Elliott Sends Letter to the Board of Phillips 66

PR Newswire ·  11/29/2023 21:18

Sees a Total Potential Upside of Approximately 75%

Seeks Appointment of Two Highly Qualified New Directors

Discloses Approximately $1 Billion Position

Full Letter Available at

WEST PALM BEACH, Fla., Nov. 29, 2023 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an approximately $1 billion investment in Phillips 66 (the "Company" or "Phillips 66"), today sent a letter to the Board of Directors of Phillips 66.

In its letter, Elliott outlined a path by which Phillips 66 can remedy its underperformance, improve its execution, restore trust with investors and unlock significant and sustainable value for its shareholders. Elliott sees approximately 75% upside to the current stock price.

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