Elliott Management Releases Investor Presentation on Phillips 66

Rhea-AI Summary

Elliott Investment Management, a top-five shareholder in Phillips 66 (PSX), has unveiled its "Streamline 66" plan aimed at transforming the company through three key initiatives:

• Board enhancements
• Operational improvements
• Portfolio simplification

The investment firm has released a detailed investor presentation titled "Streamline 66: Elliott's Perspectives on Value Creation" to outline their strategy for unlocking substantial value and reversing Phillips 66's cycle of underperformance. Elliott has filed a definitive proxy statement with the SEC and is soliciting proxies for the election of four director nominees at the 2025 annual meeting.

Shareholders can access the complete presentation and voting information through the Streamline66.com website. Elliott has engaged Okapi Partners as their proxy solicitor, with stockholders able to contact them via toll-free number or email for additional information.

Positive

• Elliott Management, a top-five shareholder, is actively engaging to improve company value
• Comprehensive 'Streamline 66' plan proposed to transform Phillips 66
• Focus on operational improvements and portfolio simplification could enhance efficiency
• Board enhancement initiative suggests potential for improved corporate governance

Negative

• Company is experiencing a cycle of underperformance according to major shareholder
• Current board effectiveness is questioned, necessitating proposed changes
• Proxy contest indicates potential internal conflicts and governance challenges

Highlights Path to Unlocking Substantial Upside By Reversing Company's Cycle of Underperformance 

"Streamline 66" Plan Would Transform Phillips 66 Through Board Enhancements, Operational Improvements and Portfolio Simplification

Click Here to Download the Full Presentation

WEST PALM BEACH, Fla., April 29, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top-five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released an investor presentation titled "Streamline 66: Elliott's Perspectives on Value Creation."

The full presentation can be downloaded by clicking here. For more information, including how to vote for Elliott's four nominees to the Phillips 66 Board using the GOLD proxy card, please visit Streamline66.com.

ADDITIONAL INFORMATION

Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, "Elliott"), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit proxies with respect to the election of Elliott's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the "Annual Meeting") of Phillips 66, a Delaware corporation ("Phillips" or the "Company"). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott's proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott's proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at info@okapipartners.com.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $72.7 billion of assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. 

Media Contact:
Casey Friedman
Elliott Investment Management L.P.
(212) 478-1780
cFriedman@elliottmgmt.com

Investor Contact: 
Bruce Goldfarb / Pat McHugh
Okapi Partners LLC
(877) 629-6357
(212) 297-0720
info@okapipartners.com

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SOURCE Elliott Investment Management L.P.

FAQ

What is Elliott Management's 'Streamline 66' plan for Phillips 66 (PSX)?

Elliott Management's 'Streamline 66' plan aims to transform Phillips 66 through three main strategies: board enhancements, operational improvements, and portfolio simplification. The plan is designed to unlock substantial value by addressing the company's cycle of underperformance.

How many board members is Elliott Management proposing for Phillips 66 (PSX) in 2025?

Elliott Management is proposing four director nominees to the Phillips 66 Board, to be voted on at the 2025 annual meeting of stockholders using the GOLD proxy card.

What is Elliott Management's current stake in Phillips 66 (PSX)?

According to the press release, Elliott Investment Management's funds collectively make it a top-five shareholder in Phillips 66 (PSX).

Where can investors find Elliott's proxy materials for Phillips 66 (PSX)?

Investors can access Elliott's proxy materials through the SEC website at www.sec.gov, by contacting Okapi Partners LLC at (877) 629-6357, or by visiting Streamline66.com.

When is Phillips 66's (PSX) 2025 annual stockholder meeting?

While the exact date isn't specified in the press release, the annual meeting is scheduled for 2025, where stockholders will vote on Elliott's proposals including their four board nominees.