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Phillips 66 expands board with new director



 

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HOUSTON – Phillips 66 (NYSE: NYSE:PSX), an integrated downstream energy provider, announced the immediate appointment of Robert W. Pease to its Board of Directors, following a constructive dialogue with Elliott Investment Management L.P., one of the company’s largest investors. The addition of Pease expands the board to fourteen members, with twelve serving as independent directors.

Greg Garland, executive chairman of Phillips 66, expressed confidence in Pease’s appointment, highlighting his extensive refining experience, leadership, and energy expertise. Garland noted that Pease’s skills would enhance the board’s ability to oversee the company’s strategic priorities and its commitment to delivering long-term, sustainable value.

The collaboration between Phillips 66 and Elliott Investment Management has also set the stage for the selection of a second director in the coming months, a decision aimed at further strengthening the board’s diversity and expertise.

Pease brings over 38 years of experience in the energy sector to his new role. His career includes leadership positions at Shell (LON:SHEL) Trading (U.S.) Co., Motiva Enterprises, and Cenovus Energy (NYSE:CVE), where he managed various aspects of the downstream energy business. His roles have encompassed the president of Shell Trading (U.S.) Co.; CEO and president of Motiva; and most recently, president of Cenovus’s U.S. downstream business and executive vice president of Corporate Strategy & president of Downstream.

Elliott’s representatives, Partner John Pike and Senior Portfolio Manager Mike Tomkins acknowledged the collaborative effort in Pease’s appointment and expressed their belief in the potential for Phillips 66 to significantly increase shareholder value by achieving its enhanced targets.

This board expansion is part of Phillips 66’s ongoing efforts to adapt and grow in the dynamic energy industry, with a focus on safety, reliability, and a lower-carbon future.

The information is based on a press release statement.

InvestingPro Insights

As Phillips 66 (NYSE: PSX) welcomes Robert W. Pease to its Board of Directors, investors and stakeholders may find it illuminating to consider the company’s current financial health and stock performance. With a robust market capitalization of 62.11 billion USD, Phillips 66 demonstrates significant industry presence. The company’s Price to Earnings (P/E) ratio stands at an attractive 9.28, with an adjusted P/E ratio of 8.91 for the last twelve months as of Q4 2023, indicating potentially undervalued stock relative to earnings.

Investors focused on long-term growth may take note of the company’s PEG ratio of -0.26 for the same period, which could suggest future earnings growth is not fully reflected in the current share price. Additionally, the company maintains a steady Price to Book ratio of 2.02, which, alongside a dividend yield of 2.91%, could appeal to value-oriented investors seeking income-generating assets.

Phillips 66 has demonstrated a commitment to shareholder returns, as evidenced by an 8.25% dividend growth in the last twelve months as of Q4 2023. The company’s next earnings date is scheduled for April 26, 2024, a key event for investors tracking the company’s performance trajectory.

For those seeking a deeper dive into investment strategies and additional insights, InvestingPro offers a range of tools and analytics. There are PRONEWS24 more InvestingPro Tips available for Phillips 66, providing a comprehensive analysis for informed decision-making. Subscribers can use the promo code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable investment perspectives.

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