Elliott Investment Management Pushes for Board Overhaul at Phillips 66 (PSX), Unveils 'Streamline 66' Plan to Unlock Value and End Chronic Underperformance

On April 3, 2025, Elliott Investment Management, a major shareholder in Phillips 66, urged fellow shareholders to vote the Gold Card in support of its proposed board nominees and turnaround plan, Streamline 66. Elliott criticized the company’s persistent underperformance, citing a decade of lagging returns compared to peers like Valero and Marathon, governance failures, and missed operational targets. The letter outlines a plan to divest non-core assets, refocus on refining with tighter cost controls, and enhance board oversight. Elliott also advocates for annual board elections to improve accountability and argues that meaningful change is needed to unlock shareholder value and potentially drive the stock to $200 or more.