(Adds Elliott response in paragraph 8, reflects letter was published in paragraphs 1-2) April 21 (Reuters) – Activist investor Elliott Investment Management should back down from its push to break up energy company Phillips 66 because it is conflicted from a separate effort to acquire one of the group’s rivals, Phillips 66 said in a letter on Monday. The salvo is the latest in a bitter spat between Phillips 66 and Elliott that is due to come to a head at a shareholder meeting next month. In arguing against Elliott’s break-up thesis in the letter, Phillips 66 said the investment firm has a conflict of interest due to its separate efforts to buy Citgo Petroleum. Citgo’s parent company is being sold via a court-supervised auction. Last year, Elliott-backed Amber Energy was initially deemed the winner of the process, before creditor challenges forced the court to backtrack and launch a new sale. Amber Energy CEO Gregory Goff said on April 9 he had bought a position in Phillips 66 and backed Elliott’s campaign. “This conflict is concerning because Amber Energy’s executives are actively helping support Elliott’s case to undermine Phillips 66’s strategy,” said Monday’s letter from Phillips 66. Phillips 66 is one of the largest U.S. refiners, while Citgo is the seventh largest. In response to a request for comment, an Elliott spokesperson pointed to an April 10 regulatory filing. This stated that Goff’s work alongside Elliott was “hidden from no one, and in no way represents a conflict of interest, diminishes the independence of his views or impairs his ability to help Phillips 66 become a stronger, more valuable company”. Elliott has put forward four director nominees for the May 21 meeting as part of a campaign that has also included calling on Phillips 66 to sell or spin off its midstream business and consider divesting other assets to focus on its refining business and boost its share price. Elliott has said it has a more than $2.5 billion investment in Phillips 66. It is the second time the investment firm has pushed for change at Phillips 66, after a first effort ended in early 2024 with the addition of a new company board member blessed by Elliott. (Reporting by David French in New York; Editing by Leslie Adler and Jan Harvey) in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
Phillips 66 responds strongly to Elliott regarding the conflict of interest with Citgo during the ongoing board dispute.
