Phillips 66 PSX
Elliott urges Phillips 66 holders to vote the GOLD card for four new directors and board declassification to unlock value via midstream spinoff and refining focus.
Thesis
This Exhibit 99.1 to a DFAN14A bundles Elliott's get-out-the-vote materials for the May 21, 2025 Phillips 66 annual meeting: a 'How to Vote' YouTube video transcript, Streamline 66 social posts, and screenshots of the streamline66.com campaign site. Elliott — a top-five PSX shareholder — argues the company is an underperforming energy conglomerate handcuffed by its structure, and that nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt bring refining, midstream and capital-allocation expertise needed to rebuild accountability. The materials channel holders to vote FOR all four Elliott nominees on the GOLD universal proxy card, FOR Proposal 2 (board declassification) and FOR Proposal 6 (annual director elections), with detailed online/mail/phone/QR instructions and an Okapi Partners helpline. A Heim quote frames the spinoff thesis: 'It's got great bones... [PSX] should be able to trade like a midstream company does.'
SCQA
Phillips 66 is holding its 2025 annual meeting on May 21 with a contested board election; Elliott, a top-five shareholder, has nominated four directors under its 'Streamline 66' campaign.
Phillips 66 is an underperforming energy conglomerate 'handcuffed' by its current structure, with weak governance and a classified board that insulates incumbents from accountability.
Vote the GOLD universal proxy card FOR Coffman, Cornelius, Heim and Nieuwoudt, FOR Proposal 2 (declassify board) and FOR Proposal 6 (annual elections); use online, mail, phone or QR voting by May 21.
An upgraded board can pursue a midstream spinoff and refining focus so PSX trades like a midstream peer, unlocking 'substantial upside for the benefit of all shareholders.'
The three reasons
- 1
Phillips 66 is an underperforming conglomerate trapped by its current structure
- 2
A midstream spinoff would let PSX trade like a midstream company — unlocking value
- 3
Refocusing on operational excellence requires new directors and board accountability
Primary demands
- Vote FOR Elliott's four nominees: Brian Coffman, Sigmund Cornelius, Michael Heim, Stacy Nieuwoudt
- Vote FOR Proposal 2 (declassification of the Board)
- Vote FOR Proposal 6 (annual election of all directors)
- Use the GOLD universal proxy card
- Submit votes by the May 21, 2025 Annual Meeting deadline
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Precedents cited
- Targa Resources (Michael Heim co-founder credential)
Notable slides (5)
Notes
SEC Exhibit 99.1 to a DFAN14A (definitive additional proxy materials) bundling Elliott's voter-mobilization assets for the Phillips 66 proxy fight: 'How to Vote' YouTube video + transcript, two Streamline 66 social media posts, and screenshots of the streamline66.com site (homepage, nominees, voting page, FAQ). Not a standalone thesis deck — it presupposes the broader Streamline 66 case made elsewhere — but it is primary Elliott material and a useful specimen of professional retail-shareholder mobilization craft (custom Streamline 66 brand system: red/black wordmark with offset '66', clean typography, dedicated microsite, pull-quotes, four ways-to-vote iconography, podcast). Page count includes section dividers ('MATERIALS RELATED TO...', 'SOCIAL MEDIA POSTS', 'WEBSITE MATERIALS').