Phillips 66 PSX
Phillips 66 has underperformed Marathon and Valero for years while CEO Mark Lashier collected $79M; elect four Elliott nominees to break up the conglomerate and restore accountability.
Thesis
Phillips 66 is an energy conglomerate whose refining, midstream and chemicals businesses are trapped inside a structure that delivers refining downside without pure-play upside — $100 invested in 2019 is worth $144 today versus $202 at Valero and $322 at Marathon. CEO Mark Lashier has taken $79M since 2022 (part of $140M paid to Phillips 66 CEOs 2020-2024), the Board has awarded above-target annual bonuses in every year from 2020-2024 despite controllable costs running $142-$287M above target, and Lashier was promoted to Chairman on top of CEO. Elliott's Streamline 66 plan, modeled on Marathon Petroleum's transformation, calls for a thorough portfolio review led by an upgraded Board — four independent nominees (Coffman, Cornelius, Heim, Nieuwoudt) with refining, midstream and capital-allocation expertise — plus declassification and annual director elections.
SCQA
Phillips 66 is a US energy conglomerate combining refining, midstream and chemicals businesses, governed by a classified board and led by CEO Mark Lashier, who also serves as Chairman.
Since 2019, $100 invested in Phillips 66 has grown to only $144 versus $322 at Marathon and $202 at Valero, yet CEOs collected $140M and bonuses ran above target every year despite missed cost goals.
Vote the GOLD proxy card for Elliott's four independent nominees (Coffman, Cornelius, Heim, Nieuwoudt), support board declassification and annual elections, and mandate a thorough review of refining, midstream and chemicals segments.
An upgraded, accountable Board executing a Marathon-style portfolio simplification would unlock trapped value, close the peer-return gap, and dramatically boost shareholder returns from the current languishing trajectory.
The three reasons
- 1
$140M paid to Phillips 66 CEOs 2020-2024 while stock badly lagged Marathon and Valero
- 2
Conglomerate structure delivers worst-of-both-worlds — refining downside without pure-play upside
- 3
Above-target CEO bonuses awarded every year despite missed cost targets
Primary demands
- Elect Elliott's four director nominees (Coffman, Cornelius, Heim, Nieuwoudt) on the GOLD universal proxy card
- Vote FOR Proposal 2: declassification of the Board
- Vote FOR Proposal 6: advisory policy requiring annual election of all directors
- Conduct a thorough review of refining, midstream and chemicals businesses to unlock trapped value
- End lavish CEO compensation disconnected from shareholder returns
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Precedents cited
- Marathon Petroleum transformation (Elliott 2019 campaign)
Notable slides (6)
Notes
SEC DFAN14A exhibit 99.1 filing dated 2025-05-08 — a compilation of Elliott's Streamline 66 proxy-fight campaign assets: a mailed shareholder flyer (pp.2-3), a YouTube ad script (p.5), programmatic display ads in multiple sizes (pp.7-9), two Twitter/X posts with Heim quote and lagging-refining-margins chart (pp.11-12), and full website screenshots of streamline66.com (pp.14-20). No signatory or author named; identified source is Elliott Investment Management / Streamline 66 brand. Strong, cohesive visual identity (black/red/gold with route-66 shield parody logo); high craft for campaign ad assets rather than a traditional deck. Vote date May 21, 2025. Stake not disclosed in this filing.