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Phillips 66's independent director, Bob Pease, defended the company's performance and criticized Elliott Investment Management on Friday, as a boardroom battle between the U.S. refiner and the activist investor intensified.
HOUSTON--(BUSINESS WIRE)--Phillips 66 today released a letter from Independent Director Bob Pease to the Company's shareholders.
Goldman Sachs analyst Neil Mehta revised the rating and updated estimates on Thursday for several major American oil companies.
Phillips 66 has underperformed compared to peers, with chronic issues in its Refining Segment and large investments in underperforming global pet-chem plants. Earlier this month, activist investor Elliott Management nominated seven directors to PSX's board and is lobbying to spin-off PSX's Midstream Segment to unlock shareholder value. PSX's Midstream Segment has shown strong growth and is its most consistent well-performing segment, enabling robust dividend growth since going public.
Oil refiner Phillips 66 (PSX) said Wednesday it is nominating two new directors to its board, as its proxy fight with activist Elliott Investment Management continues.
HOUSTON--(BUSINESS WIRE)--Phillips 66 announced it has filed its preliminary proxy materials with the U.S. SEC in connection with its 2025 Annual Meeting of Shareholders.
The activist investor has pushed the oil refiner to sell or spin off its midstream business.
Activist investor Elliott Investment Management filed a lawsuit against Phillips 66 and its board of directors to require four board seats be up for election at the oil refiner's next annual shareholder meeting.
Elliott Investment Management said on Tuesday it had filed a lawsuit in the Court of Chancery of the State of Delaware against refiner Phillips 66 and its Board of Directors, seeking an order that would require four board seats to be up for election at Phillips' 2025 Annual Meeting of Shareholders.
Seeks an Order Requiring That Four Board Seats Be Up for Election at Phillips' 2025 Annual Meeting Asserts Company Has Demonstrated a Pattern of Gamesmanship and Poor Corporate Governance Requests Expedited Proceedings in Delaware Chancery Court WEST PALM BEACH, Fla. , March 25, 2025 /PRNewswire/ -- Elliott Investment Management L.P.