LONDON (ShareCast) - (Sharecast News) - Activist Elliott Investment Management has reportedly built a more than $2.5bn stake in Phillips 66 and plans to push the oil refiner to consider operational changes to boost its stagnant stock.
The Wall Street Journal cited people familiar with the matter as saying that Elliott plans to seek a number of changes to simplify Phillips 66, most notably pushing the company to sell or spin off its big midstream business.

The Houston-based company's midstream business makes money transporting energy, and is usually more immune to commodity-price fluctuations than the refining or production sides of the oil business, the WSJ Said.

Elliott had first pushed Phillips 66 for strategic improvements in late 2023 after disclosing a roughly $1bn investment in the company.

A few months later, Phillips 66 and Elliott came to an agreement on a new board member and said they would work together to name a second director in the coming months. That second director with Elliott's blessing has yet to be named.

Sources told the WSJ that Elliott still believes Phillips 66 hasn't fulfilled its commitment to further board changes. Other details around the activist's plans couldn't be learned.

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