Elliott has nominated a slate of 7 candidates to join the Board of Directors.
Thing are about to get hot for Gogo and others.
22 replies (most recent on top)
From business point of view, veteran refiners are a good thing. Compared to gogo who has never been even a refinery manger or even midstream manager.
These folks need to look at leaking money in all directions including multi-billion IT spend, inefficient legal teams etc. And focus back on efficient operations.
Karma
Didn’t Brian Coffman use to work at P66
I think he got pushed aside.
Now may be a new board member😂
Unfortunately this is needed. The total reliance on McKinsey, the mysterious BT 'savings' that no one can quantify, the lack of clear communication, internal or external, the constant churn with reorganization, the usurping of P66 MS leadership with lower performing DCP leadership, the cratering safety culture, the run to fail mentality are many of the reasons this is needed. There will be uncertainty for years to come until there is new competent leadership and clear focus on refining and resource allocation that's been missing for several years. Midstream will struggle also until they restart an OE mentality, not the fast, sloppy Git-R-Done and run off style MS has now.
Go Go has ignored Elliott for months, changed the composition of the board with the purpose of limiting how many board nominees Elliott might be able get elected, and offered only vague statements on what P66 is doing to enhance shareholder value.
It seems to me that Go Go is the that has no genuine desire to come to an equitable agreement with Elliott.
It seems he only want to keep his lofty position.
Save the cash for the ELT and the a$$ kissers - give everyone else declining stock - sounds about right.
If the Beauty Queen is providing legal advice to ML on how to fend off Elliott, he is sunk. She’s the reason P66 was the loser in the Propel lawsuit last year to the tune of $660MM.
Come to think of it, maybe it’s great that she’s there providing inane legal advice, being late to every meeting, etc. as it could bring this embarrassing debacle to a head sooner rather than later.
40 years ago T Boone Pickens and Carl Icahn attempted to take over PPCo. PPCo sold out of much of their chemical assets in order to fight off the corporate raiders. Perhaps there are lessons from the past.
There are comments about insiders talking to Elliott, Greg Goff is the CEO of Amber Energy (Elliott sub), I am sure he has all the insights needed.
P66 is badly broken, very happy that I had to opportunity to retire. They are bleeding experienced people and really do no care.
Go Go says that Elliott showed no interest in engaging in meaningful discussions with P66. We don’t know that they weren’t interested, just that Go Go says they weren’t.
If they weren’t interested, who could blame them after being basically ignored for months? And Go Go would only be repeating the same strategy that hasn’t worked up to now.
Reading the filing now, it appears we went dark on them for SIX months! Why were we silent from August 27, 2024 until the letter was issued? And from Elliott’s timeline it looks like GoGo went silent for nearly 8 months with no interaction.
What were we thinking and who was advising us that it was ok to ignore them?
Meh, they all know each other.
Still keeping the geriatrics.
They’ll just save face and keep the antics under cover to improve appearance.
Open letter response is another clear indication that GO GO is not fit for the role. Eliot will bring in tremendous change and change is not fun, atleast it will be better than GO GO and their DEI heavy useless leadership team.
Phillips has responded to Elliott’s actions with a letter to shareholders. The letter merely repeats past claims about how successful the company has been in creating shareholder value.
All in all a pretty weak response from Go Go.
After a decade of hard work and dedication, only to get sh*t on. Now, I’ll just sit back with my popcorn and enjoy the show!
Go get em Elliot!
Hey...Wake_Up...we've been seriously mismanaged for several years and especially with GoGo. We overpaid for a mediocre DCP asset, we neglected refining for years, we paid McKinsey for absolutely nothing. We are undervalued with a seriously flawed 'conglomerate' structure. At what point do we do something different?
Clearly they are after ML and KP!
Seriously? Elliot will break this company into various parts and sell to the highest bidder. Say goodbye to most, if not all, of the portfolio.
I agree that this is make or break for the CEO. As far as make or break for the company, not so much. I think the company will be fine.
It's not like the CEO hasn't done serious harm to a lot of good people and good employees over the last three years.
I'm going to lay in my popcorn and watch how this all plays out.
We have a fight on our hands. This is make or break for Lashier and this company. They win the seats and it will be the beginning of a very hard period for the company.
Few familiar names there including ex bayway refinery manager
The inclusion of John Pike says it all. ML is toast.
LFG!!!
Here's more info on the slate of candidates: The nominees include former executives from major energy companies: Brian Coffman (ex-CEO Motiva), Sigmund Cornelius (former CFO ConocoPhillips), Michael Heim (former COO Targa Resources), Alan Hirshberg (former EVP ConocoPhillips), Gillian Hobson (former M&A Partner), Stacy Nieuwoudt (former Energy Analyst), and John Pike (Elliott Partner).