Phillips 66 Appoints Howard Ungerleider and Kevin Meyers to Board of Directors
Appointments follow constructive engagement with Elliott Investment Management and will strengthen the Board with financial, operational, and energy expertise
Phillips 66 (NYSE:PSX) today announced that it has appointed Howard Ungerleider and Kevin Meyers to serve on the Company's Board of Directors, effective immediately.
"Phillips 66 is pleased to welcome Howard and Kevin to our board," said Mark Lashier, Chairman and Chief Executive Officer of Phillips 66. "Howard brings exceptional financial leadership and deep expertise in large-scale industrial transformation, and Kevin brings more than 40 years of hands-on energy sector experience."
Lashier continued, "We have made significant progress – in portfolio focus, capital discipline, and operational performance – and we appreciate the continued constructive engagement with Elliott and look forward to building on the strong momentum we have established."
"We are pleased with the additions of Howard and Kevin to the Phillips 66 Board, and we welcome the expertise they will bring," said John Pike, Partner, and Mike Tomkins, Partner, at Elliott Investment Management. "Elliott believes that Phillips 66's asset quality and market position create a compelling opportunity for value creation, and we are encouraged by the Company's efforts to bring fresh perspectives to the Board. While more work must be done, we note the team's focus on execution, capital return and the actions to enhance the Company's advantaged mid-continent position. Our engagement with the Board over the past year has been constructive. As one of Phillips 66's largest investors, we will remain engaged with management and the Board in their work to realize the Company's full value."
As previously announced, Glenn Tilton and Marna Whittington, Class II directors with terms concluding in 2026, have informed the Company that they intend to retire and will not stand for re-election to the Phillips 66 Board of Directors at the Company's next annual meeting of shareholders in May 2026. Following the annual meeting, the Board will consist of 14 directors, 13 of whom are independent. Ungerleider will serve as a Class II director and Meyers will serve as a Class III director, and the Company's director nominees for election at its 2026 annual meeting of shareholders will be Ungerleider and the Company's other Class II directors, Gregory J. Hayes, Charles M. Holley and Denise R. Singleton.
About Howard Ungerleider
Ungerleider has more than 30 years of financial and operational leadership across the chemical, packaging, and specialty materials sectors. He served as President and Chief Financial Officer of Dow Inc. and as Chief Financial Officer of DowDuPont, the $86 billion holding company formed through the merger of Dow and DuPont, where he oversaw its separation into three independent publicly traded companies. He currently serves as an Operating Advisor at Clayton Dubilier & Rice and holds board positions at Air Products, American Airlines, and Kyndryl. He holds an M.B.A. from UCLA Anderson School of Management and a B.B.A. from the University of Texas at Austin.
About Kevin Meyers
Meyers has more than 40 years of experience in the oil and gas industry. He retired from ConocoPhillips in 2010 after serving as Senior Vice President, Exploration and Production, Americas; Regional President for Canada, Russia, Alaska and the Caspian region; and President of ConocoPhillips Alaska. Prior to ConocoPhillips, he spent 20 years at ARCO, ultimately serving as President of ARCO Alaska. Meyers currently serves as a director of Precision Drilling Corporation and previously served on the boards of Hess, Denbury, Hornbeck Offshore Services, Bill Barrett Corporation, and LUKOIL. He holds a Ph.D. in Chemical Engineering from MIT and bachelor's degrees in Chemistry and Mathematics from Capital University.
About Phillips 66
Phillips 66 (NYSE:PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company's portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Cautionary Statement for the Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66's operations, strategy and performance. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believe," "continue," "intend," "will," "would," "objective," "goal," "project," "efforts," "strategies" and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers' drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66's businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
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