Company Announcements

Discussion Covers Elliott's Engagement with Phillips 66 and the Path to Unlocking Significant Value at the Company

Visit Streamline66.com  to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66

WEST PALM BEACH, Fla. , April 17, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released the third episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees, as well as industry experts.

The latest installment features Elliott Partner John Pike in conversation with Elliott Managing Director Geoff Sorbello. Mr. Pike said:

• "If the synergies [between Phillips 66's businesses] were apparent, you would see them in the financial statements. The stock would be trading better…In high-performing companies where they say there are synergies or they say that they're going to improve the cost structure, those results are seen in the financial statements…The company doesn't have to create PowerPoint decks to tell you about synergies."
  
  
• "[Phillips 66] wants to continue growing the midstream [segment] by buying more assets…They want to do whatever they can to effectively themselves forget and have the market forget that they are, to a large extent, a refiner. And the way they're solving their refining problem is not by fixing refining, it's by becoming a midstream company, which doesn't work. A low multiple business cannot buy its way out of a problem by buying high multiple businesses."
  
  
• "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 and for it to work over a multi-year period. So that is our overarching goal."

Episodes can be accessed on Streamline66.com/podcast, and are available on Apple, Spotify and everywhere podcasts are heard. You can also watch the full episodes on YouTube at youtube.com/@Streamline66.

For more information, including how to vote for Elliott's four nominees to the Phillips 66 Board using the GOLD proxy card, please visit Streamline66.com.

ADDITIONAL INFORMATION

Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, "Elliott"), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit proxies with respect to the election of Elliott's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the "Annual Meeting") of Phillips 66, a Delaware corporation ("Phillips" or the "Company"). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott's proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott's proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at info@okapipartners.com.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $72.7 billion of assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. 

Media Contact: 
Casey Friedman
Elliott Investment Management L.P.
(212) 478-1780
cFriedman@elliottmgmt.com

Investor Contact:
Bruce Goldfarb / Pat McHugh
Okapi Partners LLC
(877) 629-6357
(212) 297-0720
info@okapipartners.com

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SOURCE Elliott Investment Management L.P.