Elliott Launches "Streamline 66" Podcast to Promote Board Nominees and Vision for Phillips 66 (PSX)
Market Cap: $44 billion | Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally.
On March 4, 2025, Elliott Investment Management(5.5%) has nominated seven independent candidates for election to the company's Board at the 2025 Annual Meeting. Elliott's proposal aims to simplify Phillips' portfolio, enhance operational reviews, and improve management oversight. Source
On March 6, 2025, Elliott issued an Investor Presentation titled “Streamline66 Presentation for the Wolfe Refining Conference”
On March 21, 2025, Elliott Investment Management filed proxy materials seeking support for its nominees.
On March 25, 2025, Elliott Investment Management filed a lawsuit against the company seeking an order for four board seats to be up for election at the 2025 Annual Meeting. Elliott argues the company's decision to reduce board seats from 14 to 12 violates its governing documents. Despite requests for clarification, Phillips has not disclosed the number of seats or its nominees. Elliott plans to withdraw the lawsuit if Phillips confirms at least four seats will be up for election. Elliott also announced a slate of seven director candidates. Source
On April 3, 2025, Elliott Investment Management issued a letter to the shareholders advocating for an upgraded Board due to the company's underperformance compared to peers like Valero and Marathon, with Phillips 66 shares underperforming by -138% and -188% over the past decade . Elliott believes their "Streamline 66" plan could boost shares to $200 or more . Their key concerns include management's unwillingness to prioritize shareholder value, resistance to accountability, failure to address long-term underperformance, high operating expenses, and a lack of trust in leadership. Management has hindered Elliott's efforts by reneging on adding directors, appointing the CEO as Chairman, refusing to engage with independent directors, and opposing a proposal for annual board elections.
On April 8, 2025, Elliott Investment Management launched the "Streamline 66" podcast to spotlight its director nominees and campaign at Phillips 66, where it is a top five shareholder. Source
On April 9, 2025, Elliott announced support from veteran energy executive Gregory Goff for its “Streamline 66” campaign aimed at driving strategic, operational, and governance improvements. Goff, former CEO of Andeavor and a key figure in one of the sector’s most successful transformations, brings decades of experience from roles at ConocoPhillips, Andeavor, and Exxon Mobil. Source
Member discussion