for delivering on their commitment to improve shareholder value.' Shares of Phillips are roughly flat this year, though they've lost about a fifth of their value over the past 12 months. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
