Elliott Sends Letter To Shareholders; Asserts That The Company's Current Directors Have Allowed A Culture Of Complacency And Deference To Management To Take Root In The Boardroom

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.