11:00 AM EST, 03/05/2025 (MT Newswires) -- Phillips 66 (PSX) said Wednesday it is ready to engage constructively and find a "path forward" with activist fund Elliott Investment Management, even though the fund "showed no genuine interest in engagement."

The energy company confirmed that Elliott nominated seven directors for election at its 2025 annual meeting. In a letter to shareholders, Phillips said its team met with Elliott on Monday to find a "constructive path forward" and offered to interview the fund's director nominees. The meeting ended with Elliott stating that there were no immediate next steps.

On Tuesday, Elliott announced its slate of nominees and filed a preliminary proxy statement, according to the letter.

Phillips said its board will present its recommendation regarding the director nominations in a definitive proxy statement. The company also said that it intends to propose to declassify the board, or to have all directors up for election every year.

In a Tuesday statement from Elliott, the fund said it identified three initiatives for the company to "realize its potential and reverse its persistent underperformance versus peers." The three initiatives are portfolio simplification, an operating review, and enhanced oversight, the fund said.

Elliott did not immediately reply to request for comment from MT Newswires.

PSX shares were down 3.6% in recent trading.

Price: 117.84, Change: -4.45, Percent Change: -3.64