Elliott Releases Bonus Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Partner John Pike
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, uno dei primi cinque azionisti di Phillips 66 (NYSE: PSX), ha pubblicato il terzo episodio della serie di podcast 'Streamline 66', che presenta una conversazione tra il Partner di Elliott John Pike e il Managing Director Geoff Sorbello.
Durante la discussione, Pike critica la strategia di Phillips 66, osservando che le sinergie dichiarate tra i segmenti aziendali non si riflettono né nei bilanci né nelle performance azionarie. In particolare, contesta l'approccio dell'azienda di espandere il segmento midstream attraverso acquisizioni, sostenendo che "un business con un multiplo basso non può risolvere i propri problemi acquistando aziende con multipli elevati".
Pike sottolinea l'impegno a lungo termine di Elliott per migliorare Phillips 66, affermando "vinciamo solo se vincono tutti gli azionisti" e evidenziando la necessità di soluzioni sostenibili e pluriennali piuttosto che interventi temporanei. Il podcast è disponibile su Streamline66.com/podcast, Apple, Spotify e YouTube.
Elliott Investment Management, uno de los cinco principales accionistas de Phillips 66 (NYSE: PSX), ha lanzado el tercer episodio de su serie de podcasts 'Streamline 66', que presenta una conversación entre el socio de Elliott, John Pike, y el director general Geoff Sorbello.
En la discusión, Pike critica la estrategia de Phillips 66, señalando que las sinergias declaradas entre los segmentos de negocio no se reflejan en los estados financieros ni en el rendimiento de las acciones. En particular, cuestiona el enfoque de la empresa de expandir su segmento midstream mediante adquisiciones, argumentando que "un negocio con múltiplo bajo no puede resolver sus problemas comprando negocios con múltiplos altos".
Pike enfatiza el compromiso a largo plazo de Elliott para mejorar Phillips 66, afirmando "solo ganamos si todos los accionistas ganan" y destacando la necesidad de soluciones sostenibles y a varios años en lugar de soluciones a corto plazo. El podcast está disponible en Streamline66.com/podcast, Apple, Spotify y YouTube.
Elliott Investment Management는 Phillips 66 (NYSE: PSX)의 상위 5대 주주 중 하나로, Elliott 파트너 John Pike와 매니징 디렉터 Geoff Sorbello 간의 대화를 담은 'Streamline 66' 팟캐스트 시리즈의 세 번째 에피소드를 공개했습니다.
대화에서 Pike는 Phillips 66의 전략을 비판하며, 사업 부문 간의 시너지 효과가 재무제표나 주가 성과에 반영되지 않았다고 지적합니다. 특히, 중간 유통 부문을 인수합병을 통해 확장하려는 회사의 접근 방식을 문제 삼으며 "낮은 배수의 사업이 높은 배수의 사업을 인수한다고 문제를 해결할 수 없다"고 주장합니다.
Pike는 Phillips 66 개선을 위한 Elliott의 장기적 의지를 강조하며 "모든 주주가 이겨야 우리가 이긴다"고 말하고, 단기적 해결책보다 지속 가능하고 다년간의 해결책이 필요함을 강조합니다. 팟캐스트는 Streamline66.com/podcast, Apple, Spotify, YouTube에서 들을 수 있습니다.
Elliott Investment Management, l'un des cinq principaux actionnaires de Phillips 66 (NYSE: PSX), a publié le troisième épisode de sa série de podcasts 'Streamline 66', qui présente une conversation entre le partenaire d'Elliott, John Pike, et le directeur général Geoff Sorbello.
Lors de la discussion, Pike critique la stratégie de Phillips 66, notant que les synergies revendiquées entre les segments d'activité ne se reflètent ni dans les états financiers ni dans la performance boursière. Il remet spécifiquement en question l'approche de l'entreprise visant à développer son segment midstream par des acquisitions, arguant qu'« une entreprise à faible multiple ne peut pas résoudre ses problèmes en achetant des entreprises à multiples élevés ».
Pike souligne l'engagement à long terme d'Elliott pour améliorer Phillips 66, déclarant « Nous ne gagnons que si tous les actionnaires gagnent » et mettant en avant la nécessité de solutions durables sur plusieurs années plutôt que des mesures à court terme. Le podcast est disponible sur Streamline66.com/podcast, Apple, Spotify et YouTube.
Elliott Investment Management, einer der fünf größten Aktionäre von Phillips 66 (NYSE: PSX), hat die dritte Folge ihrer Podcast-Reihe 'Streamline 66' veröffentlicht, in der ein Gespräch zwischen Elliott-Partner John Pike und Geschäftsführer Geoff Sorbello zu hören ist.
In der Diskussion kritisiert Pike die Strategie von Phillips 66 und stellt fest, dass die behaupteten Synergien zwischen den Geschäftsbereichen weder in den Finanzberichten noch in der Aktienkursentwicklung sichtbar sind. Besonders hinterfragt er den Ansatz des Unternehmens, den Midstream-Bereich durch Akquisitionen auszubauen, und argumentiert, dass "ein Unternehmen mit niedrigem Multiplikator seine Probleme nicht durch den Kauf von Unternehmen mit hohem Multiplikator lösen kann".
Pike betont das langfristige Engagement von Elliott zur Verbesserung von Phillips 66 und sagt: "Wir gewinnen nur, wenn alle Aktionäre gewinnen". Er hebt die Notwendigkeit nachhaltiger, mehrjähriger Lösungen statt kurzfristiger Maßnahmen hervor. Der Podcast ist verfügbar auf Streamline66.com/podcast, Apple, Spotify und YouTube.
- Elliott holds a significant position as a top five shareholder
- Active engagement through proxy solicitation to improve governance
- Lack of visible synergies between business segments
- Poor stock performance relative to potential
- Questionable strategy of expanding midstream through acquisitions instead of fixing refining operations
Discussion Covers Elliott's Engagement with Phillips 66 and the Path to Unlocking Significant Value at the Company
Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66
The latest installment features Elliott Partner John Pike in conversation with Elliott Managing Director Geoff Sorbello. Mr. Pike said:
- "If the synergies [between Phillips 66's businesses] were apparent, you would see them in the financial statements. The stock would be trading better…In high-performing companies where they say there are synergies or they say that they're going to improve the cost structure, those results are seen in the financial statements…The company doesn't have to create PowerPoint decks to tell you about synergies."
- "[Phillips 66] wants to continue growing the midstream [segment] by buying more assets…They want to do whatever they can to effectively themselves forget and have the market forget that they are, to a large extent, a refiner. And the way they're solving their refining problem is not by fixing refining, it's by becoming a midstream company, which doesn't work. A low multiple business cannot buy its way out of a problem by buying high multiple businesses."
- "We only win if all shareholders win. Short-term fixes or changes literally do nothing for us. We need this to be fixed and for it to work and for it to work over a multi-year period. So that is our overarching goal."
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
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately
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SOURCE Elliott Investment Management L.P.
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