WASHINGTON (dpa-AFX) - Elliott Investment Management says that it has the support of Phillips 66 (PSX) investor Gregory Goff for its campaign to replace some of the company's board members.
'Elliott is pleased to have the support and assistance of Phillips 66 shareholder and accomplished energy industry veteran Gregory Goff for our effort to boost shareholder value at Phillips 66,' the management company said in a statement.
In a letter to shareholders, Goff, who owns a $10 million stake in Phillips 66, said that he believes 'the slate of directors put forward by Elliott Investment Management can help the company unlock that potential.'
'I have made a $10 million investment in Phillips 66 because I am confident that with the right leadership, operating priorities and strategic focus, Phillips 66 can be a much stronger company - offering greater opportunities to its employees and significantly more value to its shareholders. I believe the slate of directors put forward by Elliott Investment Management can help the company unlock that potential,' Goff said in a letter to to his fellow Phillips 66 shareholders.
He also added that the company's pursuit of midstream assets alongside its refining business has failed to deliver shareholder value relative to more streamlined peers.
'It is my view that Phillips 66 has lost its way. I firmly believe the company can restore its prior stature as a leader in the energy industry, but only if it makes the kinds of operational and strategic changes that are urgently needed,' he added.
Meanwhile, Phillips 66 issued a statement in response to the letter: 'Gregory Goff is clearly affiliated with Elliott Management. As of this morning, he remains featured as CEO of Amber Energy, an entity that Elliott has backed in its bid for Citgo, a Phillips 66 competitor. This important and obvious fact about a clear conflict of interest was never mentioned in Mr. Goff's communication and is plainly misleading to shareholders.'
'The notion he is an investor independent of Elliott is obviously false. This stunt reflects Elliott's growing desperation to convince real investors to support its shortsighted, rushed breakup of Phillips 66. We will continue to engage with all investors on the facts and remain confident that those investors value the reliable $43 billion1 dollars of value we have returned through volatile market cycles,' the statement added.
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