Phillips 66 Surges to 235th in Trading Volume with $537 Million Turnover Amid Elliott Pressure

On May 12, 2025, Phillips 66 (PSX) saw a significant surge in trading volume, with a turnover of $537 million, marking a 102.79% increase from the previous day. This surge placed PSX at the 235th position in terms of trading volume for the day. The stock price of Phillips 66 rose by 7.00%, marking the fourth consecutive day of gains, with a total increase of 12.61% over the past four days.

Phillips 66 is currently under pressure from Elliott Investment Management to implement significant changes to its board of directors. Elliott, a major shareholder, has secured support from Glass, Lewis & Co., an independent advisory firm, which has recommended that shareholders vote in favor of Elliott's three nominees at the company's 2025 Annual Meeting. The advisory firm suggests that addressing governance issues, such as the combined roles of Chairman and CEO and the staggered board structure, could improve accountability and enhance the board's oversight responsibilities.

Phillips 66 recently completed the acquisition of EPIC NGL, which is immediately accretive and expands takeaway capacity from the Permian, supporting long-term fee-based earnings growth. The company also announced a $0.05 per share increase in its quarterly dividend, continuing a trend of annual dividend growth since 2012. Additionally, Phillips 66 has divested more than $3.5 billion of noncore assets, optimizing its portfolio and focusing on strategic growth areas.

Despite these positive developments, Phillips 66 reported an adjusted loss of $368 million for the first quarter, impacted by accelerated depreciation and other factors. The midstream segment saw decreased results due to lower volumes from turnaround activity, while the renewable fuels segment faced challenges due to the transition from blenders tax credits to production tax credits and lower international results. The company remains above its target leverage ratio, with a focus on reducing debt levels to $17 billion, which may impact future capital allocation decisions.