How do I format the date and time I got from an entry?
You can use the Twig .format() filter to achieve exactly what you are looking for, the reference page for date and time values is here.

So if you would like the date format to show 15:00, you can use:

&lt;p&gt;{{ entry.lorem.format('H:i') }}&lt;/p&gt;


And the date format for 1 Januari 2015 will be as follows:

&lt;p&gt;{{ entry.lorem.format('j F Y') }}&lt;/p&gt;


As I say, you can reference the website for which values to use.