Topics regarding layoffs at Phillips 66

Topics regarding layoffs at Phillips 66

Stuck between a rock and a hard place

The good people of P66 currently have two choices: GoGo and the ELT or Elliot. The only possible get out of jail free card is if a White Knight comes to the company's rescue. Presently, there are none on the horizon. On one hand there's the devil... — read more 

Wood River Delays Startup

Wood River Refinery has delayed its startup after performing maintenance by at least 1 week. Didn’t Go Go say not more than a week ago that all turnarounds had been completed on time and under budget?

The Presentation

Phillips 66 has posted a long presentation stating that the company is doing very well since Go Go took over in 2022 and how Elliott is wrong on everything. This presentation says a lot of things, but the one thing that stands out to me is that it... — read more 

P66 stock owned by former employees

If Elliott is smart, they should actively be courting the hundreds of employees fired, laid off, let go for being over 55 years old, etc in the past couple of years for their proxy if they kept their P66 stock. There were SGL 20+ people let go by... — read more 

Will Stony Stony Island open this Year?

Think GOGO has the guts to open this year. I’m sure Elliott isn’t happy about wasting cost on running the executive resort. Hired Help Cost of Boats Maintenance of Golf Course Food for employees Stony Jackets for guest Food & Booze Corporate Jet... — read more 

What Leadership Looks Like

So while we fight with Elliott and are told to stay focused, our ELT, HR and IT leadership are flying around the world to Singapore and India, spending money we don’t have and broadcasting it to the world on social media.

Cost of proxy mailings

Sure would like to know the printing and postage cost of the multiple proxy mailings. Don't tell me that it cost the same as the SPD suitcase printing and mailing, which was $1MM. What a waste of paper, postage and company money.

Earnings

Well, 1st quarter earnings were poorer than the already low expectations. It's hard to rationalize major changes at the highest level are not required going forward.

Too Little, Too Late?

Go Go and the Board have increased the dividend by 5 cents a share. Is this an act of desperation that is too little, too late to stave off defeat in the proxy battle?

Look out below

Any thoughts on what will happen if Eliot doesn’t pick up any board seats? Will they continue to buy more stock and continue their fight or sell what they have and move on to the next opportunity?

The best Elliott has?

Has anyone actually watched the videos Elliott is putting out? The female nominee is insulting to other qualified board members. Send her back to the farm. And Pi$e is an Elliott lightweight. Even everyone there hates him. The guy defines... — read more 

Elliot’s plan is simple

Spin midstream off, use the cash to buy back shares, pump stock price, bail. No real value created. Look at psx market cap vs outstanding shares compared to its peers. Psx has a higher market cap (more money invested in it) but it’s divided by more... — read more 

For those against Elliott

Just curious on why ConocoPhillips spun off its refining and midstream business in 2012? Old article, but maybe Elliott is on to something..... https://www.dividend.com/how-to-invest/where-are-conocophillips-and-phillips-66-now-cop-psx/

The Borger Refinery

The Borger Refinery recently condemned 2 relatively high pressure, high temperature naphtha reformer reactors due to hydrogen blistering. This may have been totally unpredictable but with the big push to save money, it begs the question if the... — read more 

They Can Talk All They Want To

Phillips 66 can talk and brag all they want to about how successful BT and other things have been but that doesn’t make it true. The bottom line is that Phillips 66 financial performance badly lags our 2 main peers. The proof is in the PSX stock... — read more 

How?

Earlier this morning a new post was posted and before very long at all it was deleted. How did P66 get it deleted so quickly? Do they have someone who continually watches this site?

Stock price Plummets

Well, if the stock wasn't underperforming against our peers before, it definitely is now after the tariff/proxy fight combo! Wild stuff.

Elliott

Elliott says “for years Phillips 66 Management has set performance targets, missed them and then claimed success”. I’m paraphrasing but they are 100% correct in saying that. It’s also happens to be what a lot of us on this site have been saying. — read more 

GoGoGo Astros

https://www.khou.com/article/sports/mlb/astros/daikin-park-new-train/285-dcf4e4cf-37a5-4980-8b67-78d41479a433

If You Say So

Phillips 66 has posted that “we’re moving ahead with a clear strategy and strong momentum”. No you’re not!

You are not alone - Time to take P66 back

There are many of us—employees and former employees—who have quietly joined the effort to support Streamline 66 because we’ve felt helpless, unheard, and frustrated watching this company we care about deteriorate under an irresponsible management... — read more 

Proxy Comments

$22.6 M for ML. Let that sink in—132 times the pay of the median employee 30% increase in base pay for RH when earnings were near an all time low. Why is RH, such a cheap ba----d? Does not max out matching gift or PAC contribution. Why should we... — read more 

Phillips 66 - Piper Sandler

Gogo spoke at this conference 1 day this week. Most of what he said was the same stuff about how successful BT has been and the great acquisitions he’s made. 2 the things do stand out though. Gogo said that synergies created with the NGL... — read more 

Faltering

Hubris Excess Not paying attention to the fundamentals Bad advice Slow response More inattention The reckoning is approaching

Can’t Get a Straight Answer

Dealing with HR here at Borger Refinery has never been very productive. Now, with BT it’s a complete waste of time. They never give out good information. They’re always very vague and secretive.

Periodic L and D Reminder

This is the periodic reminder that while L and D field personnel continue to perform very well under very trying circumstances, L and D "leadership" continues to perform very poorly. "Leadership" just can't seem to gain enough traction to do anything... — read more 

BEAT Valero

Soon P66 stock will pass Valero. BT is the reason behind it

Propel Could Cost What??

Not a lawyer, so I asked AI how much this whole Propel debacle could cost. It's a little more complicated than I thought. You need a bond 1.5x of judgement, accrues simple interest. A company with strong credit pays 1-2% premium for bond. Oh yeah and... — read more 

Changes to ratings & VCIP

How many people noticed the “Global People Forum” email, identified it as important, and added the 10am meeting to their calendar today? They discussed some interesting changes to rankings and VCIP! Cliffs notes: Only 3 ranking categories now -... — read more 

Good God...the insanity

$5 million dollars to Woolaroc???!!!! You must be joking. GoGo should just get in a cage match with Elliott. Winner gets to be CEO. Loser gets to work Woolaroc's welcome... — read more 

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