Phillips 66 Fights Back Against Elliott Investment Management in Intense Board Battle

The battle for control of Phillips 66 has reached a boiling point, with the oil refiner pushing back against activist investor Elliott Investment Management in a scathing letter to shareholders. At the heart of the dispute is Elliott's proposal to sell or spin off Phillips 66's midstream business, a move the company claims would not be in the best interest of shareholders.

Phillips 66's leadership and board, led by Chairman and Chief Executive Officer Mark Lashier and lead independent director Glenn Tilton, have expressed their willingness to engage with Elliott, but claim the activist investor has shown "no genuine interest in engagement." This lack of engagement has led to a heated exchange, with Phillips 66 accusing Elliott of attempting to exert undue influence over the company's direction.

As the battle for control of Phillips 66 continues to unfold, shareholders will be closely watching the company's next moves. Phillips 66 has announced its intention to offer to interview Elliott's director nominees and find "a constructive path forward," but it remains to be seen whether this will be enough to satisfy the activist investor. With the company's annual meeting on the horizon, shareholders will have the opportunity to weigh in on the direction of Phillips 66 and determine the fate of the company's midstream business.

The outcome of this board fight will have significant implications for Phillips 66 shareholders, who are eager to see the company maximize its value and potential. As the company navigates this challenging period, it will be important for shareholders to stay informed and engaged, ensuring that their voices are heard and their interests are represented. With the future of Phillips 66 hanging in the balance, one thing is clear: the outcome of this battle will have far-reaching consequences for the company, its shareholders, and the broader oil and gas industry.