Philips 66, which is considered the second largest refining company in the United States of America, stated that global demand for automobile fuel has been growing for many years, despite the stability of gasoline consumption in the American market. This was confirmed by the company’s CEO, Mark Lasher, during his meeting with journalists on Tuesday, March 26. 2024 However, the company, which exports gasoline and diesel jet fuel, is counting on the possibility of annual increases of about 2% in global demand for fuel.

It is expected that American fuel prices will rise during the coming period and will witness their highest levels since mid-2022, reaching $4 per gallon, but Phillips66 confirmed that the American and global economies are standing firm and that trucking activity is on the rise.

Philips stresses the need to address concerns related to strategic aspects in addition to governance that were raised by the investment incentive company, Elliott Investment Management. The investment company owned by billionaire Paul Singer confirmed that Philips is expected to boost its share price by 75% by focusing on refining. And take other actions.

Philips' stock price rose by nearly a third as the oil refining company added a new member to the board of directors, and is working with Elliott to test another director. Although Philips' stock rose, it still lags behind the two competing companies, Marathon Petroleum. And Valero Energy on a year-to-date basis.

It is expected that Lachaise will be appointed CEO, as Lachaise began his career in 1989 as a research engineer at Philips Petroleum, which was merged with Conoco, and the refining company has been separated from the oil exploration company since 2012.

Philips 66 aims to achieve a return of up to $15 billion to shareholders, by the end of 2024, through a number of measures such as reducing costs in addition to improving performance.