July 19, 2024

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How activist Elliott could build shareholder value amicably at Phillips 66

2 min read

A vehicle refuels at a Phillips 66 gas station in Rockford, Illinois, U.S., on Monday, July 29, 2019.

Daniel Acker | Bloomberg | Getty Images

Company: Phillips 66 (PSX)

Business: Phillips 66 is an energy manufacturing and logistics company. It operates through the following segments: midstream, chemicals, refining, and marketing and specialties. The midstream segment provides crude oil and refined petroleum product transportation and processing services, as well as natural gas and natural gas liquids transportation, storage, fractionation, gathering, processing and marketing services. The chemicals segment consists of Phillips 66’s 50% equity investment in Chevron Phillips Chemical (CPChem), which manufactures and markets petrochemicals and plastics on a worldwide basis. The refining business refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates and aviation fuels, as well as renewable fuels, at 12 refineries in the U.S. and Europe. The marketing and specialties segment purchases for resale and markets refined petroleum products and renewable fuels.

Stock Market Value: $57.06B ($129.70 per share)

Activist: Elliott Investment Management

Percentage Ownership:  n/a
Average Cost: n/a
Activist Commentary: Elliott is a very successful and astute activist investor. The firm’s team includes analysts from leading tech private equity firms, engineers, operating partners – former technology CEOs and COOs. When evaluating an investment, the firm also hires specialty and general management consultants, expert cost analysts and industry specialists. The firm often watches companies for many years before investing and has an extensive stable of impressive board candidates. Elliott has historically focused on strategic activism in the technology sector and has been very successful with that strategy. However, over the past several years its activism group has grown and evolved, and the firm has been doing a lot more longer-term activism and…



2023-12-02 09:08:00

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