I’m disappointed that Elliott has accepted the performance goals of Phillips 66. They say meaningful progress has been made toward meeting the stated goals.
I was hoping for a proxy fight but what can you do?
8 replies (most recent on top)
The original poster should buy 5% of the company and sit on the board and make decisions 😏
Elliott does hold only a small % of P66 stock. Their power would come by convincing a majority of shareholders, including P66 employees, to see things their way if it ever came to a vote. For reference see what happened at MPC. I know I would vote my shares with Elliott and against management.
You realize elliott group is a tiny owner compared to others. They have basically no say
Next quarter will reveal the pump and dumped. They sold out.
Stating facts doesn't make us dense or bottom rung employees. We all know that the Elliott group aren't wearing white hats.
All of us hope that their plans would not be as bad as Phillips current actions. P66 hasn't done anything to make the refineries run better. That's where a lot of money can be made. So, we're hoping that Elliott will force the company to spend enough money to make that happen. Just reducing the head count like P66 is doing isn't going to make the refineries run better and will in fact cost the company money in the long run.
I personally like their idea to sell CP Chem as well.
How dense are you bottom rung employees? Getting rid of you is what Elliot wants to do. They want to be leaner and getting rid of employees is what that means.
Elliott did accept the plan but an anonymous spokesman stated that there was much work left to be done and that it’s unclear how much actual progress has been made in reaching the goals.
So it’s not all rosy for Phillips 66.
That Stoney island kool aid is good stuff!