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Elliott Releases Third-Party Survey Results Finding That Phillips 66 Shareholders Rank the Company Last In Operations, CEO Effectiveness And Value Creation; Says "Shareholders Do Not Believe The Company's Strategy Or Conglomerate Structure Make Sense"

Benzinga·04/16/2025 12:46:22
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Third-Party Findings Are Based on Feedback From Phillips 66 Investors Representing More Than 60% of the Company's Institutional Shares Outstanding

Shareholders Do Not Believe the Company's Strategy or Conglomerate Structure Make Sense

WEST PALM BEACH, Fla., April 16, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE:PSX) (the "Company" or "Phillips"), today released findings from a recent Elliott-commissioned, third-party survey of the Company's institutional investors. The survey – conducted approximately two months ago – polled shareholders representing more than 60%1 of Phillips 66's institutionally owned shares outstanding and revealed that investors share Elliott's frustration with the Company's underperformance and lack of a compelling strategic direction. More information on the survey results can be found at streamline66.com/phillips-66-shareholders-speak-out/