Phillips 66 - PSX STOCK NEWS

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.

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.

Phillips 66 (NYSE: PSX) has announced a quarterly dividend increase of $0.05 to $1.20 per share, payable on June 2, 2025, to shareholders of record as of May 19, 2025. Chairman and CEO Mark Lashier highlighted the company's commitment to shareholder value, noting that Phillips 66 returns over 50% of net operating cash flow to investors.

The company has maintained a consistent track record of increasing its annual dividend since its formation in 2012, achieving a 15% compound annual growth rate. This latest increase reflects the company's confidence in executing strategic priorities and leveraging its integrated portfolio to maintain a secure and growing dividend.

Phillips 66 (NYSE:PSX) has issued a critical letter to shareholders ahead of its Annual Meeting on May 21, 2025, addressing the proxy contest with activist investor Elliott. The company highlights its strong performance since 2012, including $43 billion returned to shareholders through dividends and share repurchases, with a 15% dividend CAGR.

The Board emphasizes its track record of value creation, including $3.5 billion in non-core asset divestitures, improved refining operations with a 15% reduction in controllable costs, and nearly doubled Midstream adjusted EBITDA from 2021 to 2024. The letter defends the company's four board nominees while expressing concerns about Elliott's nominees and potential conflicts of interest, particularly regarding Elliott's pursuit of CITGO acquisition through its subsidiary Amber Energy.

The Board urges shareholders to vote 'FOR' Phillips 66's nominees on the WHITE proxy card and support the company's legal approach to board declassification through Proposal 2.

Elliott Investment Management, a top five shareholder in Phillips 66 (NYSE: PSX), has released the third episode of their 'Streamline 66' podcast series featuring a conversation between Elliott Partner John Pike and Managing Director Geoff Sorbello.

In the discussion, Pike criticizes Phillips 66's strategy, noting that claimed synergies between business segments are not reflected in financial statements or stock performance. He specifically challenges the company's approach of expanding its midstream segment through acquisitions, arguing that 'a low multiple business cannot buy its way out of a problem by buying high multiple businesses.'

Pike emphasizes Elliott's long-term commitment to improving Phillips 66, stating 'We only win if all shareholders win' and highlighting the need for sustainable, multi-year solutions rather than short-term fixes. The podcast is available on Streamline66.com/podcast, Apple, Spotify, and YouTube.

Elliott Investment Management, a top-five shareholder in Phillips 66 (PSX), has released findings from a third-party survey of institutional investors representing over 60% of PSX's institutional shares. The survey reveals significant shareholder dissatisfaction with the company's performance and strategy.

Key findings show that Phillips 66 ranked last among peers in operational execution, CEO effectiveness, and capital allocation. Investors strongly support divesting non-core assets, particularly midstream assets, to eliminate the 'conglomerate discount' and unlock value.

Shareholders expressed frustration with management's failure to meet financial and operational targets, describing PSX as 'coasting along' and 'dragging its feet.' Elliott has proposed a three-part 'Streamline 66' plan and nominated four directors - Stacy Nieuwoudt, Brian Coffman, Sigmund Cornelius, and Michael Heim - to the Phillips 66 Board, advocating for urgent strategic changes.