- Elliott Investment Management L.P. announced that shareholders elected two nominees, Sigmund Cornelius and Michael Heim, to the Phillips 66 Board. - The vote outcome reflects a clear mandate from shareholders seeking meaningful change at Phillips 66. - Elliott expressed gratitude to fellow shareholders, proxy advisory firms, and Phillips 66 employees for their support during the campaign. - The newly elected directors will collaborate with incumbent directors to enhance operational execution, share-price performance, and corporate governance. - Elliott will continue to actively engage with Phillips 66's management and board to ensure accountability in improving shareholder value. - Elliott managed approximately $72.7 billion of assets as of December 31, 2024, and is one of the oldest funds under continuous management. - The firm's investors include pension plans, sovereign wealth funds, endowments, foundations, high net worth individuals and families, and employees of the firm.

Elliott Announces Shareholders Vote for Change at Phillips 66

News provided by Elliott Investment Management L.P.

May 21, 2025, 09:26 ET

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").

Elliott released the following statement:

"We thank our fellow shareholders, the proxy advisory firms and Phillips 66's employees for their support throughout this campaign. Today's vote sends a clear message: Shareholders demand meaningful change at Phillips 66. We are confident Sig and Mike will work collaboratively with the incumbent directors to improve operational execution and share-price performance, enhance corporate governance and help set a strategic course that can unlock Phillips 66's full value-creation potential.

As one of Phillips 66's largest investors, Elliott will continue to actively engage with the Company while holding management and the Board accountable for delivering on their commitment to improve shareholder value. We are hopeful that these words will translate into actions, and we will remain focused on helping Phillips 66 become a stronger, more valuable company for all shareholders."

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") managed 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
cFriedman@elliottmgmt.com

Investor Contact:
Bruce Goldfarb / Pat McHugh
Okapi Partners LLC
(877) 629-6357
(212) 297-0720
info@okapipartners.com

SOURCE Elliott Investment Management L.P.