Phillips 66 issued a letter to its shareholders, stating its readiness to engage constructively with Elliott Investment Management while defending its integrated business model. CEO Mark Lashier characterized Elliott's proposals as having devolved into 'a series of attacks'.
The company reaffirmed its commitment to long-term value creation through its integrated structure, citing strong synergies between its refining and midstream segments. Phillips 66 emphasized that its diversified business model leads to significantly lower cash flow volatility compared to its peers.
Phillips 66 highlighted its track record of returning over $13.6 billion to shareholders since July 2022 and successfully divesting over $3.5 billion in assets. The company's board, described as strong and engaged, continuously reviews strategic alternatives to maximize shareholder value, concluding that the integrated model currently offers the highest long-term returns.
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