Phillips 66 Reports Wider-Than-Expected Adjusted Loss Amid Elliott Pressure
1. Phillips 66 posted Q1 adjusted loss of $0.90 per share, worse than expected. 2. Adjusted EBITDA was $736 million, falling short of analysts' expectations. 3. CEO cites challenging macro environment and extensive spring turnaround programs. 4. Shares fell about 2% following the earnings report. 5. Elliott Investment Management continues to exert pressure on Phillips 66.