Phillips 66 Confident In Existing Management And Board For Delivering Long-Term, Sustainable Value

(RTTNews) - Responding to a letter from Activist investor Elliott Investment Management L.P., Phillips 66 (PSX) said it agreed with Elliott that successful execution of the company's strategic priorities will drive substantial stock price performance. The company believes that it has the right management team and Board in place to deliver long-term, sustainable value.

The company also appreciates that Elliott recognizes the value-creation potential of the strategic priorities that it has been executing since its Investor Day in November 2022.

Earlier today, Elliott said it sent a letter to Phillips 66 outlining "a path by which Phillips 66 can remedy its underperformance, improve its execution, restore trust with investors and unlock significant and sustainable value for its shareholders."

Elliott has raised a $1 billion stake in Phillips 66 and seeks two board seats. Elliott sees approximately 75% upside to the current stock price.

Among the steps Elliott recommended is the appointment to the Phillips 66 Board of two new directors. Elliott did not call for ousting Phillips 66 Chief Executive Officer Mark Lashier.