Phillips 66 Sets the Record Straight on Gregory J. Goff’s Relationship with Elliott Management
Phillips 66 (NYSE:PSX) has issued a response to Gregory J. Goff's letter to shareholders, challenging his claimed independence from Elliott Management. The company points out that Goff currently serves as CEO of Amber Energy, an Elliott-backed entity competing for Citgo, a Phillips 66 competitor. This relationship was not disclosed in Goff's communication to shareholders.
The Board characterizes this as misleading to shareholders and views it as Elliott's desperate attempt to gain support for their proposed breakup of Phillips 66. The company emphasizes its track record of returning $43 billion in value through various market cycles and maintains its commitment to engaging with investors based on facts.
Phillips 66 (NYSE:PSX) ha rilasciato una risposta alla lettera di Gregory J. Goff agli azionisti, contestando la sua presunta indipendenza da Elliott Management. L'azienda sottolinea che Goff attualmente ricopre il ruolo di CEO di Amber Energy, un'entità supportata da Elliott che compete con Citgo, un concorrente di Phillips 66. Questa relazione non è stata divulgata nella comunicazione di Goff agli azionisti.
Il Consiglio la definisce fuorviante per gli azionisti e la considera come il tentativo disperato di Elliott di ottenere supporto per la proposta di scissione di Phillips 66. L'azienda enfatizza il suo storico di restituzione di 43 miliardi di dollari in valore attraverso vari cicli di mercato e mantiene il suo impegno a interagire con gli investitori basandosi sui fatti.
Phillips 66 (NYSE:PSX) ha emitido una respuesta a la carta de Gregory J. Goff a los accionistas, desafiando su supuesta independencia de Elliott Management. La compañía señala que Goff actualmente se desempeña como CEO de Amber Energy, una entidad respaldada por Elliott que compite con Citgo, un competidor de Phillips 66. Esta relación no fue divulgada en la comunicación de Goff a los accionistas.
La Junta la caracteriza como engañosa para los accionistas y la ve como un intento desesperado de Elliott por obtener apoyo para su propuesta de separación de Phillips 66. La compañía enfatiza su historial de retorno de 43 mil millones de dólares en valor a través de varios ciclos de mercado y mantiene su compromiso de interactuar con los inversores basándose en hechos.
필립스 66 (NYSE:PSX)는 그레고리 J. 고프의 주주 서한에 대한 응답을 발표하며, 그가 엘리엇 매니지먼트로부터의 독립성을 주장한 것에 이의를 제기했습니다. 회사는 고프가 현재 엘리엇의 지원을 받는 앰버 에너지의 CEO로 재직 중이며, 이는 필립스 66의 경쟁자인 시트고와 경쟁하고 있다고 지적합니다. 이 관계는 고프의 주주 통신에서 공개되지 않았습니다.
이사회는 이를 주주들에게 오해를 불러일으키는 것으로 간주하며, 필립스 66의 분할 제안에 대한 엘리엇의 절박한 지원 요청으로 보고 있습니다. 회사는 다양한 시장 사이클을 통해 430억 달러의 가치를 반환한 기록을 강조하며, 사실에 기반하여 투자자와 소통할 것을 다짐합니다.
Phillips 66 (NYSE:PSX) a publié une réponse à la lettre de Gregory J. Goff aux actionnaires, remettant en question son prétendu indépendance vis-à-vis d'Elliott Management. L'entreprise souligne que Goff est actuellement PDG d'Amber Energy, une entité soutenue par Elliott qui concurrence Citgo, un concurrent de Phillips 66. Cette relation n'a pas été divulguée dans la communication de Goff aux actionnaires.
Le Conseil la qualifie de trompeuse pour les actionnaires et la considère comme une tentative désespérée d'Elliott d'obtenir du soutien pour leur proposition de séparation de Phillips 66. L'entreprise met en avant son historique de retour de 43 milliards de dollars de valeur à travers divers cycles de marché et maintient son engagement à interagir avec les investisseurs sur la base des faits.
Phillips 66 (NYSE:PSX) hat auf den Brief von Gregory J. Goff an die Aktionäre reagiert und dessen angebliche Unabhängigkeit von Elliott Management in Frage gestellt. Das Unternehmen weist darauf hin, dass Goff derzeit als CEO von Amber Energy tätig ist, einem von Elliott unterstützten Unternehmen, das mit Citgo konkurriert, einem Konkurrenten von Phillips 66. Diese Beziehung wurde in Goffs Kommunikation an die Aktionäre nicht offengelegt.
Der Vorstand bezeichnet dies als irreführend für die Aktionäre und sieht es als verzweifelten Versuch von Elliott, Unterstützung für ihren Vorschlag zur Aufspaltung von Phillips 66 zu gewinnen. Das Unternehmen betont seine Erfolgsbilanz, 43 Milliarden Dollar an Wert durch verschiedene Marktzyklen zurückzugeben, und bekräftigt sein Engagement, mit Investoren auf der Grundlage von Fakten zu kommunizieren.
- Strong track record of returning $43 billion in value to shareholders
- Facing pressure from activist investor Elliott Management for company breakup
- Competition threat from Amber Energy's bid for Citgo
“Gregory Goff is clearly affiliated with Elliott Management. As of this morning, he remains featured as CEO of Amber Energy, an entity that Elliott has backed in its bid for Citgo, a Phillips 66 competitor. This important and obvious fact about a clear conflict of interest was never mentioned in Mr. Goff’s communication and is plainly misleading to shareholders. The notion he is an investor independent of Elliott is obviously false. This stunt reflects Elliott’s growing desperation to convince real investors to support its shortsighted, rushed breakup of Phillips 66. We will continue to engage with all investors on the facts and remain confident that those investors value the reliable
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the
Additional Information
On April 8, 2025, Phillips 66 filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the
Certain Information Regarding Participants
Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 8, 2025, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
1 Shareholder distribution through dividends paid on common stock and repurchases of common stock.
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Jeff Dietert (investors)
832-765-2297
jeff.dietert@p66.com
Owen Simpson (investors)
832-765-2297
owen.simpson@p66.com
Thaddeus Herrick (media)
855-841-2368
thaddeus.f.herrick@p66.com
Source: Phillips 66
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