#None #Elliott Management #Phillips 66 #Streamline 66

Elliott Management's Strategic Proposal for Phillips 66

Elliott Investment Management L.P., a prominent investment firm and a top-five shareholder in Phillips 66 (NYSE: PSX), has recently shared its vision aimed at reinvigorating the company. This investor presentation, titled "Streamline 66: Elliott's Perspectives on Value Creation," emphasizes the need for a transformational approach that includes governance enhancements and operational improvements.

The Need for Change

Phillips 66 has faced challenges regarding consistent performance and shareholder value creation. Elliott Management recognizes this underperformance as an opportunity for significant upside. The firm has articulated a strategy to reverse this cycle by proposing various initiatives aimed at revitalizing the company.

Key Components of the 'Streamline 66' Plan

The "Streamline 66" strategy is built on three foundational pillars:

1. Board Enhancements: Elliott suggests enhancing the board of directors by nominating a slate of qualified candidates who bring diverse expertise and perspectives. The aim is to foster a governance framework that is more aligned with shareholder interests.

2. Operational Improvements: The proposal outlines actionable steps for operational optimization that could lead to enhanced efficiency and cost savings. By streamlining operations, Phillips 66 can improve its competitive position in the market.

3. Portfolio Simplification: The plan advises a review and simplification of Phillips 66's portfolio, focusing on core assets that can drive greater shareholder value. This prioritization is intended to eliminate distractions and concentrate resources where they can generate the highest returns.

Shareholder Engagement and Proxy Solicitation

As part of its effort, Elliott Management has initiated a proxy solicitation to gather support for its proposed director nominees. They encourage shareholders to vote using the "GOLD" proxy card available on their dedicated website, Streamline66.com. The firm underscores the importance of this engagement, urging stockholders to read the proxy statement and understand the implications of these proposals.

About Elliott Investment Management

Founded in 1977, Elliott Investment Management manages approximately $72.7 billion in assets. Its investor base includes a variety of institutional entities, from pension funds to sovereign wealth funds. This extensive experience positions Elliott as a credible advocate for substantial changes within Phillips 66.

Conclusion

Elliott Management’s detailed presentation and the proposed "Streamline 66" plan signify a strategic path forward designed to enhance shareholder value at Phillips 66. By focusing on governance, operations, and portfolio management, there is potential for significant improvements. Stakeholders in Phillips 66 should stay informed and consider the ramifications of these proposals as the company approaches its annual meeting.

For full details of Elliott's proposal and to participate in the shareholder voting process, visit Streamline66.com.