#United States #West Palm Beach #Elliott Management #Phillips 66 #Streamline 66

Elliott's New Podcast Episode on Phillips 66

Elliott Investment Management L.P. has recently launched the latest episode of its podcast series, 'Streamline 66,' featuring an insightful conversation with Elliott Partner John Pike. This episode delves into strategic discussions on Phillips 66, a company where Elliott is a major shareholder. As a top-five shareholder, Elliott possesses a significant interest in shaping the future of Phillips 66 and unlocking potential value, and this podcast highlights their ongoing initiatives.

In conversation with Elliott Managing Director Geoff Sorbello, Pike articulates his views on the considerable synergies that ought to be present between Phillips 66’s various operations. He asserts that if any true efficiencies existed, they should be reflected in the company's financial statements, arguing that the current state of affairs suggests otherwise. By saying, "If the synergies were apparent, you would see them in the financial statements. The stock would be trading better...", Pike points to the need for substantial improvements in operational performance and overall financial health.

Pike's analysis extends to the company's strategic direction, particularly its focus on expanding its midstream segment through asset acquisitions as a means to mask underlying refining issues. He warns that merely investing in higher-multiple businesses to address low performer segments will not remediate the core challenges faced by Phillips 66. He noted, "A low multiple business cannot buy its way out of a problem by buying high multiple businesses."

Elliott's commitment to long-term shareholder value creation is pivotal to its engagement with Phillips 66. Pike emphasizes their collective goal: "We only win if all shareholders win. Short-term fixes or changes literally do nothing for us. We need this to be fixed and for it to work over a multi-year period." This sentiment underscores Elliott's broader objective of fostering sustainable reforms that benefit all stakeholders involved.

Listeners interested in these developments are encouraged to access the episode on Streamline66.com/podcast. The podcast is also available on popular platforms such as Apple and Spotify, making it accessible for a wider audience interested in insights driven by industry experts and strategic thought leaders.

Additionally, viewers can engage with full episodes on YouTube at youtube.com/@Streamline66, further broadening the podcast's reach and impact.

For shareholders wishing to act on their insights, Elliott has initiated a proxy contest which includes a call for votes on their nominated candidates for the Phillips 66 Board. This move is part of Elliott's holistic approach to instigate change at the company level, with materials related to the proxy statement readily available on the SEC's website and Elliott's dedicated site.

Elliott Investment Management, a firm managing approximately $72.7 billion in assets, has a long-standing reputation for its strategic activism in corporate governance. Founded in 1977, it is one of the oldest continuously managed funds, drawing support from a diverse group of investors.

As the business landscape shifts, Elliott's actions and discussions offer a critical lens on how shareholder activism can ignite change within a corporation. Stakeholders and interested parties are invited to stay updated through the podcast series as Elliott navigates these pivotal conversations around improving Phillips 66's trajectory and ensuring profitable futures for the shareholders involved.