Vote Outcome Represents Clear Mandate from Shareholders

Newly Elected Directors Sigmund Cornelius and Michael Heim Will Work Constructively with Their Fellow Directors to Help Unlock the Company's Full Value-Creation Potential

WEST PALM BEACH, Fla., May 21, 2025 /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 announced that based on preliminary analysis from Elliott's proxy solicitor, two of Elliott's nominees – Sigmund Cornelius and Michael Heim – were elected to the Phillips 66 Board of Directors (the "Board") at the Company's 2025 Annual Meeting of Shareholders (the "Annual Meeting").

Independent Director Nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt Outline How Their Skills and Experiences Will Drive Positive Change at the Company

Intend to Work Constructively with Incumbent Directors to Create Value for All Shareholders

Elliott Urges Shareholders to Support Meaningful Board Change By Voting on the Gold Card for Its Four Independent Nominees

WEST PALM BEACH, Fla., May 20, 2025 /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 issued a letter to shareholders from its four highly qualified nominees – Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt – in connection with the Company's 2025 Annual Meeting of Shareholders (the "Annual Meeting") on May 21, 2025.

ISS Validates Elliott's Case for Change and Recommends Nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt

Notes Phillips 66's "Disappointing" Operating Performance, "Selective Disclosure, Unverifiable Claims About Various Operational Successes, and Ambiguous and Vague Responses to Otherwise Basic Questions"

Cites the Board's "Failure" to Ensure Strong Governance and Board Oversight as Evidence of the Company's "Disconnect from Shareholders"

All Three Proxy Advisory Firms – ISS, Glass Lewis and Egan-Jones – Have Now Endorsed Elliott's Case for Change at Phillips 66 

Glass Lewis Recognizes Need for Independent Perspectives in the Phillips 66 Boardroom and Recommends Support for Elliott Director Nominees Brian Coffman, Sigmund Cornelius and Michael Heim

Concludes Elliott Has Presented a More Compelling Case By a "Relatively Decisive Margin" and Phillips 66's Underperformance and Poor Governance Should be of "Significant Concern" to Investors  

Cites Company's "Increasingly Dubious" Commitment to Corporate Governance and "Creative Representation" of the Facts as Further Evidence That Meaningful Change is Needed in the Boardroom

PSX Leadership Supports Poor Performance and the Status Quo 

Elliott's "Streamline 66" Plan Would Create a Stronger Phillips 66 Based on Experience and Results, Not Rhetoric 

Visit Streamline66.com to Download the Full Presentation

WEST PALM BEACH, Fla., May 6, 2025 /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 an investor presentation titled "Streamline 66: The Choice for Shareholders."

Asserts that the Company's Current Directors Have Allowed a Culture of Complacency and Deference to Management to Take Root in the Boardroom

Debunks Phillips 66's Misleading Claims   

Urges Shareholders to Help Phillips 66 Unlock its Full Value-Creation Potential by Voting on the Gold Card for Elliott's Four Independent Nominees

WEST PALM BEACH, Fla., May 2, 2025 /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 sent a letter to the Company's shareholders highlighting the continuous poor corporate governance and disingenuous shareholder engagement that Phillips 66 has demonstrated over the more than 18 months that Elliott has sought to work with the Company. As an appendix to the letter, Elliott also included a detailed refutation of the misleading "questions" and claims Phillips 66 has published in an attempt to distract shareholders from the Company's persistent underperformance, culture of complacency and broken governance.   

Episode With Mr. Heim, A Founder of Targa Resources, Features Perspectives on Phillips 66 Operations and Value-Unlocking Options for the Company's High-Quality Assets

Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66

WEST PALM BEACH, Fla., April 30, 2025 /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 fifth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees, as well as industry experts.

Highlights Path to Unlocking Substantial Upside By Reversing Company's Cycle of Underperformance 

"Streamline 66" Plan Would Transform Phillips 66 Through Board Enhancements, Operational Improvements and Portfolio Simplification

Click Here to Download the Full Presentation

WEST PALM BEACH, Fla., April 29, 2025 /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 an investor presentation titled "Streamline 66: Elliott's Perspectives on Value Creation."

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

WEST PALM BEACH, Fla., April 22, 2025 /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.  

Discussion Covers Elliott's Engagement with Phillips 66 and the Path to Unlocking Significant Value at the Company

Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66

WEST PALM BEACH, Fla., April 17, 2025 /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 third episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees, as well as industry experts.

Third-Party Findings Are Based on Feedback From Phillips 66 Investors Representing More Than 60% of the Company's Institutional Shares Outstanding

Shareholders Do Not Believe the Company's Strategy or Conglomerate Structure Make Sense

WEST PALM BEACH, Fla., April 16, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released findings from a recent Elliott-commissioned, third-party survey of the Company's institutional investors. The survey – conducted approximately two months ago – polled shareholders representing more than 60%1 of Phillips 66's institutionally owned shares outstanding and revealed that investors share Elliott's frustration with the Company's underperformance and lack of a compelling strategic direction. More information on the survey results can be found at streamline66.com/phillips-66-shareholders-speak-out/

Episode with Ms. Nieuwoudt, Former Energy and Industrials Analyst at Citadel, Features Discussion on the Value of Bringing an Investor Mindset and Her Deep Industry Expertise to the Boardroom

Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the Podcast

WEST PALM BEACH, Fla., April 15, 2025 /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 second episode of the Streamline 66 Podcast, a series featuring 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry experts.

Elliott Welcomes Support from Former Andeavor CEO Gregory Goff as It Seeks Strategic, Operational and Governance Improvements at Phillips 66

Learn More at Streamline66.com

WEST PALM BEACH, Fla., April 9, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today issued the following statement about Gregory Goff's support for its "Streamline 66" campaign:

First Episode with Brian Coffman, Former CEO of Motiva, Features Refining Discussion Based on Over 40-Years of Industry Expertise

Program Accessible on Apple, Spotify, YouTube and More

Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the New Podcast

WEST PALM BEACH, Fla., April 8, 2025 /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 announced the launch of the Streamline 66 Podcast, a new series that will feature 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry experts. Episodes can be accessed on Streamline66.com, and are available on Apple, Spotify and everywhere podcasts are heard. You can not only listen to the conversations on all major podcast feeds, but you can also watch the episodes on YouTube.

Highlights Plan to Improve Performance, Strengthen Accountability and Increase Shareholder Value

Identifies Slate of Four Highly Qualified Independent Director Candidates with Decades of Experience in Refining, Midstream Operations and Corporate Governance 

More Information at Streamline66.com

WEST PALM BEACH, Fla., April 3, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment of more than $2.5 billion in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today sent a letter to the Company's shareholders highlighting why change is urgently needed on the Phillips Board of Directors (the "Board"). In the letter, Elliott made the case that Phillips investors' patience has been punished, and a new lineup on the Board is necessary to reverse the Company's long-term underperformance and improve its poor corporate governance practices. Elliott also filed definitive proxy materials in connection with Phillips' Annual Meeting of Stockholders (the "Annual Meeting"), which is currently scheduled for May 21, 2025.

Seeks an Order Requiring That Four Board Seats Be Up for Election at Phillips' 2025 Annual Meeting

Asserts Company Has Demonstrated a Pattern of Gamesmanship and Poor Corporate Governance

Requests Expedited Proceedings in Delaware Chancery Court 

WEST PALM BEACH, Fla., March 25, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment of more than $2.5 billion in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today filed a lawsuit in the Court of Chancery of the State of Delaware (the "Court") against the Company and its Board of Directors (the "Board").

Elliott Has Nominated Seven Highly Qualified Candidates with Best-in-Class Experience in Refining and Midstream Operations, Capital Allocation, and Complex Transactions

Files Preliminary Proxy and Submits Proposal to Annually Elect All Directors

Full Materials Available at Streamline66.com

WEST PALM BEACH, Fla., March 4, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment of more than $2.5 billion in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today announced seven independent, highly qualified candidates it has nominated (the "Candidates") to the Company's Board for election at the upcoming 2025 Annual Meeting of Shareholders (the "Annual Meeting").

Highlights Need to Streamline Portfolio, Improve Operating Performance and Enhance Oversight

Discloses a More Than $2.5 Billion Position

Full Letter and Presentation Available at Streamline66.com

WEST PALM BEACH, Fla., Feb. 11, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment of more than $2.5 billion in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today sent a letter to the Board of Directors of Phillips 66.

Collaboration Aims to Fuel the Next Generation of Big 12 Athletes through Safer Sports Access

KANSAS CITY, Mo., April 2, 2024 /PRNewswire/ -- Phillips 66® is proud to announce that they will be contributing $100,000 towards revamping the basketball courts in the Parade Park community in Kansas City, Mo. This year's Big 12 Basketball Tournament marked the 36th consecutive year Phillips 66® has served as a tournament partner and the 15th consecutive year the tournament has been held in Kansas City, with the Big 12 recently announcing the tournament will be held in Kansas City through 2031. The Parade Park project marks an elevated brand commitment to the local community and to accessibility to sport for all athletes.

Campaign to Serve as Catalyst for 2024 Promotions and Brand Activations

HOUSTON, Nov. 28, 2023 /PRNewswire/ -- Phillips 66® is excited to announce the launch of its GO GO GO™ branded fuels campaign that offers a variety of benefits for consumers, including discounts at the pump. The campaign aims to highlight the different ways that Phillips 66®, Conoco®, and 76® fuel consumers' GO beyond just their vehicles.