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      "text": "Your vote on the enclosed Gold Card will set in motion a clear plan to improve Phillips 66's operating performance, strengthen Board accountability and increase the value of your investment.",
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      "text": "We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade. The purpose of this letter is to seek your support for an upgraded Board of Directors...",
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      "text": "We at Elliott Investment Management L.P. (together with its affiliates, \"Elliott\") manage funds that hold a stake of more than $2.5 billion in Phillips 66...",
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      "text": "Dear Fellow Phillips 66 Shareholder: We are writing to you as fellow investors in Phillips 66 (NYSE: PSX) (the \"Company\"), an energy conglomerate that is falling well short of its potential and is in urgent need of a new direction.",
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      "text": "Unfortunately, Phillips 66's current leaders have shown a frustrating unwillingness to prioritize shareholder value. They have resisted proposals to improve accountability... Phillips 66 has managed to underperform Valero Energy (\"Valero\") and Marathon Petroleum (\"Marathon\"), its closest peers, by -138% and -188%, respectively.",
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      "text": "1 Total Shareholder Return per Bloomberg, ending on 2/7/25.",
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