Elliott Releases Fourth Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Director Nominee Sigmund Cornelius
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.
Elliott Investment Management, uno dei cinque maggiori azionisti di Phillips 66 (NYSE: PSX), ha pubblicato il quarto episodio del suo Streamline 66 Podcast con il candidato direttore Sigmund Cornelius, ex CFO di ConocoPhillips.
Nel corso dell'episodio, Cornelius analizza gli asset di Phillips 66, suggerendo che attualmente siano sottovalutati a causa della struttura complessa dell'azienda. Fa un parallelo con la sua esperienza in ConocoPhillips, dove aveva promosso la scissione della società per valorizzare gli azionisti. Cornelius sottolinea che gli asset di Phillips 66 "non appartengono necessariamente insieme" e mette in dubbio la capacità del mercato di valutare correttamente l’azienda, che opera sia nel settore della raffinazione e commercializzazione sia in quello midstream con l’investimento in CP Chem.
Il podcast fa parte della più ampia campagna di Elliott per la raccolta di deleghe, con l’obiettivo di eleggere quattro candidati nel consiglio di amministrazione di Phillips 66 durante l’assemblea annuale del 2025.
Elliott Investment Management, uno de los cinco principales accionistas de Phillips 66 (NYSE: PSX), ha lanzado el cuarto episodio de su podcast Streamline 66 con el candidato a director Sigmund Cornelius, ex CFO de ConocoPhillips.
En el episodio, Cornelius analiza los activos de Phillips 66, sugiriendo que actualmente están infravalorados debido a la estructura compleja de la empresa. Establece un paralelismo con su experiencia en ConocoPhillips, donde promovió la escisión de la compañía para liberar valor para los accionistas. Cornelius enfatiza que los activos de Phillips 66 "no necesariamente pertenecen juntos" y cuestiona la capacidad del mercado para evaluar correctamente a la empresa, que opera tanto en refinación/marketing como en midstream con la inversión en CP Chem.
El podcast forma parte de la campaña más amplia de Elliott para la solicitud de poderes, buscando elegir a cuatro candidatos para la junta directiva de Phillips 66 en la reunión anual de 2025.
Elliott Investment Management는 Phillips 66 (NYSE: PSX)의 상위 5대 주주 중 하나로, 전 ConocoPhillips CFO인 이사 후보 Sigmund Cornelius가 출연한 Streamline 66 팟캐스트 4번째 에피소드를 공개했습니다.
에피소드에서 Cornelius는 Phillips 66의 자산이 회사의 복잡한 구조 때문에 현재 저평가되어 있다고 언급합니다. 그는 ConocoPhillips에서 회사 분할을 통해 주주 가치를 극대화하려 했던 경험을 비유로 들며, Phillips 66의 자산들은 "반드시 함께 있어야 하는 것은 아니다"라고 강조합니다. 또한 정제/마케팅 사업과 CP Chem 투자까지 포함한 미드스트림 사업을 동시에 운영하는 회사를 시장이 제대로 평가하기 어렵다고 지적합니다.
이 팟캐스트는 Elliott의 보다 광범위한 위임장 확보 캠페인의 일환으로, 2025년 연례 주주총회에서 Phillips 66 이사회에 4명의 후보를 선출하려는 목표를 가지고 있습니다.
Elliott Investment Management, l'un des cinq principaux actionnaires de Phillips 66 (NYSE: PSX), a publié le quatrième épisode de son podcast Streamline 66 mettant en vedette le candidat au conseil d'administration Sigmund Cornelius, ancien directeur financier de ConocoPhillips.
Dans cet épisode, Cornelius évoque les actifs de Phillips 66, suggérant qu'ils sont actuellement sous-évalués en raison de la structure complexe de l'entreprise. Il fait un parallèle avec son expérience chez ConocoPhillips, où il avait préconisé la scission de la société pour libérer de la valeur pour les actionnaires. Cornelius souligne que les actifs de Phillips 66 « n’appartiennent pas nécessairement ensemble » et remet en question la capacité du marché à évaluer correctement l’entreprise, qui exerce à la fois des activités de raffinage/marketing et de midstream avec un investissement dans CP Chem.
Le podcast s’inscrit dans le cadre de la campagne plus large de sollicitation de procurations d’Elliott, qui cherche à faire élire quatre candidats au conseil d’administration de Phillips 66 lors de l’assemblée générale de 2025.
Elliott Investment Management, einer der fünf größten Aktionäre von Phillips 66 (NYSE: PSX), hat die vierte Folge seines Streamline 66 Podcasts veröffentlicht, in der der Direktorkandidat Sigmund Cornelius, ehemaliger CFO von ConocoPhillips, zu Gast ist.
In der Folge spricht Cornelius über die Vermögenswerte von Phillips 66 und schlägt vor, dass diese derzeit aufgrund der komplexen Unternehmensstruktur unterbewertet sind. Er zieht Parallelen zu seiner Erfahrung bei ConocoPhillips, wo er sich für eine Aufspaltung des Unternehmens eingesetzt hat, um den Aktionärswert freizusetzen. Cornelius betont, dass die Vermögenswerte von Phillips 66 „nicht unbedingt zusammengehören“ und hinterfragt, ob der Markt in der Lage ist, das Unternehmen als sowohl Raffinerie-/Marketing- als auch Midstream-Geschäft mit CP Chem-Beteiligung richtig zu bewerten.
Der Podcast ist Teil von Elliotts umfassenderer Proxy-Kampagne, bei der das Investmentunternehmen versucht, bei der Hauptversammlung 2025 vier Kandidaten in den Vorstand von Phillips 66 wählen zu lassen.
- 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
- 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
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
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
About Elliott
Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately
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SOURCE Elliott Investment Management L.P.
FAQ
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