Phillips 66 Surges to 189th in Trading Volume with $740 Million Day Amid Elliott Investment Management Proxy Battle

On April 3, 2025, Phillips 66 (PSX) experienced a significant trading volume of $740 million, marking a 169.54% increase from the previous day. This surge placed Phillips 66 at the 189th position in terms of trading volume for the day. However, the stock price declined by 13.61%, marking the second consecutive day of decline, with a total drop of 13.81% over the past two days.

Elliott Investment Management L.P., which manages funds with over $2.5 billion invested in Phillips 66, sent a letter to the company's shareholders. The letter emphasized the urgent need for changes in the Phillips 66 Board of Directors to address long-term underperformance and improve corporate governance. Elliott also filed definitive proxy materials for the upcoming Annual Meeting of Stockholders, scheduled for May 21, 2025.

Elliott has nominated four highly qualified independent director candidates with extensive experience in refining, midstream operations, and corporate governance. The proposed changes aim to enhance performance, strengthen accountability, and increase shareholder value. The company has set up a website, Streamline66.com, for more information on their initiatives.

Phillips 66 has urged shareholders to support the company amid the ongoing proxy battle with Elliott. The company is seeking to maintain its current board structure and governance practices, countering Elliott's proposals for significant changes.