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Filed as exhibit 99.1 to a DFAN14A solicitation. Two pages: page 1 is a divider sheet ('EMAILED MATERIALS'); page 2 is the actual shareholder letter with 'Why Board Change Is Needed at Phillips 66' headline, 'Gold Card' CTA, and a 'Click to read more' link. Letter is unsigned by an individual — attributed to Elliott Investment Management institutionally. Stake disclosed as a dollar figure ($2.5B+) rather than percentage, so stake_disclosed_pct left null. Peer-gap claim is delivered in prose, not a chart.", "kpisCited": [ { "detail": "Phillips 66 underperformed Valero by -138% (Bloomberg, ending 2/7/25)", "metric": "10-year Total Shareholder Return vs. Valero" }, { "detail": "Phillips 66 underperformed Marathon by -188% (Bloomberg, ending 2/7/25)", "metric": "10-year Total Shareholder Return vs. Marathon Petroleum" }, { "detail": "Funds managed by Elliott hold a stake of more than $2.5 billion, among PSX's largest investors", "metric": "Elliott stake in Phillips 66" } ], "closingAsk": "Vote the enclosed Gold Card to support Elliott's upgraded slate of directors and set in motion a plan to improve Phillips 66's operating performance and shareholder value.", "extraction": { "at": "2026-04-22 14:34:31+00", "model": "unknown-legacy", "runId": null, "seconds": 69.47439, "promptVersion": null }, "scqaReward": "An upgraded Board would set in motion a plan to improve operating performance, strengthen Board accountability, and close the multi-hundred-percent total-return gap to Valero and Marathon.", "thesisTypes": [ "governance_board", "operational_turnaround", "breakup_spinoff" ], "top3Reasons": [ "PSX shares underperformed Valero by -138% and Marathon by -188% over the past decade", "Current Board has resisted accountability and entrenched underperforming leadership", "Elliott holds a stake of more than $2.5 billion, aligning it with shareholder interests" ], "scqaSituation": "Phillips 66 is a major U.S. energy conglomerate (NYSE: PSX) operating across refining, midstream, chemicals and marketing, in which Elliott manages funds holding a stake exceeding $2.5 billion.", "thesisSummary": "Elliott, holding more than $2.5 billion in Phillips 66 stock, is soliciting shareholder support to elect its slate of directors via the Gold Card in the 2025 proxy contest. 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