By Thaddeus Herrick
Phillips 66 Corporate Communications
Phillips 66 Chairman and CEO Greg Garland praised Phillips 66 employees at the 2020 Annual Meeting of Shareholders, saying that in facing the coronavirus pandemic they are meeting a challenge “unlike any I have ever seen.”
“I’m very proud of the employees of Phillips 66 and how they are living our values of providing energy and improving lives,” Garland said in a webcast.
The virtual meeting provided Garland an opportunity to assess how Phillips 66, an essential business providing critical products and services, is managing through the pandemic. “The safety and health of our workforce is a top priority,” he said.
Facing lower product demand and weak margins, Garland said Phillips 66 is taking the necessary financial steps to protect the company, its strong investment grade rating and the security of the dividend.
“We remain focused on disciplined capital allocation and creating long-term value for shareholders,” he said.
Garland also focused on giving back, most recently the
$3 million Phillips 66 gave to pandemic relief efforts in communities where the company operates. That money is providing support for first responders, food banks, health care and other critical organizations serving vulnerable populations.
He also stressed the importance of sustainability, especially in positioning the company to be competitive in the long term. Phillips 66, said Garland, is investing in next-generation technologies for a lower carbon economy.
“We believe many forms of energy will be needed to support increasing global demand,” he said.
Here’s what was put to a vote before shareholders at the meeting, and the results:
- Each of the director nominees — Charles Holley, Glenn Tilton and Marna Whittington — was re-elected.
- Ernst & Young was ratified as the company’s independent registered public accounting firm.
- Named executive officer compensation was approved.
- A shareholder proposal requesting a report on risks related to U.S. Gulf Coast petrochemical operations and investments passed.