On March 26, 2024, Phillips 66 Chief Executive, Mark Lashier, announced that Elliott Investment Management has accepted the performance improvement plan that the Company laid out to boost shareholder returns and share price. Mark Lashier added that Elliott Investment Management sees the progress. Mark Lashier stated that last month, the Company appointed Robert Pease and said it was looking to add a second candidate to the 14-person board.

The Company stated that Elliott Investment Management had urged the Company last fall to add directors with refining experience that could address underperformance in refining and speed up cost-cutting efforts. The Company also stated that its performance improved in 2023?s fourth quarter with higher margin capture in refining and gains by its pipeline unit after a two-year period in which the Company?s overall earnings lagged rivals.