Elliott has raised its stake in Phillips 66 and plans to push it to sell or spin off its midstream business.
I always did think that had just quietly gone away.
23 replies (most recent on top)
I feel bad for refinery. They have/had really talented employee that were forced to leave because of the business environment. Unlike Midstream, they promoted people that won't survive anywhere else. Had to work with midcon tank PM and it was horrible. Cant believe we have people like that in the org.
"Rodeo Renewed project 47% cost overruns" all the business development and project folks got promoted!!!
Citgo is far from a done deal. Creditors weren’t happy with size of bid from Amber and got judge to reopen auction. There’s plenty of interest in their refineries including P66 Valero and old friends at COP.
The bidding for Citgo was just reopened a few days ago. It's not a foregone conclusion that Amber is getting them
Regarding Citgo...Amber Energy was selected to acquire Citgo mid-2025 so ML isn't buying them. P66 would be better off if Amber took over P66 minus Midstream. Amber has two industry veterans who can run circles around ELT.
first time I hear our midstream is world class level, joking?
Citgo only has 3 refineries, and the biggest is next to ours in Lake Charles. No one wants them!!!! So maybe GOGO will buy them and say how great they are!!!!
Elliott is saying it in a professional way but 1 thing they're saying is that BT is a massive flop.
I hate trump but DEI has done a number on Phillips. When you got an executive bragging about being a beauty queen instead of tangible work makes you wonder what got her hired.
Please spin Midstream off and call us Conoco, sure do miss those days.
Unfortunately the 2 people who started this train wreck (ZG and GG) will never be held accountable.
People are messy … outsource
Make the sound bites good, we will figure out who to blame later.
“Former employees and other industry executives have described Phillips as a company unable to control costs or stay commercially competitive, citing a management team and Board that continue to lack refinery operating experience and have outsourced key operational initiatives to management consultants.”
“Worse, the management team’s continuous claims of a successful turnaround without corresponding tangible financial results have further eroded its credibility. Long-term shareholders recall the 2019 Analyst Day “AdvantEdge66,” where management’s claims fell far short of Phillips’ actual operating performance.”
Most of the items in the presentation are points that have been brought up by posters on this site.
Wow, you read the whole presentation? That's brutal
There are no 2 ways about it: the Elliott letter is a brutal take down of ‘Ol Gogo, the rest of the ELT, and the Board of Directors.
How does someone recover from that?
FYI A "midstream business" refers to a company in the oil and gas industry that focuses on the transportation, storage, and processing of crude oil and natural gas, essentially acting as the link between the "upstream" extraction phase and the "downstream" refining and distribution stages; this includes operations like pipeline management, storage facilities, and gathering systems to move the raw materials to processing centers.
It’s about time someone called BS on management’s falsehoods. Everything stated in the letter to the board is 1000% on point. Clearly something or someone or some people isn’t working!
https://streamline66.com/elliotts-letter-to-the-board-of-phillips-66/
Phillips 66' world-class midstream business should be sold or spun off. The P66 Board has repeatedly failed in its fundamental oversight duties, rewarding management with compensation disconnected from the Company's performance.
Spin off Midstream? That’s GOGO and our baby. Refineries are cr-p lately.
Looks like we will be 100% Refining which we have to much fat and people.
PBF having trouble with a skeleton crew and can’t make money.
Looks like the end of P66!
Maybe Elon will turn it into battery factories.
BPitGO66. New company. Think about it
We should spin off midstream and name it DCP Midstream…
Same day as announced taking a position in oil major.
BP66 has a nice ring to it ….
That does raise some questions about a potential Citgo acquisition. Elliott had tried to buy their refineries last year. Wonder if we'll be picking them up...
P.S. Elliott has raised its stake to $2.5 billion dollars.