Phillips 66 Board Nominates Two New Board Members Amid Ongoing Elliott Dispute

Phillips 66

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(RTTNews) - While filing its preliminary proxy materials with the U.S. Securities and Exchange Commission on Wednesday in connection with its upcoming 2025 Annual Meeting of Shareholders, the Board of Directors of integrated downstream energy provider Phillips 66 (PSX) announced the nomination of two new candidates. The board said they bring critical financial and operational capabilities to the Board.

The board nominated Nigel Hearne, a 35-year veteran of the energy industry with direct refining operations leadership, bringing deep downstream and integration expertise; and Howard Ungerleider, a highly strategic former President and Chief Financial Officer with extensive chemicals experience.

The board also nominated John Lowe and Robert Pease as directors. Lowe is a strategic leader with more than 40 years of leadership in midstream, refining and chemicals businesses, and Pease is a director identified in partnership with Elliott Investment Management L.P.

Elliott Investment Management manages funds that together have an investment of more than $2.5 billion in Phillips 66. As stated in the March 5 public letter to shareholders, Phillips 66 has sought to engage with Elliott since 2023 to hear its ideas and work constructively toward a shared goal of long-term value creation.

The board also unanimously recommends that shareholders use the WHITE proxy card or the WHITE voting instruction form to vote FOR only the four nominees recommended by the Board, and AGAINST Elliott's proposal to approve, on an advisory basis, that the Board adopt a policy to implement the required annual resignation of all directors.