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Elliott Releases Fourth Episode of "Streamline 66" Podcast Series Featuring 1:1 Conversation with Director Nominee Sigmund Cornelius

1. Elliott seeks to unlock value in Phillips 66's assets. 2. Cornelius emphasizes the need for a clearer business strategy. 3. Historical context suggests value boosts from divestiture strategies. 4. Elliott proposes director nominees for improved governance. 5. Potential asset splits could redefine company value perception.

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FAQ

Why Bullish?

Elliott's advocacy for value realization indicates potential positive future actions. Historically, companies that pursued divestitures often saw significant increases in shareholder value, as seen with ConocoPhillips.

How important is it?

The article details significant strategic changes that could greatly influence PSX's market perception. The involvement of a major shareholder like Elliott adds weight to potential outcomes.

Why Long Term?

Strategic changes proposed will take time to implement and reflect in valuation. Past examples, like Philips' separate entities, show benefits develop progressively.

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Discussion Focuses on His Significant Experience at ConocoPhillips and Importance of Evaluating Opportunities to Realize Full Value of Phillips 66's Assets Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66 , /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together make it a top five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released the fourth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry experts.   The latest installment features Nominee Sigmund Cornelius, who served as CFO at the predecessor company of Phillips 66, ConocoPhillips, where he oversaw a substantial divestiture and simplification program that led to a material increase in shareholder value. Mr. Cornelius said: "I think [Phillips 66] has great assets that right now are locked up in an organization, a business that frankly the Street doesn't know how to evaluate. Is Phillips 66 a refining and marketing company? Or is it a midstream company? Or is it both? And by the way, we have this investment in CP Chem – what is the strategic rationale for that? So, great assets, they need to be liberated." "I was an advocate late in my career that we should look seriously at splitting [ConocoPhillips]. The market was telling us that the company valuation was such that these are really two different companies. You end up with a sub-allocation of capital. I think history has shown that it was the right decision." "[Phillips 66] is a company that has good people, has a rich history, and great assets that don't necessarily belong together. So, I'm excited for the opportunity [to join the Board]. I'm excited to bring my experience one more time to the game. And I think the opportunity here could not be clearer." Episodes can be accessed on Streamline66.com/podcast, and are available on Apple, Spotify and everywhere podcasts are heard. You can also watch the full episodes on YouTube at youtube.com/@Streamline66. For more information, including how to vote for Elliott's four nominees to the Phillips 66 Board using the GOLD proxy card, please visit Streamline66.com. ADDITIONAL INFORMATION Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation (collectively, "Elliott"), has filed a definitive proxy statement and accompanying GOLD universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit proxies with respect to the election of Elliott's slate of highly qualified director candidates and the other proposals to be presented at the 2025 annual meeting of stockholders (the "Annual Meeting") of Phillips 66, a Delaware corporation ("Phillips" or the "Company"). Stockholders are advised to read the proxy statement and any other documents related to the solicitation of stockholders of the Company in connection with the Annual Meeting because they contain important information, including information relating to the participants in Elliott's proxy solicitation. These materials and other materials filed by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliott's proxy solicitor, Okapi Partners LLC, at its toll-free number (877) 629-6357 or via email at [email protected].  About Elliott Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $72.7 billion of assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.  Media Contact:          Casey Friedman                                            Elliott Investment Management L.P.                                    (212) 478-1780                                             [email protected] Investor Contact: Bruce Goldfarb / Pat McHughOkapi Partners LLC(877) 629-6357(212) 297-0720[email protected] SOURCE Elliott Investment Management L.P. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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