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☆ Here’s how activist Elliott could build shareholder value amicably at Phillips 66
▼ + stars: | 2023-12-02 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Phillips 66 is an energy manufacturing and logistics company. Percentage Ownership: n/a Average Cost: n/a Activist Commentary: Elliott is a very successful and astute activist investor. On Wednesday, Elliott sent a letter to Phillips 66, announcing that it has taken a $1 billion stake and is seeking up to two board seats. While we do not generalize like that, it is hard to imagine a more amicable and constructive activist campaign than what Elliott is proposing at Phillips 66. When implemented, Phillips 66 saw costs increase relative to peers, burning shareholders' confidence in the management team's ability to achieve its goals.

Persons: Phillips, Elliott, Mark Lashier, Ken Squire Organizations: Phillips, Chevron Phillips Chemical, Valero Energy, Marathon Petroleum, Valero, 13D Locations: Chevron, U.S, Europe, COOs

A general view of the Phillips 66 Company's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, aviation and diesel fuels, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsNov 29 (Reuters) - Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is urging the U.S. oil refiner and pipeline operator to revamp its board to boost lagging performance. Phillips 66 has lagged its U.S. refining rivals at a time when fuel demand and margins have soared for the industry. Phillips 66 Chief Executive Mark Lashier acknowledged discussions with Elliott but did not say whether the company was open to adding two Elliott-recommended directors to its board. Phillips 66 currently has 13 board members.

Persons: Bing Guan, Phillips, Mark Lashier, Elliott, Lashier, John Pike, Mike Tomkins, Garfield Miller, Miller, Svea Herbst, Bayliss, Laura Sanicola, Gary McWilliams, Anil D'Silva, Bernadette Baum, Mark Porter Organizations: Phillips, Los, Los Angeles Refinery, Elliott Investment Management, Marathon Petroleum, Energy, Exxon Mobil, Aegis Energy Advisors, Elliott, Svea, Thomson Locations: Los Angeles, Carson , California, U.S, Houston, Providence, New York, Bengaluru

☆ Elliott takes $1 billion stake in Phillips 66, seeks two board seats
▼ + stars: | 2023-11-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Elliott Investment Management has taken a $1 billion stake in Phillips 66 and is seeking as many as two board seats in a push to improve the company's performance, according to a Wednesday letter from the activist investor. Elliott's push for the board seats comes as Phillips has underperformed its competitors Marathon Petroleum and Valero . Elliott backed CEO Mark Lashier's plan to improve the company's performance. The CEO plans to do this through a more than $1 billion improvement in Phillips' refining segment, selling $3 billion in noncore assets and increasing the company's long-term capital return policy. Elliott said Phillips 66's stock has an upside of 75% from its last closing price of $118 if the company executes on these goals.

Persons: Phillips, CNBC's David Faber, Elliott, John Pike, Mike Tomkins, Mark Lashier's Organizations: Elliott Investment Management, Phillips, Marathon Petroleum, Valero

☆ Phillips 66 joins rivals to beat profit estimates as refining margins soar
▼ + stars: | 2023-05-03 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

[1/2] A general view of the Phillips 66 refinery, as seen from the corner of Fifth Street and California Street in Rodeo, California, the oldest oil refining town in the American West, U.S. December 6, 2022. REUTERS/Brittany Hosea-Small/File PhotoMay 3 (Reuters) - U.S. refiner Phillips 66 (PSX.N) beat Wall Street estimate for first-quarter profit on Wednesday, joining rivals in gaining from elevated margins on sustained fuel demand amid tight crude supplies. Realized margins soared 91% to $20.72 per barrel in the first quarter from a year earlier, Phillips 66 said. "We ran above industry-average crude utilization, successfully executed major turnarounds and increased market capture to 93%," Phillips 66's CEO Mark Lashier said in a statement. The Houston-based refiner reported adjusted earnings of $4.21 per share for the three months ended March 31, compared with average analyst estimate of $3.56, according to Refinitiv data.

REUTERS/Sergei Karpukhin/File PhotoHOUSTON, Feb 16 (Reuters) - Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday. Russia's Deputy Prime Minister Alexander Novak last week said it would voluntarily cut production beginning next month following the start of Western price caps on Russian oil and oil products on Feb. 5. Poland, Latvia, Lithuania and Estonia have pushed for lowering the crude oil cap. There have been no American companies involved in trading Russian oil above the price cap, he said. Phillips 66's (PSX.N) Chief Executive Mark Lashier said the company's base assumption is that Russia's crude and oil products will find their way into the marketplace.

☆ Phillips 66 buys public units of pipeline operator DCP Midstream for $3.8 bln
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

The deal, the first major move by Mark Lashier who took over as chief executive of Phillips 66 in July last year, will double the company's stake in DCP Midstream to 86.8%. The Houston, Texas-based refiner is buying the public units for $3.8 billion, or $41.75 per share, compared with its previous offer of $34.75 per share. DCP Midstream's shares rose nearly 6.4% to $41.84, while those of Phillips 66 were up 1.1%. The DCP deal is expected to generate an incremental $1 billion of adjusted EBITDA for Phillips 66, the refiner said in a statement. Phillips said it expects to save at least $300 million by integrating DCP into its existing midstream business.

☆ Refiner Phillips 66 to boost investor returns by up to $12 bln
▼ + stars: | 2022-11-09 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

Companies Phillips 66 FollowNov 9 (Reuters) - Refiner Phillips 66 (PSX.N) said on Wednesday it plans to return up to $12 billion more to shareholders by end-2024 through dividends and stock buybacks, sending its shares up 2.3%. Phillips posted a bumper $5.4 billion profit for its third-quarter ended Sept. 30, compared with $402 million a year earlier. It also returned $1.2 billion through share repurchases and dividends during the quarter. Analysts at Tudor, Pickering, Holt & Co, however, said Phillips' total capital return yield severely lagged that of peers, despite larger-than-expected buybacks in the third quarter. Phillips' hefty investor-return plan comes at a time President Joe Biden has demanded that energy companies invest their profit into boosting production before considering shareholder returns.

☆ Phillips 66 is cutting 1,100 jobs — and returning billions of dollars to shareholders
▼ + stars: | 2022-11-09 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

Phillips 66 spokesperson Bernardo Fallas said the smaller workforce was driven by a combination of attrition and eliminated positions. “Phillips 66 is undergoing a company-wide effort to optimize its cost structure and reimagine its operating model to enable sustainable savings,” the spokesperson said. Houston-based Phillips 66 said the cost-cutting moves, along with other steps, will give the company more financial firepower to boost stock buybacks and dividends. Phillips 66 said it plans to return an additional $10 billion to $12 billion to shareholders between mid-2022 and the end of 2024. “We are announcing a number of priorities designed to reward shareholders,” Phillips 66 CEO Mark Lashier said in a statement.

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