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Phillips 66 CEO Says Elliott Overhaul Plan Risks Company’s Value

April 30, 2025, 7:05 PM UTC
Elizabeth Elkin
Elizabeth Elkin
Bloomberg News
Alix Steel
Alix Steel
Bloomberg Editorial

Selling or spinning off the Phillips 66 pipeline business would take value away from the company, Chief Executive Officer Mark Lashier said amid a proxy battle between the US oil refiner and activist investor Elliott Investment Management.

The firm and the crude company have been at odds since Elliott disclosed it had built a major shareholding. Elliott has been pushing for Phillips to sell or spin off its pipeline business.

WATCH: Mark Lashier, CEO of Phillips 66, joins “Bloomberg The Close” to discuss how the US fuel maker is navigating current economic conditions and the latest on their proxy fight with Elliot Investment Management. Source: Bloomberg

The midstream business is deeply integrated into other areas of the company, Lashier said in an interview on Bloomberg Television. There haven’t been any talks ...

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