Phillips 66 Stock Price, News & Analysis

Phillips 66 (NYSE: PSX) announced preliminary results from its May 21, 2025 annual shareholder meeting regarding director elections. Based on preliminary estimates, shareholders elected two Phillips 66 nominees (Robert W. Pease and Nigel Hearne) and two Elliott Management nominees (Sigmund L. Cornelius and Michael A. Heim). Phillips 66 nominees John E. Lowe and Howard Ungerleider were not elected. The proposal to declassify the Board, while receiving significant support, did not reach the required 80% threshold of outstanding shares. Shareholders rejected Elliott's proposal for annual director resignations. CEO Mark Lashier emphasized the vote reflects confidence in the company's integrated strategy while acknowledging that early results haven't yet shown the full potential of their plan.

Elliott Investment Management, a top-five shareholder in Phillips 66 (NYSE: PSX), has presented four independent director nominees - Brian Coffman, Sigmund Cornelius, Michael Heim, and Stacy Nieuwoudt - for election at the company's 2025 Annual Meeting. The nominees bring diverse expertise: Coffman has extensive refining experience, Cornelius served as CFO at ConocoPhillips, Heim is a successful midstream operator, and Nieuwoudt brings investment sector expertise. The nominees aim to close Phillips 66's performance gap by focusing on operational excellence, improving accountability, and enhancing corporate governance. They express commitment to working constructively with incumbent directors while emphasizing the need for change to unlock shareholder value.

Phillips 66 (PSX) has issued a letter to shareholders addressing key issues ahead of its May 21st Annual Meeting, focusing on three critical matters. The company defends its four board nominees, highlighting their industry expertise and independence. Notable progress in refining operations includes a 15% reduction in Refining Adjusted Controllable Costs from $6.98 to $5.90 per barrel since 2022, with targets to reach $5.50 by 2027. The Board strongly opposes Elliott's proposal to break up the company, arguing that separating the midstream business and selling CPChem interests would expose shareholders to unnecessary risks, tax implications, and potential value destruction. The company has already exceeded its asset sale target, delivering over $5 billion since 2022 versus the promised $3 billion.

Stonepeak and Energy Equation Partners (EEP) have agreed to acquire a majority stake in JET Tankstellen Deutschland GmbH from Phillips 66 (NYSE: PSX) in a deal valuing the business at €2.5 billion. Phillips 66 will maintain a 35% minority interest through a new joint venture.

JET is a leading fuel retailer in Germany and Austria, operating 970 service stations that serve over 700,000 customers daily. The company features convenience stores, car washes, and a growing EV charging network. JET has been recognized as Germany's most popular gas station brand by YouGov Deutschland for 15 consecutive years.

The transaction is expected to close in the second half of 2025, subject to regulatory approvals.

Phillips 66 (PSX) has announced an agreement to sell a 65% stake in its Germany and Austria retail marketing business to a consortium owned by Energy Equation Partners and Stonepeak. The transaction values the business at approximately €2.5 billion ($2.8 billion), with an Enterprise Value/EBITDA multiple of 9.1x based on expected 2025 EBITDA.

Phillips 66 will maintain a 35% non-operated interest through a new joint venture and expects to receive pre-tax cash proceeds of about €1.5 billion ($1.6 billion). The proceeds will support debt reduction and shareholder returns. The deal includes 970 sites (843 JET-branded) and a multi-year supply agreement from the MiRO Refinery. The transaction is expected to close in H2 2025, subject to regulatory approvals.

Phillips 66 (NYSE:PSX) has announced its upcoming 2025 Annual Meeting of Shareholders, scheduled for Wednesday, May 21 at 8 a.m. CT. The meeting will be held in a virtual-only format via audio webcast. Shareholders must pre-register by Tuesday, May 20 at 8 a.m. CT using their 16-digit control number and submit documentation. Only shareholders of record as of April 4, 2025 who have pre-registered can attend. The meeting will be accessible through cesonlineservices.com/psx25_vm or Phillips 66's Investors website. A replay and transcript will be made available after the meeting.

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.