Elliott Builds $2.5B Stake in Phillips 66, Seeks Operational Changes
Elliott Investment Management has acquired a significant stake in Phillips 66, valued at over $2.5 billion. The activist investor plans to advocate for operational changes at the U.S. oil refiner to increase shareholder value.
According to sources familiar with the matter, Elliott intends to urge Phillips 66 to explore options such as selling or spinning off its midstream business. The goal is to streamline the company and enhance its financial performance.
Elliott previously invested $1 billion in Phillips 66 and accepted the company's performance improvement plan in March 2022. However, both Elliott and Phillips 66 have declined to comment on the recent developments.