TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $114.00 from $127.00 previously

Goldman downgraded Phillips 66 from Buy to Neutral and set a new price target of $132.00

Wolfe Research upgraded Phillips 66 from Peer Perform to Outperform and set a new price target of $143.00

BofA Securities resumed coverage of Phillips 66 with a rating of Buy and set a new price target of $156.00

TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $150.00 from $162.00 previously

TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $162.00 from $155.00 previously

Wolfe Research resumed coverage of Phillips 66 with a rating of Peer Perform

TD Cowen reiterated coverage of Phillips 66 with a rating of Buy and set a new price target of $155.00 from $164.00 previously

Citigroup initiated coverage of Phillips 66 with a rating of Buy

TD Cowen reiterated coverage of Phillips 66 with a rating of Outperform and set a new price target of $150.00 from $134.00 previously

Phillips 66 (NYSE:PSX) today responded to a May 2 letter released by Elliott Management. The Company has issued the following statement: In its letter, Elliott attempted to rebut a number of reasonable questions Phillips 66 raised in its April 24 letter to shareholders. Our letter encouraged shareholders to scrutinize the facts of this situation – namely, Elliott's expectation of director loyalty, its conflicting competitive interests, its misleading disclosures and its preference for theatrics over transparency, strong corporate governance and good-faith engagement with Phillips 66. Elliott's 5,886 word letter failed to substantively resolve the core issues we raised. Instead of addressi

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

Episode With Mr. Heim, A Founder of Targa Resources, Features Perspectives on Phillips 66 Operations and Value-Unlocking Options for the Company's High-Quality Assets Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66 WEST PALM BEACH, Fla., April 30, 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 released the fifth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees, as well as industry experts.

Highlights Path to Unlocking Substantial Upside By Reversing Company's Cycle of Underperformance  "Streamline 66" Plan Would Transform Phillips 66 Through Board Enhancements, Operational Improvements and Portfolio Simplification Click Here to Download the Full Presentation WEST PALM BEACH, Fla., April 29, 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 released an investor presentation titled "Streamline 66: Elliott's Perspectives on Value Creation."

Outlines strong operational and financial performance driven by the Company's transformative strategy Warns that Elliott's high-risk proposals are misleading, based on flawed analysis and threaten long-term shareholder value Underscores the valuable skills and experiences Phillips 66's Board and nominees have to drive shareholder value creation, superior to those of Elliott's nominees Phillips 66 (NYSE:PSX) (the "Company") today filed an investor presentation with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. In conjunction with the presentation, Phillips 66 published two new videos that showcase the skills an

Reported first-quarter earnings of $487 million or $1.18 per share; adjusted loss of $368 million or $0.90 per share; including $246 million of pre-tax accelerated depreciation on Los Angeles Refinery Returned $716 million to shareholders through dividends and share repurchases Received $2.0 billion in cash proceeds from the previously announced sales of non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC Sanctioned construction of new gas processing plant in the Permian Recently closed on acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade LP Phillips 66 (NYSE:PSX), a leading integrated downstream energy provider, announced first-quarter earn

Encourages Honest, Independent Interrogation of Facts Raises Key Questions Stewardship Teams and Investors Should Reach Their Own Conclusions On Phillips 66 (NYSE:PSX) today sent a letter from the Independent Directors of the Board to the Company's shareholders and to independent proxy advisors, particularly those involved in assessing corporate governance topics. In conjunction with today's letter, Phillips 66 published a new video to phillips66delivers.com. The video provides shareholders a unique perspective into how the Board approaches overseeing the Company's strategy, monitoring progress against that strategy, allocating capital, engaging with shareholders and driving long-term va

Discussion Focuses on His Significant Experience at ConocoPhillips and Importance of Evaluating Opportunities to Realize Full Value of Phillips 66's Assets Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66 WEST PALM BEACH, Fla., April 22, 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 released the fourth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry expe

The board of directors of Phillips 66 (NYSE:PSX) has declared a quarterly dividend of $1.20 per share on Phillips 66 common stock, representing a $0.05 increase. The dividend is payable on June 2, 2025, to shareholders of record as of the close of business on May 19, 2025. "We are pleased to announce an increase in our quarterly dividend, reflecting our ongoing commitment to delivering value to our shareholders," said Mark Lashier, chairman and CEO of Phillips 66. "Our disciplined approach to capital allocation and strong cash flow generation enables us to return over 50 percent of our net operating cash flow to investors," Lashier said. "Since our formation in 2012, the annual dividend h

Highlights the Strength of its Board, its Nominees and its Strategy Expresses Concern with Elliott's Conflicts of Interest Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today sent a letter to shareholders highlighting valuable information for shareholders to make an informed voting decision at Phillips 66's upcoming Annual Meeting on May 21, 2025. The letter: Highlights the Board's approach to independently representing shareholders and delivering consistent and compelling value; Demonstrates the Board's extensive experience taking bold action in the best interest of shareholders – including transformative transactions;

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Discussion Focuses on His Significant Experience at ConocoPhillips and Importance of Evaluating Opportunities to Realize Full Value of Phillips 66's Assets Visit Streamline66.com to Subscribe to the Podcast and Learn About Elliott's "Streamline 66" Campaign at Phillips 66 WEST PALM BEACH, Fla., April 22, 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 released the fourth episode of the Streamline 66 Podcast. The series features 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as well as industry expe

DALLAS, April 14, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ:BRY) ("Berry" or the "Company") today announced the appointment of Jenarae Garland as Vice President, General Counsel, Corporate Secretary and Chief Compliance Officer, effective immediately. Ms. Garland brings with her a wealth of industry experience, having served as a key strategic legal partner to executive leadership teams and boards of major energy corporations, including advising on capital markets and commercial and strategic transactions. Fernando Araujo, Berry's Chief Executive Officer, commented, "We are excited to welcome Jenarae to our executive leadership team during this pivotal time for our business

First Episode with Brian Coffman, Former CEO of Motiva, Features Refining Discussion Based on Over 40-Years of Industry Expertise Program Accessible on Apple, Spotify, YouTube and More Visit Streamline66.com to Learn About Elliott's Campaign at Phillips 66 and Subscribe to the New Podcast WEST PALM BEACH, Fla., April 8, 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 announced the launch of the Streamline 66 Podcast, a new series that will feature 1:1 conversations with Elliott's highly qualified director nominees ("Nominees" or "Nominee"), as w

Phillips 66 (NYSE:PSX) today released the following letter from Independent Director Bob Pease to the Company's shareholders: Shareholders of Phillips 66: I joined the Phillips 66 Board of Directors in February 2024. My appointment came as a result of an agreement between Elliott Management and Phillips 66. At the time, Elliott Management said I would bring to the Board "extensive experience in refining and energy more broadly." Now Elliott wants me off the Board. Today I'm writing you, our shareholders, to lay out the truth about the Phillips 66 Board and why my own view of Elliott's campaign for change at the Phillips 66 has evolved. I'll start first with why I agreed to join the Phi

Phillips 66 (NYSE:PSX) today announced that it has filed its preliminary proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming 2025 Annual Meeting of Shareholders. In today's filing, the Phillips 66 Board of Directors: Announces the nomination of two new candidates bringing critical financial and operational capabilities to the Board: A. Nigel Hearne, a 35-year veteran of the energy industry with direct refining operations leadership, bringing deep downstream and integration expertise; and Howard I. Ungerleider, a highly strategic former President and Chief Financial Officer with extensive chemicals experience. Nominates John E. Lowe and Rober

The board of directors of Phillips 66 (NYSE:PSX) has appointed Grace Puma Whiteford to serve on the company's board, effective Oct. 10. She will serve on the Human Resources and Compensation Committee and the Public Policy and Sustainability Committee of the board. "Phillips 66 is pleased to welcome Grace to the board of directors as a highly qualified independent director. We will benefit from her broad experience in operations, procurement, and safety as well as her leadership and perspectives," said Mark Lashier, chairman and CEO. Puma Whiteford currently serves on the boards of Target Corporation and Organon & Co. and previously served on the board of Williams-Sonoma, Inc. Puma Whitef

Collaboration Aims to Fuel the Next Generation of Big 12 Athletes through Safer Sports Access KANSAS CITY, Mo., April 2, 2024 /PRNewswire/ -- Phillips 66® is proud to announce that they will be contributing $100,000 towards revamping the basketball courts in the Parade Park community in Kansas City, Mo. This year's Big 12 Basketball Tournament marked the 36th consecutive year Phillips 66® has served as a tournament partner and the 15th consecutive year the tournament has been held in Kansas City, with the Big 12 recently announcing the tournament will be held in Kansas City through 2031. The Parade Park project marks an elevated brand commitment to the local community and to accessibility to

Appointment Follows Constructive Dialogue with Elliott; Commitment to Add a Second Director The Board of Directors of Phillips 66 (NYSE:PSX) has appointed Robert W. Pease to serve on the board, effective immediately. Following the appointment, the board consists of 14 directors, 12 of whom are independent. In addition, Phillips 66 and Elliott Investment Management L.P. (together with its affiliates, "Elliott") have agreed to work together to identify a second mutually agreed director to be named over the coming months. "Phillips 66 is pleased to welcome Bob to the board. His demonstrated refining experience, leadership and energy expertise will add to the board's oversight of the compan

The board of directors of Phillips 66 (NYSE:PSX) has appointed Mark E. Lashier and Gregory J. Hayes to serve on the board, effective July 12, 2022. Following the appointments, the board of Phillips 66 will consist of 13 directors, 11 of whom are independent. Lashier, who will serve on the Executive Committee of the board, was recently named as the Chief Executive Officer of Phillips 66 after serving as President and Chief Operating Officer since April 2021. Lashier, who has over 30 years of energy industry experience, served as CEO of ChevronPhillips Chemical Company LLC ("CPChem") from August 2017 to April 2021. He joined the global petrochemical joint venture, in which Phillips 66 owns a

Reported first-quarter earnings of $582 million or $1.29 per share; adjusted earnings of $595 million or $1.32 per share Generated $1.1 billion of operating cash flow; $1.3 billion excluding working capital Repaid $1.45 billion of debt in April Announced plan to restart share repurchases Received industry recognition for exemplary safety performance in Chemicals and Refining Recently announced CEO transition plan Phillips 66 (NYSE:PSX), a diversified energy company, announces first-quarter 2022 earnings of $582 million, compared with earnings of $1.3 billion in the fourth quarter of 2021. Excluding special items of $13 million, the company had adjusted earnings of $595 million

Phillips 66 (NYSE:PSX) today responded to a May 2 letter released by Elliott Management. The Company has issued the following statement: In its letter, Elliott attempted to rebut a number of reasonable questions Phillips 66 raised in its April 24 letter to shareholders. Our letter encouraged shareholders to scrutinize the facts of this situation – namely, Elliott's expectation of director loyalty, its conflicting competitive interests, its misleading disclosures and its preference for theatrics over transparency, strong corporate governance and good-faith engagement with Phillips 66. Elliott's 5,886 word letter failed to substantively resolve the core issues we raised. Instead of addressi

Outlines strong operational and financial performance driven by the Company's transformative strategy Warns that Elliott's high-risk proposals are misleading, based on flawed analysis and threaten long-term shareholder value Underscores the valuable skills and experiences Phillips 66's Board and nominees have to drive shareholder value creation, superior to those of Elliott's nominees Phillips 66 (NYSE:PSX) (the "Company") today filed an investor presentation with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. In conjunction with the presentation, Phillips 66 published two new videos that showcase the skills an

Reported first-quarter earnings of $487 million or $1.18 per share; adjusted loss of $368 million or $0.90 per share; including $246 million of pre-tax accelerated depreciation on Los Angeles Refinery Returned $716 million to shareholders through dividends and share repurchases Received $2.0 billion in cash proceeds from the previously announced sales of non-operated equity interests in Coop Mineraloel AG and Gulf Coast Express Pipeline LLC Sanctioned construction of new gas processing plant in the Permian Recently closed on acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade LP Phillips 66 (NYSE:PSX), a leading integrated downstream energy provider, announced first-quarter earn

Encourages Honest, Independent Interrogation of Facts Raises Key Questions Stewardship Teams and Investors Should Reach Their Own Conclusions On Phillips 66 (NYSE:PSX) today sent a letter from the Independent Directors of the Board to the Company's shareholders and to independent proxy advisors, particularly those involved in assessing corporate governance topics. In conjunction with today's letter, Phillips 66 published a new video to phillips66delivers.com. The video provides shareholders a unique perspective into how the Board approaches overseeing the Company's strategy, monitoring progress against that strategy, allocating capital, engaging with shareholders and driving long-term va

The board of directors of Phillips 66 (NYSE:PSX) has declared a quarterly dividend of $1.20 per share on Phillips 66 common stock, representing a $0.05 increase. The dividend is payable on June 2, 2025, to shareholders of record as of the close of business on May 19, 2025. "We are pleased to announce an increase in our quarterly dividend, reflecting our ongoing commitment to delivering value to our shareholders," said Mark Lashier, chairman and CEO of Phillips 66. "Our disciplined approach to capital allocation and strong cash flow generation enables us to return over 50 percent of our net operating cash flow to investors," Lashier said. "Since our formation in 2012, the annual dividend h

Highlights the Strength of its Board, its Nominees and its Strategy Expresses Concern with Elliott's Conflicts of Interest Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today sent a letter to shareholders highlighting valuable information for shareholders to make an informed voting decision at Phillips 66's upcoming Annual Meeting on May 21, 2025. The letter: Highlights the Board's approach to independently representing shareholders and delivering consistent and compelling value; Demonstrates the Board's extensive experience taking bold action in the best interest of shareholders – including transformative transactions;

Phillips 66 (NYSE:PSX) (the "Company") today responded to a letter released by Gregory J. Goff to Phillips 66 Shareholders. The Board of Phillips 66 has issued the following statement: "Gregory Goff is clearly affiliated with Elliott Management. As of this morning, he remains featured as CEO of Amber Energy, an entity that Elliott has backed in its bid for Citgo, a Phillips 66 competitor. This important and obvious fact about a clear conflict of interest was never mentioned in Mr. Goff's communication and is plainly misleading to shareholders. The notion he is an investor independent of Elliott is obviously false. This stunt reflects Elliott's growing desperation to convince real investors

Highlights Results of Transformative Strategy and Path to Future Value Creation Demonstrates Elliott's Thesis is Based on Flawed Assumptions and Changes Would be Destructive to Long-Term Shareholder Value Urges Shareholders to Vote "FOR" ONLY Phillips 66's Nominees on the WHITE Proxy Card Phillips 66 (NYSE:PSX) today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming Annual Meeting of Shareholders on May 21, 2025. Shareholders of record as of the close of business on April 4, 2025 are entitled to vote at the meeting. In addition, the Board wrote a letter to shareholders that highlights valuable info

Phillips 66 (NYSE:PSX) announced today the completion of its previously announced acquisition of EPIC Y-Grade GP, LLC and EPIC Y-Grade, LP, which own various subsidiaries and long-haul natural gas liquids pipelines, fractionation facilities and distribution systems ("EPIC NGL") for total cash consideration of approximately $2.2 billion. "This transaction strengthens our position as a leading integrated downstream energy provider," said Don Baldridge, Phillips 66 executive vice president of Midstream & Chemicals. "We are evolving our portfolio and enhancing our ability to provide seamless and efficient delivery of energy products. Phillips 66 will offer producers unparalleled flow assurance

Confirms Elliott Investment Management's Nomination of Director Candidates Phillips 66 (NYSE:PSX) (the "Company") today issued the following letter to its shareholders. The Company values shareholder feedback and is fully committed to continuing open engagement with all shareholders. This has been consistently demonstrated and expressed over the course of nearly two dozen meetings with Elliott Investment Management ("Elliott") since October 2023, including the most recent meeting on March 3, 2025. The Company also confirmed Elliott has nominated seven directors for election to Phillips 66's Board of Directors (the "Board") at the Company's 2025 Annual Meeting. As the Company disclosed on

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