Elliott Investment Management

Phillips 66 is a diversified energy company that operates across the downstream sector. It owns and operates 11 refineries with a combined crude oil processing capacity of 1.8 million barrels per day, producing a range of fuels and petrochemical products. The company's midstream segment includes extensive transportation and natural gas liquids (NGL) processing assets, with DCP Midstream, a 50% owned joint venture, being one of the largest NGL producers and pipeline operators in the U.S. Phillips 66 also has a significant chemicals business, CPChem, which produces olefins and polyolefins. The company's business model is further supported by Phillips 66 Partners, a master limited partnership that provides fee-based transportation and processing services, primarily to Phillips 66.

FirstEnergy Corporation, established in 1996 and headquartered in Akron, Ohio, is a diversified energy company that generates, transmits, and distributes electricity to approximately six million customers across Ohio, Pennsylvania, West Virginia, Maryland, New Jersey, and New York. The company operates through regulated distribution and transmission segments, owning and managing a vast network of power plants, transmission lines, and distribution systems. These include coal-fired, nuclear, hydroelectric, natural gas, wind, and solar facilities, as well as 24,486 circuit miles of transmission lines and 269,691 miles of distribution lines, with a total installed transformer capacity of approximately 156,115,196 kilovolt-amperes. In addition to its core operations, FirstEnergy also provides energy-related products and services to retail and wholesale customers, contributing to the strengthening of local communities through its foundation's support of nonprofit organizations.

NRG Energy, Inc. is a prominent energy company based in Princeton, New Jersey, that operates across the United States through its Generation and Retail segments. The company generates and supplies electricity to approximately 3.7 million residential, commercial, and industrial customers, utilizing a diverse mix of energy sources including natural gas, coal, oil, solar, nuclear, and battery storage. NRG is recognized as one of the largest retail energy providers in the country, with a robust customer base supported by its retail brands such as Reliant and Green Mountain Energy. The company also engages in various energy-related services, including distributed generation, energy efficiency solutions, and carbon management. With a generation capacity of about 52,000 megawatts, NRG plays a significant role in the energy landscape, supporting clean energy initiatives and contributing to community welfare through its philanthropic efforts. Founded in 1989, NRG continues to innovate in energy management and development, striving to address the challenges of climate change and promote sustainable practices.