Elliott Releases Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Director Nominee Michael Heim

Rhea-AI Summary

Elliott Investment Management, a top-five shareholder in Phillips 66 (PSX), has released the fifth episode of their "Streamline 66" podcast series, featuring an interview with director nominee Michael Heim, a founder of Targa Resources.

In the interview, Heim discusses Phillips 66's assets and potential improvements, noting that while the company has presence in major U.S. basins, it hasn't been performing competitively with peers. He emphasizes three key requirements for Phillips 66 Midstream's turnaround:

• Need for a clear strategy and board support for organic growth funding
• Management team with incentives based on their own success, not refinery performance
• Independent leadership and governance focused on maximizing shareholder returns

The episode is available on Streamline66.com/podcast, Apple, Spotify, and YouTube. Elliott has filed a definitive proxy statement with the SEC for the 2025 annual meeting, where they are proposing four nominees to the Phillips 66 Board.

Positive

• Phillips 66 has high-quality assets positioned in major U.S. basins
• Elliott Investment Management is a top-five shareholder, indicating strong institutional interest
• Company has potential for higher returns through organic growth opportunities in midstream operations

Negative

• Company underperforming compared to industry peers
• Current management structure lacks proper incentives for midstream operations
• Governance issues affecting strategic direction and shareholder returns
• Midstream division lacks independent leadership and focused strategy

News Market Reaction

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-1.83% News Effect

On the day this news was published, PSX declined 1.83%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Episode With Mr. Heim, A Founder of Targa Resources, Features Perspectives on Phillips 66 Operations and Value-Unlocking Options for the Company's High-Quality Assets

Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66

WEST PALM BEACH, Fla., April 30, 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 the fifth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees, as well as industry experts.

The latest installment features Nominee Michael Heim, who has a long record of leadership in the energy industry as a founder of Targa Resources, one of the most successful Permian-focused midstream operators, and as a member of multiple boards. Mr. Heim said:

• "The assets are very good…If you look at what they've got on a map, they're in the major basins in the United States. They should be up there competitively with their peers, and they haven't been."
  
  
• "For them to turn things around, [Phillips 66 Midstream] has to have a strategy and they've got to have a Board that is interested in funding their organic growth. Organic growth is where you have higher rates of return. They've got to have a management team that's incentivized based upon their own success. It can't be based upon what's going on in the refineries…they've got to have their own leadership. And they have to have the governance to make sure that the direction that they're headed is the way that maximizes shareholder return."
  
  
• "It's got great bones. With the right amount of capital and the right discipline, [Phillips 66] should be able to trade like a midstream company does. As it improves its reputation with its producers, it ought to trade in parallel with its peers."

Episodes can be accessed on Streamline66.com/podcast, and are available on Apple, Spotify and everywhere podcasts are heard. You can also watch the full episodes on YouTube at https://www.youtube.com/@Streamline66.

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 Investment's 'Streamline 66' podcast about Phillips 66 (PSX)?

Streamline 66 is a podcast series featuring 1:1 conversations with Elliott's director nominees and industry experts, discussing Phillips 66's operations and value-unlocking opportunities. The latest episode features Michael Heim, a Targa Resources founder, available on Streamline66.com, Apple, Spotify, and YouTube.

Who is Michael Heim and what is his role in Elliott's campaign for Phillips 66 (PSX)?

Michael Heim is one of Elliott's director nominees for Phillips 66's Board. He is a founder of Targa Resources, a successful Permian-focused midstream operator, and brings extensive energy industry leadership experience through multiple board positions.

What are the main issues Michael Heim identified with Phillips 66 (PSX) midstream operations?

Heim identified that despite having assets in major U.S. basins, Phillips 66's midstream operations underperform compared to peers. He emphasized the need for dedicated leadership, proper governance, and a strategy focused on organic growth to maximize shareholder returns.

How can shareholders vote for Elliott's nominees to Phillips 66 (PSX) Board?

Shareholders can vote for Elliott's four nominees to the Phillips 66 Board using the GOLD proxy card. Detailed voting information is available at Streamline66.com.

What potential improvements does Michael Heim see for Phillips 66 (PSX) midstream business?

Heim believes Phillips 66's midstream business has strong fundamental assets ('great bones') and could trade like other midstream companies with proper capital allocation, discipline, and improved producer relationships.