P66 comment to the Elliott Management letter

HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) today issued the following statement regarding a letter from Elliott Investment Management L.P. (Elliott):

The Phillips 66 Board and management team welcome the perspectives of our shareholders and value their input. Over the last several weeks, the company has held discussions with Elliott and plans to continue a constructive dialogue.

We agree with Elliott that successful execution of our strategic priorities will drive substantial stock price performance and believe that we have the right management team and Board in place to deliver long-term, sustainable value.

We also appreciate that Elliott recognizes the value-creation potential of the strategic priorities that we have been executing since our Investor Day in November 2022. Given our substantial progress and confidence in exceeding the original targets, on Oct. 27, 2023, we announced the following enhancements:

Raise shareholder distributions target to a range of $13 billion to $15 billion
Monetize over $3 billion of non-core assets
Return at least 50% of operating cash flow to shareholders
Increase business transformation run-rate savings target to $1.4 billion by year-end 2024, including a $1 per barrel cost reduction in Refining
Raise mid-cycle adjusted EBITDA target to $14 billion by 2025

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Safety Honor no Comment about Stoney Island.

The CEO, along with most of the ELT needs to Go Go Go!

I agree, why are we paying the CEO and leaders when they need McKinsey to tell them how to run the company.

Now hiring GS to help them fight off Elliott. Wish I could pay someone to do my job!
Wonder if Elliott knows about Stony Island. Safety:Honor:Commitment
Happy Holidays

Unfortunately stock is going up so worse case the leaders cash out and the working class gets sold off like cattle.

The CEO gets paid millions, but when presented with challenges like this, proceeds to hire consultants and pays them millions to do his job for him.

If this isn't a reason to replace him and find someone who can actually do the CEO's job, I don't know what is.

When something breaks at the refinery, I go and fix it because that's what I'm paid to do. I don't hire someone else to do my job for me.

How disappointing.

And they are paying the consultants… so they will naturally say what the customer wants.
Hard headed ELTs are struggling to find someone to be on their side against Elliot.

I think they know how it would turn out and the CEO doesn’t like the part about being ousted.

So now P66 has retained the services of 2 big name, Goldman Sachs and another company, to advise them on the fight with Elliot. This won't be inexpensive.
How about avoiding the expense and just put the company's plan and Elliot's plan to a shareholder vote see how it turns out?

Can anyone share the highlights of the employee survey?

of course the CEO continues to insist that his plan is better than Elliot’s... has he ever listened to anyone? does he learn from his mistake?

PSX stock is up ~6 dollars in the 2 days since Elliot made their recommendations for increasing the share price, yet the CEO continues to insist that his plan is better than Elliot’s.
As I posted on a previous thread, who are you going to believe, the CEO or your lying eyes?

I can’t wait to vote them straight into the dumpster fire.

I'm voting against the ELT - heck, the recent employee survey clearly reflects the sentiment of the crowd. The ELT has failed us.

I can’t wait to vote against the company if it comes down to a proxy fight!

https://www.businesswire.com/news/home/20231129258140/en/Phillips-66-Comments-on-Letter-from-Elliott-Investment-Management

Hey Bigdaddy, roll my leads up. Let’s go grab that cheddar at Valero.

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P66 comment to the Elliott Management letter

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