Veteran Energy Executive Gregory Goff Backs Elliott's Plan to Unlock Value at Phillips 66

Rhea-AI Summary

Elliott Investment Management, a top-five shareholder in Phillips 66 (NYSE: PSX), has announced support from veteran energy executive Gregory Goff for its 'Streamline 66' campaign to enhance shareholder value. Goff, with over 40 years of industry experience, including nearly three decades at ConocoPhillips and a successful tenure as CEO of Andeavor, brings significant expertise to the initiative.

During his leadership at Andeavor, Goff achieved a remarkable 1,200% increase in shareholder returns. His experience includes service on the Exxon Mobil Board of Directors and recent collaboration with Elliott on private energy-industry opportunities, including the evaluation of CITGO refining assets.

Elliott believes that with strategic, operational, and governance improvements, Phillips 66 can strengthen its position as an industry leader. The firm has filed a definitive proxy statement and GOLD universal proxy card with the SEC for the upcoming 2025 annual meeting of stockholders.

Positive

• Support from highly successful industry veteran Gregory Goff adds credibility to Elliott's campaign
• Elliott holds significant stake as top-five shareholder in Phillips 66
• Goff's track record includes delivering 1,200% shareholder returns at Andeavor

Negative

• Company facing activist pressure indicating potential operational and governance issues
• Proxy contest signals potential management conflict and uncertainty

News Market Reaction

+11.05%

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+11.05% News Effect

On the day this news was published, PSX gained 11.05%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Elliott Welcomes Support from Former Andeavor CEO Gregory Goff as It Seeks Strategic, Operational and Governance Improvements at Phillips 66

Learn More at Streamline66.com

WEST PALM BEACH, Fla., April 9, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today issued the following statement about Gregory Goff's support for its "Streamline 66" campaign:

Elliott is pleased to have the support and assistance of Phillips 66 shareholder and accomplished energy industry veteran Gregory Goff for our effort to boost shareholder value at Phillips 66.

Mr. Goff's more than 40 years of experience includes nearly three decades at ConocoPhillips (Phillips 66's predecessor company), nearly a decade as CEO of refiner Andeavor (formerly known as Tesoro), and service on the Exxon Mobil Board of Directors. At Andeavor, Mr. Goff spearheaded one of the industry's most successful financial and operational transformations, presiding over a 1,200% increase in shareholder returns.¹

Mr. Goff is one of the pre-eminent energy executives of our time. At Elliott, we have enjoyed working with Mr. Goff to explore private energy-industry opportunities in recent years. During our joint evaluation of the CITGO refining assets, we have witnessed firsthand his impressive ability to identify and develop a clear value-creation plan for refining assets. His experience will be invaluable as we push to effect change at Phillips 66 so it can regain its status as an industry leader.

Like Elliott, Mr. Goff believes that – with the necessary strategic, operational and governance improvements – Phillips 66 can be a stronger, more valuable company for all of its employees and investors. Elliott and our fellow Phillips 66 shareholders are fortunate to have Mr. Goff's support.

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

¹ Relative to return of Energy Select Sector SPDR Fund (NYSE: XLE), per Bloomberg.

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SOURCE Elliott Investment Management L.P.

FAQ

What is Elliott's 'Streamline 66' campaign targeting for Phillips 66 (PSX)?

The campaign aims to implement strategic, operational, and governance improvements at Phillips 66 to enhance shareholder value and help the company regain its industry leadership position.

How successful was Gregory Goff's leadership at Andeavor?

As CEO of Andeavor (formerly Tesoro), Goff led one of the industry's most successful transformations, achieving a 1,200% increase in shareholder returns.

What is Gregory Goff's experience in the energy sector?

Goff has over 40 years of experience, including nearly 30 years at ConocoPhillips, CEO role at Andeavor, and service on Exxon Mobil's Board of Directors.

What actions is Elliott taking for the 2025 Phillips 66 (PSX) annual meeting?

Elliott has filed a definitive proxy statement and GOLD universal proxy card with the SEC to solicit proxies for electing their slate of director candidates.