Phillips 66 Stock Price, News & Analysis

Phillips 66 (PSX) issued a statement addressing Elliott Management's proxy contest ahead of its May 21, 2025 Annual Meeting. Under CEO Mark Lashier's leadership, PSX delivered 67% total shareholder returns, outperforming the S&P 500 Energy (45%) and peer median (42%). The company returned over $14 billion to shareholders through dividends and buybacks, growing dividends at a 15% CAGR since 2012. PSX strongly opposes Elliott's proposals to separate Midstream operations and sell CPChem, arguing these would result in significant value destruction through tax leakage and dis-synergies. The company highlights its improving refining performance, with R&M EBITDA outperforming peers by $2.80 per barrel in the Central Corridor. PSX urges shareholders to vote "FOR" its four nominees on the WHITE proxy card and against Elliott's nominees, citing concerns about their ties to Elliott and potential conflicts of interest.

Elliott Investment Management, a top-five shareholder in Phillips 66 (NYSE: PSX), has released an investor presentation titled "Streamline 66: The Choice for Shareholders" ahead of the Annual General Meeting on May 21st, 2025. The activist investor is presenting shareholders with a critical choice: either support the current leadership team and status quo, or elect Elliott's four shareholder-nominated directors to drive accountability and improve long-term performance.

Elliott has filed a definitive proxy statement and GOLD universal proxy card with the SEC for the upcoming proxy contest. The firm argues that the current PSX leadership supports poor performance and maintains the status quo, while their "Streamline 66" plan would create a stronger Phillips 66.

Phillips 66 (NYSE: PSX) has issued a response to Elliott Management's May 2 letter, highlighting several unresolved concerns. The company criticizes Elliott's failure to address key issues regarding director independence, particularly concerning Bob Pease's position and Gregory Goff's relationship with Elliott. PSX questions Elliott's involvement in the ongoing CITGO bidding process, which extends beyond the Annual Meeting date. The company also scrutinizes the timing of Goff's share purchases (102,000 shares) coinciding with his Elliott agreement on April 8. Additionally, PSX challenges Elliott's proposed annual resignation policy, stating it would violate Delaware law and circumvent the company's charter and by-laws. The company maintains that Elliott's 5,886-word response failed to provide substantive solutions to these core governance and transparency issues.

Elliott Investment Management, a top-five shareholder in Phillips 66 (NYSE: PSX), has issued a critical letter to shareholders highlighting concerns about the company's corporate governance and management practices. The letter details an 18-month attempt to engage with Phillips 66's leadership that was repeatedly rebuffed. Key issues include: CEO Mark Lashier's consolidation of power as both CEO and Chairman, the board's resistance to adding independent directors, and alleged misleading statements about company performance. Elliott is pushing for the election of four independent director nominees - Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt - and urges shareholders to vote using their Gold proxy card. The activist investor criticizes Phillips 66's classified board structure and its rejection of governance expert Gregory Goff's involvement despite his $10 million personal investment in the company.

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, 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.

Phillips 66 (NYSE:PSX) has filed an investor presentation highlighting its operational and financial performance under CEO Mark Lashier since 2022. The company has delivered 67% total shareholder returns, outperforming the S&P 500 Energy Index by 45% and peer median by 42%.

Key achievements include:

• Returned over $14 billion to shareholders through buybacks and dividends
• Completed $3.5 billion in non-core asset divestitures
• Reduced Refining Adjusted Controllable Costs from $6.98/bbl in 2022 to $5.90/bbl in 2024
• Expanded Midstream operations through Pinnacle and EPIC NGL acquisitions

The company is opposing Elliott Management's proposals, warning that their demands could threaten long-term shareholder value. Phillips 66 defends its integrated model, citing $500 million in annual operating synergies and a 15% CAGR dividend growth since 2012.

Phillips 66 (NYSE: PSX) reported first-quarter 2025 earnings of $487 million ($1.18 per share), with an adjusted loss of $368 million (-$0.90 per share). The quarter included $246 million in pre-tax accelerated depreciation on Los Angeles Refinery.

Key financial highlights include:

• $716 million returned to shareholders through dividends and share repurchases
• $2.0 billion received from sales of interests in Coop Mineraloel AG and Gulf Coast Express Pipeline
• Total debt reduced by $1.3 billion to $18.8 billion
• Cash and cash equivalents at $1.5 billion

Operational updates include the sanctioning of a new Iron Mesa gas plant in the Permian (300 MMCF/D capacity), completion of Sweeny Refinery crude flexibility project, and acquisition of EPIC Y-Grade. The company increased its quarterly dividend by $0.05 per share and has distributed $14.3 billion to shareholders since July 2022.

Phillips 66 (NYSE:PSX) Independent Directors have issued a letter to shareholders and proxy advisors addressing concerns about Elliott's campaign to break up the company. The Board raises critical questions about Elliott's governance practices, particularly regarding:

1. Elliott's pursuit of CITGO through its subsidiary Amber Energy while attempting to influence Phillips 66's strategy
2. Questions about the independence of Elliott's board nominees and their relationship with Amber Energy CEO Gregory Goff
3. Elliott's proposed mandatory resignation policy, which the Board claims violates Delaware law

The Board emphasizes their commitment to legally declassifying the Board, which previously received 73% shareholder approval, while criticizing Elliott's approach as potentially harmful to the company's legal standing and shareholder interests.