Gregory Goff's letter to Phillips 66 shareholders, filed by Elliott
- Written by
- Gregory J. Goff
- Organisation
- Elliott Investment Management
- Filed
- 9 Apr 2025
- Sector
- Energy: refining and midstream
Read the original at sec.gov (opens in a new tab)
This is the view as filed on 9 Apr 2025, not a statement of what the author thinks today.
About this letter
This is a proxy-contest filing on form DFAN14A, the form used when a party other than the company files additional soliciting material. Elliott Investment Management had filed a definitive proxy statement and a GOLD proxy card to elect its own director candidates at the 2025 annual meeting of Phillips 66, the refining and midstream group, and the filing reproduces a press release issued on 9 April 2025.
The press release carries an open letter from Gregory J. Goff, a 40-year energy industry veteran and Phillips 66 shareholder, who spent nearly 30 years at ConocoPhillips, the company's predecessor. Writing to his fellow shareholders, he sets out why he is backing Elliott's campaign and its nominees, and closes on the retirees, employees and other individuals who hold the stock. A short biography follows, together with the filing's disclosure of how he and Elliott have agreed to coordinate.
Why read it
Shows how an activist campaign recruits a respected industry veteran to argue that a mixed refining and midstream structure traps value and needs a stronger board.
What to notice
- 1
The letter is written by Gregory Goff, a former Andeavor chief executive, and published by Elliott as additional proxy material supporting its own slate of director nominees.
Continue the investment thesis
See the 4 remaining takeaways on what this investor is arguing and why, and every analysis across the Letters & Theses library.
Checking what you can open…
“However, it is my view that Phillips 66 has lost its way.”
Companies discussed
- Phillips 66 (PSX)
Topics
- governance
- board change
- breakup or separation
- valuation discount
L3VLUP does not host this document. It belongs to Elliott Investment Management and is a public SEC filing; the notes above are L3VLUP’s reading of it.
More from Elliott Investment Management
The same argument, elsewhere
- Sachem Head's April 2022 letter to US Foods stockholders · Sachem Head Capital Management
- Starboard Value's letter to the Darden Restaurants board (July 2014) · Starboard Value
- Starboard Value's letter to Autodesk shareholders on margins and board change · Starboard Value
- Trian's March 2024 letter to Disney shareholders · Trian Fund Management