Core Viewpoint - Elliott Management has proposed a plan called "Streamline66" to address Phillips 66's underperformance and governance issues, suggesting asset sales and management changes to unlock shareholder value [3][9]. Company Overview - Phillips 66 is an energy manufacturing and logistics company with four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S) [1][4]. - The Midstream segment provides transportation and processing services for crude oil and natural gas liquids, while the Chemicals segment includes a 50% stake in Chevron Phillips Chemical Company [1][4]. - The Refining segment operates 12 refineries in the U.S. and Europe, producing various petroleum products, and the M&S segment markets refined products and renewable fuels [1][4]. Activist Engagement - Elliott Management first engaged with Phillips 66 in November 2023, announcing a $1 billion investment and criticizing the company's underperformance and management's inability to capitalize on refining opportunities [5][6]. - The firm has since increased its investment to $2.5 billion and is taking a more active role in advocating for changes [7]. Underperformance Analysis - Elliott identifies three main reasons for Phillips 66's underperformance: inefficient conglomerate structure, failure to meet operational targets, and management's declining credibility with investors [8][9]. - The company has not met its mid-cycle EBITDA target of $14 billion for 2025, with 2024 annualized adjusted EBITDA projected between $4.5 billion and $8.7 billion [8]. Proposed Plan - Elliott's "Streamline66" plan includes: 1. Selling or spinning off the midstream assets, potentially generating $40 billion to $45 billion [9]. 2. Selling the company's interest in CPChem, estimating net proceeds of $48 billion from the three assets [9]. 3. Adding new independent directors to improve management oversight and accountability [3][9]. - The plan could potentially raise Phillips 66's share price to approximately $200, with further execution possibly increasing it to over $300 [10]. Governance and Management Accountability - Elliott emphasizes the need for improved management accountability, suggesting that the board has failed in its oversight duties and that management's credibility has been damaged [8][11]. - The firm plans to nominate a full slate of four directors to the board to ensure better governance and oversight [11].

Phillips 66 (PSX) reported better-than-expected fourth-quarter 2024 results, with both the bottom line and top line beating the Zacks Consensus Estimate. The stock price has increased 3.1% since its earnings release on Jan. 31.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Before delving into the quarterly results, let’s understand the premium refining company’s business.PSX’s Refining BusinessPhillips 66 boasts one of the world's largest and most sophisticated refining operations, w ...

Highlights Need to Streamline Portfolio, Improve Operating Performance and Enhance Oversight Discloses a More Than $2.5 Billion Position Full Letter and Presentation Available at Streamline66.comWEST PALM BEACH, Fla., Feb. 11, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment of more than $2.5 billion in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today sent a letter to the Board of Directors of Phillips 66.In its letter, Ell ...

For the quarter ended December 2024, Phillips 66 (PSX) reported revenue of $33.99 billion, down 12.3% over the same period last year. EPS came in at -$0.15, compared to $3.09 in the year-ago quarter.The reported revenue represents a surprise of +6.11% over the Zacks Consensus Estimate of $32.03 billion. With the consensus EPS estimate being -$0.20, the EPS surprise was +25.00%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Str ...

1 Lake James Gas Plant GOLDSMITH, TX Cautionary Statement This presentation contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66's operations, strategy and performance. Words such as "anticipated," "commitments," "estimated," "expected," "planned," "scheduled," "targeted," "believe," "continue," "intend," "will," "would," "objective," "goal," "project," "efforts," "strategies" and similar expressions that convey the prospective nature of events or out ...

Phillips 66 (PSX) reported fourth-quarter 2024 adjusted loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 20 cents. The bottom line declined from the year-ago quarter’s earnings of $3.09.Total quarterly revenues of $34 billion beat the Zacks Consensus Estimate of $32 billion. However, the top line declined from the year-ago level of $38.7 billion.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The better-than-expected quarterly results can be primaril ...

Phillips 66 delivered a substantial miss on earnings due to changing market conditions and strategic shifts.Phillips 66 (PSX -1.15%), an energy company with a focus on the refining, midstream, and chemical sectors, released its fourth-quarter earnings results on Jan. 31. The company reported an adjusted loss per share of $0.15, significantly missing analysts' consensus expectation for a $0.03 loss. GAAP earnings for the quarter were $8 million, while on an adjusted basis, the company lost $61 million. Reven ...

Exhibit 99.2 | | | | | | | Millions of Dollars, Except as Indicated | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2024 | | | | | 2023 | | | | | 1st | 2nd | 3rd | 4th | | 1st | 2nd | 3rd | 4th | | | Revenues and | Qtr | Qtr | Qtr | Qtr | YTD | Qtr | Qtr | Qtr | Qtr | YTD | | Other Income | | | | | | | | | | | | Sales and other | | | | | | | | | | | | operating | | | | | | | | | | | | revenues | 35,811 | 38,129 | 35,528 | 33,685 | 143,153 | 34,396 | 35,090 | 39,643 | 38 ...

Phillips 66 (PSX) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to earnings of $3.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this oil refiner would post earnings of $1.63 per share when it actually produced earnings of $2.04, delivering a surprise of 25.15%.Over the last four quarters, the company has surp ...

Phillips 66 PSX will release its fourth-quarter financial results, before the opening bell, on Friday, Jan. 31, 2025.Analysts expect the Houston, Texas-based company to report a quarterly loss at 23 cents per share, versus year-ago earnings of $3.09 per share. Phillips 66 projects quarterly revenue of $32.24 billion, compared to $38.74 billion a year earlier, according to data from Benzinga Pro.On Jan. 6, the company disclosed a definitive deal to acquire EPIC Y-Grade, LP's natural gas liquids (NGL) busines ...