In 2008, Adams agreed to become honorary chair of the "International Association for the Advancement of Creative Maladjustment" or IAACM. MindFreedom International, a nonprofit coalition that Gesundheit! belongs to as a sponsor group, launched the IAACM to support "creative maladjustment" and social change.[10]
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In our experience, the reason for most of those failures is that in their rush to change their organizations, managers end up immersing themselves in an alphabet soup of initiatives. They lose focus and become mesmerized by all the advice available in print and on-line about why companies should change, what they should try to accomplish, and how they should do it. This proliferation of recommendations often leads to muddle when change is attempted. The result is that most change efforts exert a heavy toll, both human and economic. To improve the odds of success, and to reduce the human carnage, it is imperative that executives understand the nature and process of corporate change much better. But even that is not enough. Leaders need to crack the code of change.
Moreover, Valero is the second-largest producer of renewable fuels like ethanol and biodiesel. This massive size and scope combined with the variety of refined products under its umbrella has suited the stock well throughout its history. Within this large system, VLO is able to extract every margin of profit out of crack spreads and each barrel of crude that travels through its facilities.
You can see this in the company's latest earnings report. Thanks to rising fuel demand and better crack spreads, revenues at VLO surged 116% year-over-year to $35.9 billion in the fourth quarter of 2021. Meanwhile, adjusted earnings arrived at $2.47 per share compared to a per-share loss of 88 cents in the year-ago period.
These top- and bottom-line results are impressive for sure, but where the increasing crack spreads and earnings growth can really be felt is in Valero's cash flows. Thanks to relatively stable fixed costs for downstream sectors, refining stocks tend to throw off plenty of cash flows.
Yes, Phillips refines crude oil into gasoline, diesel and jet fuel through its 12 refineries. It also sells that gasoline and other products at its more than 8,800 independently owned outlets. This allows it to profit from the improving crack spreads and overall fuel demand. 2ff7e9595c