由 jpichiban Sat, 15 Feb 2025 13:51:08 GMT
在这篇文章中，PSX关注你喜爱的股票创建免费账户2022年11月28日，位于加利福尼亚州威尔明顿的菲利普斯66洛杉矶炼油厂威尔明顿工厂。马里奥·塔玛 | 盖蒂图片社公司：菲利普斯66（PSX）业务：菲利普斯66是一家能源制造与物流企业，其运营分为四大板块：中游、化工、炼油以及市场营销与特种产品（M&S）。中游板块负责原油及成品油的运输、终端处理服务，以及天然气和液化天然气（NGL）的输送、储存、分馏、收集、加工与营销服务。化工板块包括公司对雪佛龙菲利普斯化工有限责任公司（CPChem）50%的股权投资，后者在全球范围内生产和销售石化产品及塑料。炼油业务将原油及其他原料在美国和欧洲的12家炼油厂转化为汽油、馏分油、航空燃料及可再生燃料等石油产品。最后，市场营销与特种产品板块负责采购并转售精炼石油产品和可再生燃料。股市估值：528.8亿美元（每股128.04美元）股票图表图标菲利普斯66股票过去一年走势维权投资者：埃利奥特投资管理公司持股比例：约4.6%平均成本：不详维权评论：埃利奥特是一位非常成功且精明的维权投资者。其团队汇聚了来自顶尖科技私募股权公司的分析师、工程师、运营合伙人——前科技公司CEO和COO。评估投资项目时，公司还会聘请专业及综合管理顾问、成本分析专家及行业专家。它常常观察公司多年后才进行投资，并拥有一个庞大的优秀董事会候选人库。埃利奥特历史上专注于科技领域的战略维权，并在此策略上取得了巨大成功。然而，近年来，其维权团队不断壮大，开始涉足更多以治理为导向的维权活动，在更广泛的公司层面通过董事会创造价值。事件背景2月11日，埃利奥特向菲利普斯66董事会提交了一封信件和演示文稿，提出了“Streamline66”计划，旨在解决公司尽管拥有诱人资产组合却持续表现不佳及公司治理不善的问题。该计划包括以下步骤：(i) 通过出售或分拆中游业务及可能出售其在CPChem的权益来精简公司资产组合；(ii) 启动运营审查，承诺实现雄心勃勃的炼油目标，缩小与同行在每桶EBITDA上的差距；(iii) 通过增加独立董事加强董事会监督，提升管理团队的责任感。幕后故事菲利普斯66（PSX）是一家能源制造与物流公司，拥有四个高价值资产板块，每个板块都具备可扩展性和强大的竞争地位。其中，中游板块在二叠纪和DJ盆地运营着一条垂直整合的井口至水处理液化天然气（NGL）业务链。化工板块包含其全球规模的石化合资企业CPChem。炼油板块是美国最大的炼油系统之一。市场营销与特种产品板块则涵盖规模化燃料营销业务及特种产品的生产。尽管这些资产各自具有吸引力，菲利普斯66的股价却远低于其各部分估值之和。虽然公司约70%的息税折旧摊销前利润（EBITDA）来自中游、化工和市场营销这些高倍数板块，这些板块的EBITDA倍数高达10倍，但PSX的交易倍数更接近其最低估值的炼油板块，仅为6.6倍。因此， lt, the company has significantly underperformed the average of its closest peers, Valero Energy (VLO) and Marathon Petroleum (MPC), in cumulative total return by 9%, 33%, and 97% over the past 1-, 3-, and 5-year periods, respectively.Elliott first publicly engaged PSX in November 2023, when the firm sent a letter to the board of directors announcing its $1 billion investment in the company. Elliott criticized PSX for its history of underperformance, citing issues such as shifting away from and being poorly prepared to take advantage of the refining super-cycle in ’22 and ’23, rising refining operating expenditures (OPEX) per barrel in absolute and relative terms compared to peers VLO and MPC, and increasing costs relative to peers in the wake of a cost-reduction program. Elliott saw a potential stock price of more than $200 per share at the time, but the firm shared Wall Street’s concern that PSX was primarily an execution story. Despite this, Elliott acted the way we want active shareholders to do so, as opposed to how they are perceived by many. The firm gave CEO Mark Lashier the opportunity to demonstrate meaningful progress on his targets of $14 billion of mid-cycle EBITDA by 2025, non-core asset divestitures of $3 billion and increasing PSX’s long-term capital return policy. They quickly and amicably agreed with the company to add two new directors with refining experience to the board. The company added Robert Pease, a former executive of Cenovus, to the board in February 2024, and agreed to continue to work with Elliott on identifying a second director in the coming months. The second director never materialized.Now, more than a year later, Elliott has increased its position to $2.5 billion and is going to become more active in creating shareholder value, issuing a public letter and presentation to “Streamline66.” Elliott identifies three primary sources of PSX’s underperformance. First, the firm argues that the company’s intrinsic value has been obscured by its inefficient conglomerate structure, resulting in it trading in line with its lowest multiple refining segment despite a majority of EBITDA coming from its other premium businesses. Second, PSX’s operating performance has failed to meet management’s targets and profitability continues to lag peers. In 2024, PSX delivered annualized adjusted EBITDA of between $4.5 billion and $8.7 billion, well short of its $14 billion 2025 mid-cycle target. The company’s OPEX per barrel has risen in two consecutive quarters, and its EBITDA per barrel profitability gap has only widened versus VLO. Third, Elliott asserts that management’s continuous claim of a successful turnaround without any tangible financial results has eroded their credibility with investors. The firm also said the board has failed in its fundamental oversight duties, rewarding management with compensation disconnected from the company’s performance.This is what has led Elliott to releasing its three-pronged plan to: (i) streamline PSX’s portfolio, (ii) review operational performance with an eye toward refining margin improvements, and (iii) improving management credibility with the addition of new directors. First, Elliott suggests spinning or selling PSX’s midstream assets, estimating that they could deliver approximately $40 billion to $45 billion as a standalone or in a sale to a strategic buyer. In addition, Elliott also suggests the sale of CPChem and JET, estimating that net proceeds of $48 billion from the three assets would be equivalent to 96% of the company’s current market cap. The raising of that amount of capital could allow PSX to repurchase between 60% and 90% of the company’s shares outstanding and increase the payout ratio to 100% of free cash flow like its refining peers. With enhanced oversight enabled by the addition of new directors with industry and operational experience, PSX could get on track towards improving its EBITDA per barrel and progress towards its refining targets.Elliott es 据估计，该计划可能使每股股价达到约200美元。此外，该公司断言，如果PSX执行Elliott在与MPC合作时采用的策略，股价可能超过300美元。在马拉松石油公司，Elliott协助引入了一位新董事，促成了新任CEO的上任，缩小了与VLO在每桶EBITDA上的差距，自2021年以来回购了50%的流通股，并以170亿美元的税后现金收益出售了Speedway零售业务。自Elliott于2016年11月21日向马拉松发出第一封信以来，MPC的表现分别超过了VLO和PSX 56%和116%。拥有一个好的计划是第一步，实施它则是另一回事。这次，Elliott不会满足于一两个董事席位，尤其是在PSX上次未能履行协议增加第二位具有炼油经验的董事之后。Elliott给了管理层时间去执行，但管理层失败了。现在，Elliott将做董事会本应做但未做的事：追究管理层的责任。Elliott没有明确表示要更换高级管理层，但它确实讨论了管理层受损的信誉和投资者信心下降的问题，而这在不更换管理层的情况下很难修复。此外，Elliott确实将CEO更换列为其在马拉松和Suncor成功转型的首个因素。随着公司提名窗口本周关闭，14人董事会中有4名董事面临选举，我们预计Elliott将提名全部4名董事，即便只是为了在讨论治理问题时保留选择权。Ken Squire是13D Monitor的创始人兼总裁，这是一家专注于股东行动主义的机构研究服务公司，同时也是13D Activist Fund的创始人及投资组合经理，该基金投资于一系列积极的13D投资组合。
原文链接：https://www.cnbc.com/2025/02/15/activist-elliott-calls-for-a-three-pronged-approach-to-streamline-phillips-66.html