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

Elliott Management's Call to Phillips 66 Shareholders

Elliott Investment Management L.P. has taken a significant step in representing its interests as one of the top shareholders in Phillips 66 (NYSE: PSX). In a recent announcement, the firm unveiled its strategic proposal dubbed "Streamline 66," aimed at urging Phillips 66 shareholders to consider a critical choice this upcoming Annual General Meeting scheduled for May 21, 2025.

The backdrop of this proposal is the stark performance of Phillips 66's current leadership, which Elliott perceives as complacent and not conducive to driving shareholder value. In Elliott's view, the existing management has maintained a status quo that is far from encouraging impressive returns or accountability in strategies and execution. As Phillips 66 grapples with fluctuating market dynamics and growing competition, the call for a critical performance reevaluation has never been more pressing.

Elliott's presentation lays out a clear dichotomy for shareholders: on one hand, they could continue to support the current leadership, which Elliott claims has exhibited disappointing performance; on the other hand, they could choose to elect a new slate of directors nominated by Elliott, who would strive for transparency and enhanced long-term performance.

What's in the Proposal?

The "Streamline 66" initiative emphasizes several key points that Elliott believes are fundamental for revitalizing Phillips 66:

• - Leadership Change: By electing its slate of nominees for the board, Elliott argues that shareholders can ensure a governance structure that prioritizes accountability and strategic agility.
• - Performance Focus: The focus is on real results, moving away from mere rhetoric. Elliott aims to push for actionable strategies that deliver measurable improvements in profitability and growth.
• - Shareholder Engagement: Strengthening communication strategies between stakeholders and management is seen as vital for restoring trust and securing better future collaborations.

For those interested in supporting Elliott's approach, additional resources, including the full presentation, are available through their dedicated website, Streamline66.com. Here, shareholders can find comprehensive insights into Elliott’s proposals and instructions on how to cast their votes with a GOLD proxy card, essential for expressing their preferences during the upcoming voting process.

Furthermore, Elliott has filed a definitive proxy statement with the Securities and Exchange Commission (SEC) to facilitate informed decision-making among shareholders. This document outlines the qualifications and aspirations of their nominated directors, providing an essential roadmap leading into the critical polling period.

About Elliott Investment Management

Founded in 1977, Elliott Investment Management L.P. is a premier investment firm managing around $72.7 billion in assets. Its diverse investor base includes prominent pension plans, sovereign wealth funds, foundations, and high-net-worth individuals. With decades of management experience, Elliott is well-positioned to drive transformative changes in portfolio companies, advocating for more responsible governance practices and strategic initiatives that align with shareholder interests.

In conclusion, Phillips 66 shareholders stand at a crucial juncture where their decision on leadership will shape the company's trajectory in an increasingly competitive environment. As Elliott Management advances its proposal for change, it emphasizes the importance of accountability, performance, and long-term value creation. This presents an opportune moment for shareholders to reflect on where they wish to see Phillips 66 in the future. Every vote counts!