Energy Industry Veteran Gregory J. Goff Releases Letter to Fellow Phillips 66 Shareholders

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].