分组1 - Phillips 66 reported a quarterly loss of $0.90 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.77, and a significant decline from earnings of $1.90 per share a year ago, indicating an earnings surprise of -16.88% [1] - The company posted revenues of $31.73 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.49%, but down from $36.44 billion in the same quarter last year [2] - Over the last four quarters, Phillips 66 has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed, losing about 8.1% since the beginning of the year, compared to a decline of -6.8% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $2.15 on revenues of $31.81 billion, and for the current fiscal year, it is $4.80 on revenues of $125.7 billion [7] - The Zacks Industry Rank for Oil and Gas - Refining and Marketing is in the top 37% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

The upcoming report from Phillips 66 (PSX) is expected to reveal quarterly loss of $0.60 per share, indicating a decline of 131.6% compared to the year-ago period. Analysts forecast revenues of $30.65 billion, representing a decrease of 15.9% year over year. The consensus EPS estimate for the quarter has undergone an upward revision of 1% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe ...

Core Viewpoint - Phillips 66 (PSX) is expected to report first-quarter 2025 earnings on April 25, with factors influencing performance including gasoline demand, refining margins, and crude oil prices [1][4][5]. Group 1: Previous Quarter Performance - In the last reported quarter, PSX had an adjusted loss of 15 cents per share, which was better than the Zacks Consensus Estimate of a loss of 20 cents, attributed to higher renewable fuel margins and reduced costs [2]. - PSX has beaten the Zacks Consensus Estimate in three of the last four quarters, with an average surprise of 12.95% [2]. Group 2: Earnings Estimates - The Zacks Consensus Estimate for first-quarter earnings per share is 42 cents, reflecting a decline of 77.9% from the same quarter last year [3]. - The estimated revenue for the first quarter is $30.67 billion, indicating a 15.8% decrease from the previous year [3]. Group 3: Market Factors - Demand for gasoline in the U.S. remained resilient, but global challenges such as regional supply imbalances and demand fluctuations may have impacted performance [4]. - A decline in refining margins, as indicated by EIA data showing softer gasoline and distillate crack spreads, could pressure PSX's refining business [5]. - The average spot price for West Texas Intermediate crude was $68.24 per barrel in March 2025, down from $81.28 in March 2024, which may affect revenues in PSX's Midstream and Marketing segments [6]. - Volatility in natural gas prices could squeeze margins if energy costs rise without sufficient pricing power in the downstream market [7]. Group 4: Earnings Whispers - Current analysis does not indicate an earnings beat for PSX, with an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [8].

Core Viewpoint - Elliott Investment Management is advocating for the reevaluation of Phillips 66's asset management to unlock their full value, emphasizing the need for strategic clarity regarding the company's operations and structure [1][6]. Group 1: Elliott's Campaign and Podcast - Elliott Investment Management has launched the "Streamline 66" campaign, which includes a podcast series featuring discussions with director nominees and industry experts [1][2]. - The latest podcast episode features Sigmund Cornelius, former CFO of ConocoPhillips, who highlights his experience in enhancing shareholder value through divestiture and simplification [2]. Group 2: Proxy Solicitation and Board Nominees - Elliott has filed a definitive proxy statement with the SEC to solicit votes for its four director nominees for the Phillips 66 Board, aiming to influence the company's strategic direction [4]. - Stockholders are encouraged to review the proxy materials for important information regarding the election and the nominees [4]. Group 3: Company Asset Evaluation - There is a belief that Phillips 66 possesses valuable assets that are currently underappreciated due to the market's confusion over the company's identity as a refining, marketing, or midstream entity [6]. - The historical context of splitting ConocoPhillips is referenced as a precedent for potentially separating Phillips 66's operations to better allocate capital and enhance valuation [6].

Core Insights - Elliott Investment Management is actively engaging with Phillips 66, aiming to unlock significant value for shareholders through a proxy solicitation for board nominations [1][3][4] - The latest podcast episode features discussions on the company's financial performance and strategic direction, emphasizing the need for long-term solutions rather than short-term fixes [2][5] Group 1: Elliott's Engagement Strategy - Elliott has filed a definitive proxy statement with the SEC to solicit votes for its slate of director candidates at the upcoming Annual Meeting of Phillips 66 [3] - The campaign, referred to as "Streamline 66," aims to highlight the qualifications of Elliott's director nominees and their vision for the company [1][2] Group 2: Financial Performance and Strategic Concerns - Elliott's representatives argue that if synergies within Phillips 66's businesses were effective, they would be reflected in the company's financial statements, suggesting current underperformance [5] - The company is perceived to be shifting focus towards midstream operations, which Elliott critiques as a strategy that may not resolve underlying refining issues [5]

Third-Party Findings Are Based on Feedback From Phillips 66 Investors Representing More Than 60% of the Company's Institutional Shares Outstanding Shareholders Do Not Believe the Company's Strategy or Conglomerate Structure Make Sense WEST PALM BEACH, Fla., April 16, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together are a top-five shareholder in Phillips 66 (NYSE: PSX) (the "Company" or "Phillips"), today released findings from a recent Elliott-commissio ...

Core Insights - Elliott Investment Management is a top five shareholder in Phillips 66 and is actively campaigning for board changes to enhance corporate governance and value creation [1][4] - The latest podcast episode features Stacy Nieuwoudt, a seasoned energy analyst, discussing the importance of an investor mindset in boardroom decisions [2] Company Overview - Phillips 66 is recognized as a company with strong assets, and there is a belief that restructuring could unlock additional value and improve operational efficiency [5] - The company is positioned in the energy sector, which is currently focused on optimizing core business operations and capital allocation [5] Industry Perspective - The energy investment landscape is shifting towards pure play companies that prioritize efficiency and effective capital management [5] - There is a noted disconnect between management perspectives on stock valuation and investor expectations, highlighting the need for better alignment in corporate strategy [5]

Core Viewpoint - Elliott Investment Management is seeking strategic, operational, and governance improvements at Phillips 66, supported by former Andeavor CEO Gregory Goff, to enhance shareholder value [1][3]. Group 1: Elliott's Campaign and Support - Elliott Investment Management is a top-five shareholder in Phillips 66 and has launched the "Streamline 66" campaign to boost shareholder value [1]. - Gregory Goff, with over 40 years of experience in the energy sector, including significant roles at ConocoPhillips and Andeavor, is supporting Elliott's efforts [2]. - Goff's leadership at Andeavor resulted in a remarkable 1,200% increase in shareholder returns, showcasing his capability in financial and operational transformations [2]. Group 2: Strategic Vision for Phillips 66 - Both Elliott and Goff believe that with necessary improvements, Phillips 66 can become a stronger and more valuable company for employees and investors [3]. - Elliott has filed a definitive proxy statement with the SEC to solicit proxies for the election of its director candidates at the upcoming 2025 annual meeting [4]. Group 3: Background on Elliott - Elliott Investment Management manages approximately $72.7 billion in assets as of December 31, 2024, and has a diverse investor base including pension plans and sovereign wealth funds [5].

Core Viewpoint - The breakdown in board governance at Phillips 66 has hindered the company's ability to deliver value to shareholders, necessitating a change in leadership and strategic focus to maximize long-term value [1][3][4]. Company Strategy and Governance - Phillips 66 has pursued a strategy that emphasizes midstream assets alongside its refining business, which has not yielded value for shareholders compared to more streamlined peers [4]. - A stronger board is needed to question the current business structure and initiate a review of alternatives to unlock shareholder value [4]. Leadership and Board Composition - Elliott Investment Management's nominees are expected to bring independence and expertise to the Phillips 66 board, fostering a culture that prioritizes long-term value creation [1][5]. - The current board lacks the necessary independence and expertise to effectively challenge management's assumptions and decisions [3]. Shareholder Considerations - A significant number of retail shareholders, including retirees and employees, rely on Phillips 66 for their financial goals, highlighting the need for a board committed to maximizing shareholder value [5]. - The engagement with Elliott Investment Management aims to ensure that management is held accountable and that the interests of all shareholders are prioritized [1][5]. Leadership Background - Gregory J. Goff, a 40-year veteran in the energy industry, emphasizes the potential for Phillips 66 to regain its stature through operational and strategic changes [2][7]. - Goff has a history of successful management and transformation in energy-related businesses, including leadership roles at Andeavor and ConocoPhillips [8].

Core Insights - Elliott Investment Management has launched the Streamline 66 Podcast to discuss its campaign for change at Phillips 66, featuring conversations with director nominees and industry experts [1][2] - The first episode features Brian Coffman, a seasoned operator with extensive experience in refining, including leadership roles at ConocoPhillips and Motiva [3] Company Overview - Phillips 66 is a major player in the refining industry, and Elliott Investment Management is a top five shareholder in the company [1][8] - Elliott is seeking to elect four highly qualified nominees to the Board of Directors during the upcoming Annual Meeting [2][5] Industry Context - Brian Coffman emphasizes the potential of Phillips 66's refining assets, countering the notion that they are outdated, and aims to restore the company's historical operating excellence [7] - The podcast aims to provide shareholders with insights into the nominees and Elliott's vision for Phillips 66 [2][3]