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.