WASHINGTON (dpa-AFX) - Responding to a letter from Activist investor Elliott
Investment Management L.P., Phillips 66 (PSX) said it agreed with Elliott that
successful execution of the company's strategic priorities will drive
substantial stock price performance. The company believes that it has the right
management team and Board in place to deliver long-term, sustainable value.

The company also appreciates that Elliott recognizes the value-creation
potential of the strategic priorities that it has been executing since its
Investor Day in November 2022.

Earlier today, Elliott said it sent a letter to Phillips 66 outlining 'a path by
which Phillips 66 can remedy its underperformance, improve its execution,
restore trust with investors and unlock significant and sustainable value for
its shareholders.'

Elliott has raised a $1 billion stake in Phillips 66 and seeks two board seats.
Elliott sees approximately 75% upside to the current stock price.

Among the steps Elliott recommended is the appointment to the Phillips 66 Board
of two new directors. Elliott did not call for ousting Phillips 66 Chief
Executive Officer Mark Lashier.



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