Phillips 66 (PSX): Elliott Fails to Address Key Investor Questions

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Go back to Phillips 66 (PSX): Elliott Fails to Address Key Investor Questions

Elliott Fails to Address Key Investor Questions

May 5, 2025 7:00 AM EDT

HOUSTON--(BUSINESS WIRE)-- Phillips 66 (NYSE: PSX) today responded to a May 2 letter released by Elliott Management. The Company has issued the following statement:

In its letter, Elliott attempted to rebut a number of reasonable questions Phillips 66 raised in its April 24 letter to shareholders. Our letter encouraged shareholders to scrutinize the facts of this situation namely, Elliotts expectation of director loyalty, its conflicting competitive interests, its misleading disclosures and its preference for theatrics over transparency, strong corporate governance and good-faith engagement with Phillips 66.

Elliotts 5,886 word letter failed to substantively resolve the... More