Phillips 66 1Q Earnings Decline Amid Ongoing Proxy Fight with Activist Elliott

Dow Jones

Apr 25

By Denny Jacob

Phillips 66 posted lower earnings in its latest quarter, results that come amid an ongoing proxy fight with activist investor Elliott Investment Management.

The Houston-based oil refiner reported earnings of $487 million, or $1.18 a share, down from $748 million, or $1.73 a share, in the prior-year period.

Stripping out certain one-time items, losses came in at 90 cents a share. Analysts expected a loss of 72 cents a share.

"Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs," said Chief Executive Mark Lashier.

Phillips' results come days after it raised its dividend and urged shareholders to vote against Elliott's director nominees as a proxy fight between the two sides continues.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

April 25, 2025 07:50 ET (11:50 GMT)

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Analysts expected a loss of 72 cents a share.\"Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs,\" said Chief Executive Mark Lashier.Phillips' results come days after it raised its dividend and urged shareholders to vote against Elliott's director nominees as a proxy fight between the two sides continues.","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"PSX":"Phillips 66"},"translate_title":"菲利普斯66第一季度盈利因与活动家埃利奥特持续的代理权争夺战而下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PSX":1},"content_text":"By Denny Jacob \n\n\nPhillips 66 posted lower earnings in its latest quarter, results that come amid an ongoing proxy fight with activist investor Elliott Investment Management. \n\n\n  The Houston-based oil refiner reported earnings of $487 million, or $1.18 a share, down from $748 million, or $1.73 a share, in the prior-year period. \n\n\n  Stripping out certain one-time items, losses came in at 90 cents a share. Analysts expected a loss of 72 cents a share. \n\n\n  \"Our results reflect not only a challenging macro environment, but also the impact from one of our largest-ever spring turnaround programs,\" said Chief Executive Mark Lashier. \n\n\n  Phillips' results come days after it raised its dividend and urged shareholders to vote against Elliott's director nominees as a proxy fight between the two sides continues. \n\n\n  Write to Denny Jacob at denny.jacob@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 25, 2025 07:50 ET (11:50 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}