Elliott’s Plan to Streamline Phillips 66

Elliott’s Letter to
the Board of Phillips 66


Dear Members of the Board:

We are writing to you on behalf of funds managed by Elliott Investment Management L.P. (together with such funds, “Elliott” or “we”). We have an investment of more than $2.5 billion in Phillips 66 (the “Company” or “Phillips”), making us one of your top five investors. 

As you know, this is not the first time we have publicly shared our views on Phillips’ opportunities and challenges. In November of 2023, we published a letter to the Board noting the Company’s ambitious targets in the areas of operational improvement, portfolio-streamlining and improved capital return to shareholders.

Nominees


Elliott has nominated seven 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.

Brian S. CoffmanFormer CEO of Motiva Enterprises
Former SVP of Refining at Andeavor

Sigmund L. CorneliusFormer SVP and CFO of ConocoPhillips

Michael A. HeimOne of the founders and former President and COO of Targa Resources

Alan J. HirshbergFormer EVP, Production, Drilling and Projects at ConocoPhillips

Gillian A. HobsonFormer M&A and Capital Markets Partner at Vinson & Elkins, with significant focus on midstream transactions

Stacy D. NieuwoudtFormer Energy and Industrials Analyst at Citadel

John PikePartner at Elliott Investment Management

Materials

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