PSX Q1 22 Conference Call takeaways...

PSX Q1 22 Conference Call takeaways --

https://www.********/earnings/call-transcripts/2022/04/30/phillips-66-psx-q1-2022-earnings-call-transcript/

1. Greg Garland - CEO is retiring. To be replaced by Mark Lashier will become President and CEO of Phillips 66 effective July 1.

2. "The hedge loss recognized in the first quarter was approximately $50 million compared with a hedging gain of approximately $50 million in the fourth quarter. Beginning this quarter, we are showing our investment in NOVONIX as its own subsegment to separate it from our core midstream businesses. This investment is marked-to-market at the end of each reporting period. The fair value of the investment, including foreign exchange impacts, decreased $158 million in the first quarter compared with an increase of $146 million in the fourth quarter. Our initial investment in NOVONIX of $150 million had a fair value of $362 million at the end of the first quarter."

3. There was no additional commentary or analyst questions about NVX throughout --

4. "Our emerging energy group continues to advance opportunities in renewable fuels, batteries, carbon capture and hydrogen. We entered into an agreement with H2 Energy Europe to form a joint venture to develop up to 250 retail hydrogen refueling stations across Germany, Austria and Denmark by 2026."

4. PSX has a growing petro-chemical division called PCChem.

5. "In March, our Humber Refinery made its first delivery of sustainable aviation fuel in the U.K. under a supply agreement with British Airways." They appear to be on course to do the same in Los Angeles for LAX.

That's all the non-oil references I could find.

It's interesting (to me) they chose to spell out breaking out NOVONIX as a subsegment to "separate it from our core midstream business." In terms of the "next quarter," the timing of this is notable. Not sure what the takeaway is --