Phillips 66 · PSX

Phillips 66's refining + midstream conglomerate has underperformed pure-play peers by up to 188% over a decade; separating the businesses would eliminate the structural discount.

Phillips 66 keeps its staggered board despite 99% of voting shareholders wanting it gone — an entrenchment structure used by only 10% of S&P 500 firms.

Phillips 66 is a wonderful company with fantastic assets trapped inside a complex structure; electing Elliott's nominees and simplifying the portfolio unlocks long-term shareholder value.

Phillips 66 is a conglomerate trading at a refiner multiple; replace four directors, spin Midstream/CPChem/JET, and buy back 80% of shares for ~75% upside to $183.

Phillips 66 shareholders should vote the GOLD card for Elliott's four board nominees by May 21 to replace the failing status quo and unlock 75%+ stock upside.