Elliott Releases Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Director Nominee Michael Heim
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.
Elliott Investment Management, uno dei cinque maggiori azionisti di Phillips 66 (PSX), ha pubblicato il quinto episodio della serie di podcast "Streamline 66", che presenta un'intervista con il candidato direttore Michael Heim, fondatore di Targa Resources.
Durante l'intervista, Heim parla degli asset di Phillips 66 e delle possibili migliorie, sottolineando che, pur avendo la società una presenza significativa nei principali bacini statunitensi, non sta performando in modo competitivo rispetto ai concorrenti. Evidenzia tre requisiti fondamentali per la svolta di Phillips 66 Midstream:
- Necessità di una strategia chiara e del supporto del consiglio per il finanziamento della crescita organica
- Un team di gestione con incentivi basati sul proprio successo, non sulle performance del raffineria
- Leadership e governance indipendenti, focalizzate sul massimo ritorno per gli azionisti
L'episodio è disponibile su Streamline66.com/podcast, Apple, Spotify e YouTube. Elliott ha presentato una dichiarazione definitiva di delega alla SEC per l'assemblea annuale del 2025, proponendo quattro candidati al consiglio di amministrazione di Phillips 66.
Elliott Investment Management, uno de los cinco principales accionistas de Phillips 66 (PSX), ha lanzado el quinto episodio de su serie de podcasts "Streamline 66", que incluye una entrevista con el candidato a director Michael Heim, fundador de Targa Resources.
En la entrevista, Heim analiza los activos de Phillips 66 y las posibles mejoras, señalando que, aunque la compañía tiene presencia en las principales cuencas de EE.UU., no ha estado rindiendo de manera competitiva frente a sus pares. Destaca tres requisitos clave para la recuperación de Phillips 66 Midstream:
- Necesidad de una estrategia clara y apoyo del consejo para financiar el crecimiento orgánico
- Un equipo directivo con incentivos basados en su propio éxito, no en el desempeño de la refinería
- Liderazgo y gobernanza independientes, enfocados en maximizar los retornos para los accionistas
El episodio está disponible en Streamline66.com/podcast, Apple, Spotify y YouTube. Elliott ha presentado una declaración definitiva de poder ante la SEC para la junta anual de 2025, donde propone cuatro candidatos para la junta directiva de Phillips 66.
Elliott Investment Management는 Phillips 66 (PSX)의 상위 5대 주주 중 하나로, 창립자이자 이사 후보인 Michael Heim과의 인터뷰를 담은 "Streamline 66" 팟캐스트 시리즈의 다섯 번째 에피소드를 공개했습니다.
인터뷰에서 Heim은 Phillips 66의 자산과 개선 가능성에 대해 이야기하며, 회사가 주요 미국 유전지대에 진출해 있지만 동종업체 대비 경쟁력이 부족하다고 지적했습니다. 그는 Phillips 66 Midstream의 전환을 위해 세 가지 핵심 요건을 강조했습니다:
- 명확한 전략과 유기적 성장 자금 지원을 위한 이사회 지지 필요
- 정유소 성과가 아닌 자신의 성공에 기반한 인센티브를 가진 경영진
- 주주 수익 극대화에 집중하는 독립적인 리더십 및 거버넌스
해당 에피소드는 Streamline66.com/podcast, Apple, Spotify, YouTube에서 들을 수 있습니다. Elliott는 2025년 연례 회의를 위한 확정 위임장 서류를 SEC에 제출했으며, Phillips 66 이사회에 네 명의 후보를 제안하고 있습니다.
Elliott Investment Management, l'un des cinq principaux actionnaires de Phillips 66 (PSX), a publié le cinquième épisode de sa série de podcasts "Streamline 66", présentant une interview avec le candidat au conseil d'administration Michael Heim, fondateur de Targa Resources.
Dans l'interview, Heim évoque les actifs de Phillips 66 et les améliorations potentielles, notant que bien que l'entreprise soit présente dans les principaux bassins américains, elle n'a pas été compétitive par rapport à ses pairs. Il souligne trois exigences clés pour la relance de Phillips 66 Midstream :
- Besoin d'une stratégie claire et du soutien du conseil pour financer la croissance organique
- Une équipe de direction avec des incitations basées sur leur propre succès, et non sur la performance de la raffinerie
- Un leadership et une gouvernance indépendants, axés sur la maximisation des rendements pour les actionnaires
L'épisode est disponible sur Streamline66.com/podcast, Apple, Spotify et YouTube. Elliott a déposé une déclaration définitive de procuration auprès de la SEC pour l'assemblée générale de 2025, proposant quatre candidats au conseil d'administration de Phillips 66.
Elliott Investment Management, einer der fünf größten Aktionäre von Phillips 66 (PSX), hat die fünfte Folge ihrer Podcast-Reihe "Streamline 66" veröffentlicht, in der ein Interview mit dem Direktorkandidaten Michael Heim, einem Gründer von Targa Resources, zu hören ist.
Im Interview spricht Heim über die Vermögenswerte von Phillips 66 und mögliche Verbesserungen und stellt fest, dass das Unternehmen zwar in den wichtigsten US-Becken vertreten ist, aber im Vergleich zu Wettbewerbern nicht wettbewerbsfähig agiert. Er betont drei wesentliche Anforderungen für die Wende bei Phillips 66 Midstream:
- Notwendigkeit einer klaren Strategie und Unterstützung des Vorstands für die Finanzierung organischen Wachstums
- Ein Managementteam mit Anreizen, die auf dem eigenen Erfolg basieren, nicht auf der Leistung der Raffinerie
- Unabhängige Führung und Governance mit Fokus auf die Maximierung der Aktionärsrenditen
Die Folge ist verfügbar auf Streamline66.com/podcast, Apple, Spotify und YouTube. Elliott hat eine endgültige Vollmachterklärung bei der SEC für die Hauptversammlung 2025 eingereicht, bei der sie vier Kandidaten für den Phillips 66 Vorstand vorschlagen.
- 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
- 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
Insights
Elliott's proxy fight at Phillips 66 reaches critical stage with podcast featuring board nominee Heim criticizing midstream asset management and governance structure.
Elliott Investment Management's release of the "Streamline 66" podcast featuring board nominee Michael Heim represents a significant escalation in their activist campaign at Phillips 66. As a top-five shareholder, Elliott has nominated four directors to the company's board, including Heim, who brings substantial credibility as a founder of Targa Resources, a successful Permian-focused midstream operator.
The podcast highlights specific governance and operational criticisms of Phillips 66. Heim's comments focus on three key governance deficiencies: 1) inadequate capital allocation for organic growth in the midstream segment, 2) improper incentive structures that tie midstream performance to refinery results, and 3) insufficient independent leadership for the midstream business.
These criticisms reflect classic activist investor concerns about corporate structure and capital allocation efficiency. Particularly noteworthy is Heim's assessment that Phillips 66's midstream assets are high-quality but underperforming due to governance and strategic issues rather than fundamental asset problems. His statement that the midstream business "
This proxy contest highlights tensions between integrated and focused business models in the energy sector. The outcome could significantly impact Phillips 66's governance approach and potentially lead to structural changes in how its business units are managed and valued.
Elliott nominee Heim identifies Phillips 66's high-quality midstream assets as underperforming due to strategy, capital allocation and incentive structure issues.
Michael Heim's assessment of Phillips 66's midstream assets provides valuable industry-specific insights into the company's operations. As a founder of Targa Resources, one of the most successful Permian-focused midstream operators, Heim brings substantial operational expertise to his critique.
Heim specifically notes that Phillips 66 possesses "very good" assets positioned in "major basins in the United States" that should be performing competitively with industry peers but aren't. This geographic positioning in key production regions represents significant intrinsic value that Heim suggests is being underutilized.
His comments on organic growth opportunities are particularly relevant for midstream operations, where return profiles often exceed acquisitions. By stating that "
The operational structure criticism is equally significant. Heim notes that midstream performance incentives should be decoupled from refinery performance - a classic issue in integrated energy companies where diverse business segments can have misaligned performance metrics. His statement that the business has "great bones" but needs "the right amount of capital and the right discipline" to trade like pure-play midstream companies suggests significant potential value could be unlocked through operational restructuring.
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
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
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately
Media Contact:
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SOURCE Elliott Investment Management L.P.
FAQ
What is Elliott Investment's 'Streamline 66' podcast about Phillips 66 (PSX)?
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