Emergence of 5 Trillion Won Equity Rights Claims… A New Variable in the Shareholder Landscape of Major U.S. Refiners

Kevin J. Mitchell, Chief Financial Officer of U.S. refiner Phillips 66 (NYSE: PSX), exercised employee stock options on March 4, 5 and 30, then immediately sold the same number of shares in the market, generating approximately $5.2 million (about KRW 70 billion) in proceeds.

Following these transactions, Mitchell’s direct holdings remain roughly 97,000 common shares—valued at around $16 million (KRW 200 billion) based on recent prices, according to company filings.

On April 3, LMZ & Berkshire Hathaway Co.’s Loreto Manolo Zamora filed an initial Schedule 13D, disclosing a beneficial ownership stake of about 10% and claiming rights to equity worth approximately $4 billion (KRW 5.4 trillion). Zamora stated the position is held debt-free for long-term management and investment purposes, keeping open the possibility of future engagement with Phillips 66’s management.

Phillips 66 also announced its 2026 annual shareholder meeting will be held virtually on May 13. Despite a 3.6% share price decline on April 1, trading volume reached roughly $1 billion, highlighting strong institutional interest despite recent insider sales. The CFO’s large sale on March 30, executed near a 52-week high, drew market attention and was reported by major investment publications.

Spun off from ConocoPhillips in 2012, Phillips 66 is a Houston-based integrated downstream energy company operating worldwide. Its portfolio spans refining, midstream, chemicals, marketing and specialty products. With 13 refineries, extensive pipelines and a retail network, the company is pursuing both improved traditional refining margins and portfolio adjustments to address the global energy transition.