Veteran Energy Executive Gregory Goff Backs Elliott's Plan to Unlock Value at Phillips 66
Elliott Investment Management, a top-five shareholder in Phillips 66 (NYSE: PSX), has announced support from veteran energy executive Gregory Goff for its 'Streamline 66' campaign to enhance shareholder value. Goff, with over 40 years of industry experience, including nearly three decades at ConocoPhillips and a successful tenure as CEO of Andeavor, brings significant expertise to the initiative.
During his leadership at Andeavor, Goff achieved a remarkable 1,200% increase in shareholder returns. His experience includes service on the Exxon Mobil Board of Directors and recent collaboration with Elliott on private energy-industry opportunities, including the evaluation of CITGO refining assets.
Elliott believes that with strategic, operational, and governance improvements, Phillips 66 can strengthen its position as an industry leader. The firm has filed a definitive proxy statement and GOLD universal proxy card with the SEC for the upcoming 2025 annual meeting of stockholders.
Elliott Investment Management, uno dei principali azionisti di Phillips 66 (NYSE: PSX), ha annunciato il supporto dell'esperto del settore energetico Gregory Goff per la sua campagna 'Streamline 66' volta a migliorare il valore per gli azionisti. Goff, con oltre 40 anni di esperienza nel settore, tra cui quasi tre decenni in ConocoPhillips e un periodo di successo come CEO di Andeavor, porta un'importante expertise all'iniziativa.
Sotto la sua guida in Andeavor, Goff ha ottenuto un notevole aumento del 1.200% nei rendimenti per gli azionisti. La sua esperienza include anche un servizio nel Consiglio di Amministrazione di Exxon Mobil e una recente collaborazione con Elliott su opportunità nel settore energetico privato, compresa la valutazione degli asset di raffinazione di CITGO.
Elliott crede che, con miglioramenti strategici, operativi e di governance, Phillips 66 possa rafforzare la sua posizione come leader del settore. L'azienda ha presentato una dichiarazione di delega definitiva e una scheda di delega universale GOLD alla SEC in vista della prossima assemblea annuale degli azionisti del 2025.
Elliott Investment Management, uno de los principales accionistas de Phillips 66 (NYSE: PSX), ha anunciado el apoyo del veterano ejecutivo energético Gregory Goff para su campaña 'Streamline 66' destinada a aumentar el valor para los accionistas. Goff, con más de 40 años de experiencia en la industria, incluidos casi tres décadas en ConocoPhillips y un exitoso mandato como CEO de Andeavor, aporta una experiencia significativa a la iniciativa.
Durante su liderazgo en Andeavor, Goff logró un notable aumento del 1,200% en los rendimientos para los accionistas. Su experiencia incluye servicio en la Junta Directiva de Exxon Mobil y una reciente colaboración con Elliott en oportunidades del sector energético privado, incluida la evaluación de los activos de refinación de CITGO.
Elliott cree que, con mejoras estratégicas, operativas y de gobernanza, Phillips 66 puede fortalecer su posición como líder en la industria. La firma ha presentado una declaración de poder definitiva y una tarjeta de poder universal GOLD a la SEC para la próxima reunión anual de accionistas de 2025.
엘리엇 투자 관리는 필립스 66 (NYSE: PSX)의 주요 주주 중 하나로, 주주 가치를 증대시키기 위한 '스트림라인 66' 캠페인에 대해 에너지 업계의 베테랑 그레고리 고프의 지지를 발표했습니다. 고프는 코노코필립스에서 거의 30년, 그리고 안데이버의 CEO로서 성공적인 경력을 포함하여 40년 이상의 업계 경험을 가지고 있으며, 이 이니셔티브에 중요한 전문성을 제공합니다.
안데이버에서의 리더십 기간 동안, 고프는 주주 수익률을 1,200% 증가시키는 놀라운 성과를 달성했습니다. 그의 경험에는 엑손 모빌 이사회에서의 서비스와 최근 엘리엇과의 협력을 통한 사모 에너지 산업 기회, CITGO 정유 자산 평가 등이 포함됩니다.
엘리엇은 전략적, 운영적, 거버넌스 개선을 통해 필립스 66이 업계 리더로서의 입지를 강화할 수 있다고 믿고 있습니다. 이 회사는 2025년 주주 연례 회의를 위해 SEC에 최종 위임장과 GOLD 보편 위임장 카드를 제출했습니다.
Elliott Investment Management, l'un des cinq principaux actionnaires de Phillips 66 (NYSE: PSX), a annoncé le soutien du vétéran de l'énergie Gregory Goff pour sa campagne 'Streamline 66' visant à améliorer la valeur pour les actionnaires. Goff, fort de plus de 40 ans d'expérience dans le secteur, dont près de trois décennies chez ConocoPhillips et un mandat réussi en tant que PDG d'Andeavor, apporte une expertise significative à l'initiative.
Lors de son leadership chez Andeavor, Goff a réalisé une augmentation remarquable de 1.200% des rendements pour les actionnaires. Son expérience inclut un service au conseil d'administration d'Exxon Mobil et une collaboration récente avec Elliott sur des opportunités dans le secteur de l'énergie privé, y compris l'évaluation des actifs de raffinage de CITGO.
Elliott estime qu'avec des améliorations stratégiques, opérationnelles et de gouvernance, Phillips 66 peut renforcer sa position en tant que leader de l'industrie. La société a déposé une déclaration de procuration définitive et une carte de procuration universelle GOLD auprès de la SEC pour la prochaine assemblée annuelle des actionnaires de 2025.
Elliott Investment Management, einer der fünf größten Aktionäre von Phillips 66 (NYSE: PSX), hat die Unterstützung des erfahrenen Energiemanagers Gregory Goff für seine 'Streamline 66'-Kampagne zur Steigerung des Aktionärswerts angekündigt. Goff bringt über 40 Jahre Branchenerfahrung mit, darunter fast drei Jahrzehnte bei ConocoPhillips und eine erfolgreiche Amtszeit als CEO von Andeavor, und bringt somit bedeutende Expertise in die Initiative ein.
Unter seiner Führung bei Andeavor erzielte Goff eine bemerkenswerte Steigerung der Aktionärsrendite um 1.200%. Zu seinen Erfahrungen gehört auch die Mitgliedschaft im Board of Directors von Exxon Mobil sowie eine kürzliche Zusammenarbeit mit Elliott bei privaten Energieindustrie-Chancen, einschließlich der Bewertung von CITGO-Raffinerieanlagen.
Elliott ist der Ansicht, dass Phillips 66 durch strategische, operative und governance-Verbesserungen seine Position als Branchenführer stärken kann. Das Unternehmen hat eine endgültige Vollmachtserklärung und eine GOLD-Universalvollmacht bei der SEC für die bevorstehende Hauptversammlung der Aktionäre im Jahr 2025 eingereicht.
- Support from highly successful industry veteran Gregory Goff adds credibility to Elliott's campaign
- Elliott holds significant stake as top-five shareholder in Phillips 66
- Goff's track record includes delivering 1,200% shareholder returns at Andeavor
- Company facing activist pressure indicating potential operational and governance issues
- Proxy contest signals potential management conflict and uncertainty
Insights
Elliott's announcement represents a significant escalation in its activist campaign against Phillips 66. Securing the backing of Gregory Goff adds substantial credibility to their efforts given his impressive credentials: nearly three decades at ConocoPhillips (PSX's predecessor), CEO experience at Andeavor where he achieved a remarkable
This development materially increases the probability of successful board changes at Phillips 66's upcoming annual meeting. Elliott has already filed its definitive proxy materials and GOLD proxy card with the SEC—standard tactical steps in a serious proxy contest. The involvement of an industry veteran with intimate knowledge of Phillips 66's core business significantly strengthens Elliott's position in soliciting shareholder votes.
What makes this particularly notable is Goff's direct experience with Phillips' assets and his proven track record in operational transformation within the refining sector. His participation suggests Elliott has identified legitimate operational and strategic opportunities at Phillips 66 that could unlock significant value. The reference to their joint evaluation of CITGO refining assets indicates they've already been working together to assess specific operational improvements in refining businesses.
For Phillips 66 shareholders, this represents a potentially transformative development. Activist campaigns at this stage typically result in either board changes, management adjustments, or the target company implementing strategic changes to prevent further escalation.
Elliott's enlistment of Gregory Goff represents a sophisticated strategic maneuver in the refining sector. Goff is arguably the ideal champion for an activist campaign targeting Phillips 66, bringing unparalleled credibility through his 40+ years of industry experience and particularly his ConocoPhillips background—essentially making him a former insider.
His Andeavor tenure is especially relevant. Under Goff's leadership, Andeavor transformed from an underperforming refiner into an industry outperformer that ultimately commanded a premium acquisition price from Marathon Petroleum. The
The "Streamline 66" campaign name itself signals Elliott's likely focus: eliminating operational inefficiencies, optimizing the refining portfolio, enhancing capital allocation, and potentially divesting non-core assets. Phillips 66's diverse business mix spanning refining, midstream, chemicals, and marketing offers multiple levers for value creation through strategic realignment.
Particularly telling is Elliott's mention of their joint evaluation of CITGO assets with Goff. This suggests they've been collaboratively developing specific operational improvement plans for refining assets—expertise they're now bringing to Phillips 66. Given the competitive pressures in refining and the need for operational excellence, Goff's specialized knowledge could help identify margin enhancement opportunities that current management has overlooked.
This represents a serious challenge to Phillips 66's status quo, with Elliott clearly positioning itself for a transformation similar to what Goff accomplished at Andeavor.
Elliott Welcomes Support from Former Andeavor CEO Gregory Goff as It Seeks Strategic, Operational and Governance Improvements at Phillips 66
Learn More at Streamline66.com
Elliott is pleased to have the support and assistance of Phillips 66 shareholder and accomplished energy industry veteran Gregory Goff for our effort to boost shareholder value at Phillips 66.
Mr. Goff's more than 40 years of experience includes nearly three decades at ConocoPhillips (Phillips 66's predecessor company), nearly a decade as CEO of refiner Andeavor (formerly known as Tesoro), and service on the Exxon Mobil Board of Directors. At Andeavor, Mr. Goff spearheaded one of the industry's most successful financial and operational transformations, presiding over a 1,
Mr. Goff is one of the pre-eminent energy executives of our time. At Elliott, we have enjoyed working with Mr. Goff to explore private energy-industry opportunities in recent years. During our joint evaluation of the CITGO refining assets, we have witnessed firsthand his impressive ability to identify and develop a clear value-creation plan for refining assets. His experience will be invaluable as we push to effect change at Phillips 66 so it can regain its status as an industry leader.
Like Elliott, Mr. Goff believes that – with the necessary strategic, operational and governance improvements – Phillips 66 can be a stronger, more valuable company for all of its employees and investors. Elliott and our fellow Phillips 66 shareholders are fortunate to have Mr. Goff's support.
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
Media Contact:
Casey Friedman
Elliott Investment Management L.P.
(212) 478-1780
cFriedman@elliottmgmt.com
¹ Relative to return of Energy Select Sector SPDR Fund (NYSE: XLE), per Bloomberg.
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SOURCE Elliott Investment Management L.P.
FAQ
What is Elliott's 'Streamline 66' campaign targeting for Phillips 66 (PSX)?
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What is Gregory Goff's experience in the energy sector?
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