Elliott Releases Fourth Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Director Nominee Sigmund Cornelius

Rhea-AI Summary

Elliott Investment Management, a top five shareholder in Phillips 66 (NYSE: PSX), has released the fourth episode of its Streamline 66 Podcast featuring director nominee Sigmund Cornelius, former CFO of ConocoPhillips.

In the episode, Cornelius discusses Phillips 66's assets, suggesting they are currently undervalued due to the company's complex structure. He draws parallels to his experience at ConocoPhillips, where he advocated for splitting the company to unlock shareholder value. Cornelius emphasizes that Phillips 66's assets 'don't necessarily belong together' and questions the market's ability to properly evaluate the company as both a refining/marketing and midstream business with CP Chem investment.

The podcast is part of Elliott's broader proxy solicitation campaign, with the investment firm seeking to elect four nominees to Phillips 66's Board at the 2025 annual meeting.

Positive

• Elliott Investment Management is a major shareholder with significant influence (top 5)
• Director nominee brings relevant experience from successful ConocoPhillips restructuring
• Company has valuable assets that could be unlocked through restructuring

Negative

• Complex corporate structure potentially undermining company valuation
• Market confusion about business identity affecting proper asset evaluation
• Potential sub-optimal capital allocation due to diverse business mix

News Market Reaction – PSX

+4.01%

1 alert

+4.01% News Effect

On the day this news was published, PSX gained 4.01%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Discussion Focuses on His Significant Experience at ConocoPhillips and Importance of Evaluating Opportunities to Realize Full Value of Phillips 66's 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 22, 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 fourth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry experts.  

The latest installment features Nominee Sigmund Cornelius, who served as CFO at the predecessor company of Phillips 66, ConocoPhillips, where he oversaw a substantial divestiture and simplification program that led to a material increase in shareholder value. Mr. Cornelius said:

• "I think [Phillips 66] has great assets that right now are locked up in an organization, a business that frankly the Street doesn't know how to evaluate. Is Phillips 66 a refining and marketing company? Or is it a midstream company? Or is it both? And by the way, we have this investment in CP Chem – what is the strategic rationale for that? So, great assets, they need to be liberated."
  
  
• "I was an advocate late in my career that we should look seriously at splitting [ConocoPhillips]. The market was telling us that the company valuation was such that these are really two different companies. You end up with a sub-allocation of capital. I think history has shown that it was the right decision."
  
  
• "[Phillips 66] is a company that has good people, has a rich history, and great assets that don't necessarily belong together. So, I'm excited for the opportunity [to join the Board]. I'm excited to bring my experience one more time to the game. And I think the opportunity here could not be clearer."

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 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 Management's goal with the Streamline 66 campaign for Phillips 66 (PSX)?

Elliott aims to unlock shareholder value by proposing board changes and potentially restructuring Phillips 66's diverse asset portfolio, similar to the successful ConocoPhillips split.

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

Elliott is proposing four nominees to the Phillips 66 Board at the 2025 annual meeting.

What is Sigmund Cornelius's experience relevant to Phillips 66 (PSX)?

Cornelius served as CFO at ConocoPhillips, Phillips 66's predecessor, where he oversaw a major divestiture and simplification program that increased shareholder value.

What are the main business segments that complicate Phillips 66's (PSX) valuation according to Cornelius?

According to Cornelius, Phillips 66 combines refining and marketing, midstream operations, and CP Chem investment, making it difficult for the market to evaluate.