Elliott’s Plan to Streamline Phillips 66
Sandbagging? Or a Broken Business Model?
Phillips 66’s first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers. Institutional investors say they’re fed up with leadership’s flawed strategy and poor operational execution, according to a recent survey.1 Now, under pressure to deliver, management appears to be lowering expectations.
Streamline 66 Podcast | Sig Cornelius, Former SVP and CFO of ConocoPhillips
Sig Cornelius, the former CFO of ConocoPhillips, draws on his four-decade career in the energy industry to share insights on refining operations, midstream assets and his experiences on boards during corporate transformations.
Phillips 66 Shareholders Speak Out: It’s Time for Change
After years of Phillips 66’s (NYSE: PSX) stock underperformance and operational missteps, the investor community is fed up with its strategy and leadership – even as it gives high marks to the Company’s collection of strong assets and enviable competitive positioning.
Your Vote Matters
Vote Your Shares Today
The Annual General Meeting of Phillips 66 (the “Company”) shareholders is scheduled to be held virtually on May 21, 2025. You can vote your shares using one of the voting options listed below. Elliott urges you to use the GOLD universal proxy card or voting instruction form.
Elliott’s Letter to
Phillips 66 Shareholders
Dear Fellow Phillips 66 Shareholder:
We are writing to you as fellow investors in Phillips 66 (NYSE: PSX) (the “Company”), an energy conglomerate that is falling well short of its potential and is in urgent need of a new direction.
We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade. The purpose of this letter is to seek your support for an upgraded Board of Directors that is committed to achieving the performance that shareholders demand and deserve. Your vote on the enclosed Gold Card will set in motion a clear plan to improve Phillips 66’s operating performance, strengthen Board accountability and increase the value of your investment.
Elliott’s Streamline 66 Presentation
February 11, 2025
Nominees
Elliott has nominated four highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions. Elliott’s director nominees are as follows.