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  "documentTitle": "Phillips 66 (PSX)",
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      "text": "Elliott sees a clear need for change, while Phillips 66's Board does not.",
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      "text": "Phillips 66 refused to make its independent directors available for a meeting with Elliott for more than two months. The Company declined to disclose or answer our requests about how many directors it planned to nominate at the 2025 Annual Meeting, requiring us to pursue legal action in Delaware to obtain clarity. The Company immediately attempted to discredit respected industry veteran Greg Goff rather than consider his highly relevant perspective. CEO Mark Lashier has repeatedly told investors that Phillips 66 is already fairly valued as a bizarre defensive maneuver. Phillips 66 has released ample amounts of misleading data attempting to suggest that performance has been strong and that its goals have been met",
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      "text": "Governance Concerns Grow",
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      "text": "Escalating the Need for Change",
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      "text": "Elliott attempted to collaborate with Phillips 66 to consider change and improve performance. Neither happened.",
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      "text": "In September 2023, Elliott approached Phillips 66 with a clear message: its assets were significantly undervalued and underperforming. Initially, the Company acknowledged challenges, particularly in refining, reaffirmed its $14 billion mid-cycle EBITDA target and the Executive Chairman announced his retirement.",
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      "kind": "title",
      "text": "HOW DID WE GET HERE?",
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