Phillips 66 gives update on engagement with Elliott

Phillips 66 (PSX) issued the following letter, in part, to its shareholders …This has been consistently demonstrated and expressed over the course of nearly two dozen meetings with Elliott Investment Management since October 2023, including the most recent meeting on March 3 … The Company also confirmed Elliott has nominated seven directors for election to Phillips 66’s Board of Directors at the Company’s 2025 Annual Meeting… Following the proper procedures and in accordance with the Company’s By-Laws, the Board intends to put forward another management proposal to declassify the Board at our 2025 Annual Meeting and notes that it has ” …Returning significant capital to shareholders with $13.6B in share repurchases and dividends from July 2022 through year-end 2024, exceeding our shareholder distribution targe… On Monday, March 3, our team travelled to New York… and met with Elliott to express our continued commitment to finding a constructive path forward and offering to interview their director nominees. The meeting ended with Elliott representatives stating there were no immediate next steps. The next day, Elliott leaked their slate of director nominees to the media, issued a press release and filed a preliminary proxy statement. Our leadership team and Board stand ready to engage constructively when Elliott is ready despite these actions, which showed no genuine interest in engagement with Phillips 66.